Thursday , January 21 2021

Tax demands Naftogaz 16 billion USD for a victory in Stockholm



NAC "Naftogaz Ukraine" received a notice of tax for the understatement of tax liabilities for payment of value added tax of EUR 16.3 billion in connection with the company again received a dispute with "Gazprom" in the Stockholm arbitration on the transit contract.

This is stated in the draft prospectus on the issue of Eurobonds. NAC.

See also: Naftogaz demands from the Cabinet of Ministers 6.6 billion of preferential gas subsidies

"Naftogaz" opposed the withdrawal of the tax audit and on the date of this prospectus for securities there was neither a revised decision of the tax authorities nor changes in the company's position, "says the document.

NAC explains that the arbitration process in Stockholm allocated US $ 4.63 billion, of which US $ 3.87 billion – damages for losses and damages, and $ 0.76 billion in interest.

By 2016, transit services should be taxed. VATtherefore, the company paid 4.75 billion hryvnia for this tax only for the compensation for the period 2016-2017 or $ 0.9 billion from the allocated $ 3.87 billion.

However GFS the total amount of compensation payable for the services to be charged is considered VAT in 2018.

Draft prospectus also applies to tax claims and to "daughter" NAC – "Ukrtransgaz": approximately 2.34 billion UAH for liabilities under VAT and income tax and approximately 1.57 billion UAH (totally about $ 0.15 billion) for incorrectly calculated losses, but Ukrtransgaz disputes these tax findings in court.


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