Will Yukos pay back all claimed taxes for 2000 in cash?

The board of the oil major Yukos has decided to honour a court decision in full and pay back all the 99.4 billion roubles (about 3.5 billion US dollars) in taxes claimed for 2000, Dmitry Gololobov, company lawyer, said live on Ekho Moskvy radio.

"This is not a diplomatic statement, such a possibility exists today," Gololobov said, adding that the company is not planning to suspend its business activity.

Bruce Misamore, Yukos finance director, during a recent Internet conference said that the company's own financial funds make up $1.3-1.4 billion.

Gololobov recalled that currently the Tax Ministry claims from Yukos back taxes for two years: 99 billion roubles for 2000 and 98 billion roubles for 2001.

The lawyer considers these claims to be "absurd". Nevertheless he gave an assurance that the company would fulfil the court rulings that have come into legal force.

"Essentially the claim is that Yukos has allegedly set up 17 shell companies which were registered in low-tax (read, domestic offshore) zones on Russian territory," said Gololobov.

In addition, the Yukos lawyer added, the Tax Ministry claims also concern the value added tax. "They are based on the fact that the company wrongly processed documents confirming oil sales abroad, although the fact of exporting is not challenged by the ministry," he said.

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Author`s name: Editorial Team