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Rosneft Oil Company

July 4, 2013

Rosneft and Federal Tax Service sign second agreement on Pricing for tax purposes

On July 04, 2013 Rosneft President Igor Sechin and Head of the Federal Tax Service of Russia Mikhail Mishustin signed the Pricing Agreement for the purpose of taxation of oil sales transactions at the Russian market. The Agreement applies to 2012 sales of crude oil produced by Slavneft Group enterprises that in 2013 went under Rosneft's control following TNK-BP acquisition.

The purpose of the Agreement is not just the minimization of risks of possible disagreement on the matters related to establishment of prices for crude oil sales between related parties, but also ensuring the maximum transparency of taxpayers during the Russian FTS inspections.

It is the second agreement signed by Rosneft as part of the new order of fiscal control over the pricing of related party transactions to match the market parameters, as effectively established from January 01, 2012 by the Federal Law No. 227-FZ of 18.07.2011. In November 2012 Rosneft and 6 of its subsidiaries acted as the parties to the Agreement.

As the country's largest taxpayer, Rosneft strives for using the most efficient mechanisms of interaction with the tax authorities, minimizing any possible tax disputes and simplifying the inspection procedures.

 

 

 

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