Russia’s Accounts Chamber to Check Efficiency of UC RUSAL’s Tax Relief

11 March 2012 (09:11)

Accounts Chamber of the Russian Federation intends to investigate the efficiency of tax relief schemes offered to RUSAL, says the chamber’s head Sergey Stepashin.

‘We’ll just look at the preferential terms they enjoy, if any, as well as at tax relief and and how efficiently they are using these tax relief schemes in the operation of their Irkutsk-based enterprise,’ Prime quotes Stepashin as saying.

Now Deputy Andrei Krutov pointed out at the State Duma Budget & Tax Committee meeting (dedicated to the Accounts Chamber’s performance in 2011) on Tuesday that tax revenues coming from RUSAL’s enterprises were a problem for Irkutsk Region’s budget.

‘We are faced with a problem: the region’s largest enterprises belong to RUSAL. These companies are using all the possible tax relief and tolling schemes and are transferring their money offshore,’ the deputy said.

He also claimed that the workers’ pay was two times lower there compared with the average wages in this branch of industry.

‘Let us consider your words to be an official inquiry to Accounts Chamber. We’ll definitely put these on the list of companies subject to checks,’ Stepashin said.


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