TaxCorporate TaxYukos hit with second tax blow

Yukos hit with second tax blow

Troubled oil company Yukos has been hit with another demand for unpaid back tax, according to the Interfax news agency.

Link: BP joint venture attracts Russian authorities

It said that the Russian tax ministry has asked for an additional 34bn roubles (£618m) from Yukos’ main production unit Yuganskneftegas to cover the 2003 tax year.

The news comes only days before bailiffs auction Yugansk on 19 December to help pay for Yukos’ overall $26bn (£13.4bn) tax bill.

The extra tax demand sent Yukos’ shares tumbling 10% in trading in Moscow.

Russian tax authorities are already seeking $3.8bn in unpaid taxes from Yugansk for 2001 and 2002.

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