BP boss attempts to resolve $1bn tax bill

BP boss attempts to resolve $1bn tax bill

BP's Lord Browne to speak to Vladimir Putin in attempt to resolve mega tax bill

With BP’s Russian venture dealing with a $1bn (£523m) tax bill, group chief executive Lord Browne of Madingley is set to hold talks with Russia’s president, Vladimir Putin, this week to resolve the issue.

The $8bn joint venture, known as TNK-BP, was created in 2003 to much fanfare. But Russian tax authorities are aiming to clamp down on it.

The discussions should focus on why the authorities are demanding these monies, when it was believed that the venture had the blessing of the Kremlin, according to The Times.

Lord Browne is reportedly seeking assurances on further oil projects that BP could undertake in the area.

Related Articles

Watch out when winding up

Corporate Tax Watch out when winding up

2m Emma Rawson, ATT Technical Officer
How might Brexit affect UK tax policy?

Brexit & Economy How might Brexit affect UK tax policy?

2m Santhie Goundar
Corporation tax losses – your newly flexible friends

Corporate Tax Corporation tax losses – your newly flexible friends

4m Emma Rawson, ATT Technical Officer
HMRC large business tax enquiry duration rises to 3 years

Corporate Tax HMRC large business tax enquiry duration rises to 3 years

5m Emma Smith, Managing Editor
SMEs paying higher rate of corporation tax than big businesses

Corporate Tax SMEs paying higher rate of corporation tax than big businesses

5m Alia Shoaib, Reporter
Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

8m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

8m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

9m Alia Shoaib, Reporter