Whilst urging businesses based in Russia not to avoid their tax obligations to the state, Russian President Vladimir Putin has sought to allay fears that the country’s authorities are about to launch a large-scale tax offensive.
In a speech delivered to Russia’s largest business lobby, the Russian Union of Industrialists and Entrepreneurs, Putin used the platform to hit home the government’s message that the business community “should get used to paying taxes and observing the law and not seek ways to avoid paying taxes".
However, at the same time, Putin assured delegates that the authorities will seek to “guard the interests of reputable business,” adding that large scale Yukos-style investigations should not be interpreted as “a signal that every newly founded company poses a threat to the state's interests”.
The President’s announcement comes soon after TNK-BP, Russia’s third largest oil firm, which is 50% owned by British Petroleum, was landed with an $87 million bill for underpayment of tax relating to the 2001 tax year.
The move sparked fear, especially in the oil sector, that the Kremlin was about to launch a zero-tolerance campaign on tax avoidance.
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