Russia increases Yukos's tax bill
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Oil giant Yukos has its tax bill for 2001 upped by Russia's tax ministry, a move that may push it closer to bankruptcy.
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Russia President Vladimir Putin signed a law Wednesday that changes value added tax payments in the energy sector in a bid to increase economic cooperation with three other former Soviet republics.
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Russian tax authorities slapped oil giant Yukos and its main production unit with two new tax claims for nearly $10 billion, raising the company&#39;s total bill to more than $17.
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The Tax Ministry raised its tax bill for 2001 against the floundering Yukos oil giant by some &#36;700 million, bringing total back tax claims against Russia's biggest oil producer to &#36;7.4 billion, the company said Friday.
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Russia sets a date and price for the auction of embattled Russian oil giant Yukos' main unit, as it seeks payment of a massive tax bill.
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British energy giant BP PLC said Wednesday that oil and gas production rose 4 percent in the fourth quarter of 2004, largely due to higher output from Russia, but added that higher taxes there would take a chunk out of earnings.
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The revised bill raises by $700 million the Russian government's previous $3.4 billion estimate of back taxes for 2001.
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MOSCOW  - Embattled Russian oil giant OAO Yukos has paid just under a quarter of its total &#36;18.4 billion US back tax bill for the 2000-2002 period, company managers said Tuesday.
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Despite reports that the beleaguered oil giant Yukos could receive yet another back tax bill in addition to the &#36;7.5 billion in claims it already faces, the company's stock rallied slightly Thursday on a new statement by President Vladimir Putin that he is not seeking the company's bankruptcy.
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Russian regulators voiced their support  for oil major YUKOS's YUKO.MM integrity on Wednesday as it  faced losing its main production unit to pay a huge tax bill  but secured access to vital export slots for its crude oil.
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Russia pressed ahead on Friday with the  last step in the destruction of oil major YUKOS, saying it will  auction its main Siberian unit on Dec. 19 for $8.65 billion and  hit it with a new tax claim.
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Russia's justice ministry said that Yukos had paid three-quarters of its 2000 tax bill but still had billions more in outstanding debts that analysts said would require sales of its assets.
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Yukos shares rise after Russia's leading energy groups said they would not bid for its main production subsidiary.
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MOSCOW - Russian tax authorities slapped oil giant Yukos and its main production unit with two new tax claims for nearly $10 billion, raising the company&#39;s total bill to more than $17.
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The Russian government plans to push through a partial sale of oil giant Yukos in order to cover the firm's tax bill, it is reported.
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On Monday, November 1, the Russian Tax Ministry presented embattled Yukos Oil Company with additional tax claims worth $10 billion, bringing the oil companyâs total tax bill to $17.
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OAO Yukos Oil Co., battling to avert bankruptcy, said the Russian government may be considering ways to settle a $7.5 billion tax bill without taking over the company&#39;s biggest oil-producing unit.