Rosneft and Federal Tax Agency Signed Pricing Agreement for Taxation of Oil Sales at The Russian Market
On November 20, 2012 Rosneft and Federal Tax Agency signed the Pricing Agreement for the purpose of taxation of oil sales transactions at the Russian market. Six Company subsidiaries also acted as the Parties to the Agreement. The document establishes the principles and methods of pricing in the aforementioned transactions.
The Agreement assumes an opportunity to plan the amounts of fiscal obligations imposed on Rosneft’s businesses during the sales of oil at the domestic market. The signed document is also designed to prevent any possible disputes on the matters related to price establishment for the said transactions.
The Agreement was signed as part of the new order of fiscal control over the pricing of related party transactions to match the market parameters, as effectively established from January 01 by the Federal Law No. 227-FZ of 18.07.2011.
This Agreement is an internationally proven mechanism to prevent disputes and conflicts during application of pricing laws for fiscal purposes. Rosneft as the largest taxpayer stands for application of the most efficient arrangements, providing for simplification of fiscal procedures and reduction of possible penalty risks, as well as for preliminary assessment of future fiscal obligations related to supervised transactions.
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