Yukos Ordered To Pay $1.3 Billion in Tax Debt
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The Russian government is demanding a total of $4.09 billion for 2001 from Yukos. Apart from the fines, more than $3 billion in back taxes are being docked from the oil giant&#39;s frozen accounts.
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A Russian court yesterday rejected the Yukos oil company's appeal to suspend government efforts to collect $3.4 billion in back taxes -- a massive bill that has put Russia's largest oil producer on the verge of ruin.
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Assets of Russia&#39;s beleaguered Yukos oil company should fetch at least $15 billion, a senior official said Monday, as the company&#39;s main production unit is evaluated for sale to offset a crushing back-tax bill.
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Russia's Yukos oil company has paid &#36;2.2 billion of its &#36;3.4 billion tax bill for 2000, Yukos' top finance official said Friday, as he renewed warnings that the embattled company was close to bankruptcy.
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Yukos won a stay of execution when a Russian official said its main production unit will have three months to scrape up cash to cover a crushing tax bill that could otherwise bury the wounded oil giant.
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Lawyers for the embattled Yukos oil giant requested a new judge Monday as Russia&#39;s Tax Ministry sought to enforce $1.4 billion US ($1.
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Russia's Yukos has paid $2.2 billion of its $3.4 billion tax bill for 2000, a top Yukos official said today, as he renewed warnings about the company's possible bankruptcy.
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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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The protracted legal battle over Russian oil giant Yukos appeared to enter its final phase yesterday when the government set a date to auction off a majority stake in the company's richest energy fields and demanded another $6 billion in back taxes from a business already facing a crippling $14 billion bill for outstanding taxes and fines.
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Russian oil company YUKOS said on Monday it would be able to cover only half of its $3.4 billion back tax bill by its deadline at the end of August but it would continue making payments in September.
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Russian oil giant Yukos suffers another blow in its tax battle after a Moscow court rules it must pay $1.4bn (Â£778m) in fines.
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MOSCOWâThe Moscow Arbitration Court ruled yesterday that embattled oil giant Yukos must pay the equivalent of about $1.7 billion (Canadian) in fines and penalties as part of a $5.
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Russia's tax authorities handed Yukos, Russia's largest oil producer, a 4.2-billion-dollar (3.44-billion-euro) tax bill for 2001, higher than the 3.4-billion-dollar sum that company officials expected, an official statement said.
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Yukos shares plunged 18% on the Russian exchange yesterday after reports that the oil firm has been hit with another back-tax bill, bringing its total debt to $17bn (Â£9.
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Russian authorities demand a further $1.2bn in back-taxes from stricken oil firm Yukos, the Interfax news agency reports.
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Russian oil company Yukos said yesterday it would be able to cover only half of its $3.4 billion back tax bill by its deadline at the end of August but it would continue making payments in September.
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The credit rating of the Russian oil group Yukos was cut to default by Standard &amp; Poor&#39;s yesterday, after it missed an interest payment on a $1bn (Â£520m) loan.