Budget lacks $314m from Sibneft

The Russian budget has not received 10bn rubles (about $314m) in taxes from Sibneft in 2001 as it used some tax schemes, the press service of the Russian Audit Chamber reported.

According to the Chamber's materials, the oil company operated with participation of legal entities that were registered in areas of beneficial taxation. They, using the imperfectness of Russian legislation paid profit taxes 6 times less than the usual rates.

The results of the audit will be submitted to President Vladimir Putin, Sibneft, the Tax Ministry, the Customs Committee, both houses of the parliament and the Presidential Envoys in the Central and Siberian Federal Districts. Moreover, the Board of the Audit Chamber proposed to introduce corresponding amendments to legislation to prevent losses in budget revenues.

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