Thursday, January 28, 2010

Yukos Customer Punished

A Krasnoyarsk electric utility that bought oil products from a Yukos subsidiary in 2003-2004 was found in violation of tax law for deducting the purchases from its taxable income. Yukos sold oil products through its subsidiaries established in low-tax Russian regions, a scheme that was ruled illegal in the Yukos prosecutions. Now courts on three levels have held that because the subsidiaries did not own the products, they were not legally sold to the Krasnoyarsk utility, and its expenses were therefore not deductible. The Supreme Arbitrazh Court denied review.

http://www.kommersant.ru/doc.aspx?DocsID=1306264

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