Russia gets hundreds of orders for MC-21 new medium-haul airlinerBusiness & Economy May 25, 13:27
Russia, Philippines ready to sign documents on cooperation in various spheres — LavrovRussian Politics & Diplomacy May 25, 13:23
NATO secretary general says 2011 bombardment of Libya aimed at protecting civiliansWorld May 25, 13:06
Press review: Kiev’s Russian rail cut and Montenegrin opposition’s Russian Crimea stancePress Review May 25, 13:00
Stoltenberg says Russia needs to stop supporting Donbass to improve relations with NATOWorld May 25, 12:41
Russian rotocraft maker expects to sign deal with Defense Ministry on Mi-38 deliveriesMilitary & Defense May 25, 12:31
Death toll from fires in Russia’s Krasnoyarsk region rises to threeWorld May 25, 12:18
Iran expects supplies from Russia within oil-for-food dealBusiness & Economy May 25, 12:16
NATO chief underlines importance of full implementation of Minsk agreementsWorld May 25, 12:07
MOSCOW, March 23. /TASS/. The amount of tax claims of US ExxonMobil under the Sakhalin-1 project rose to $637 mln and the arbitration case trial is scheduled to April 24-28, press service of the Russian Finance Ministry said.
"The arbitration case hearing is set to April 24-28. The subject matter of the dispute is interpretation of a provision on the income tax in the Sakhalin-1 project production sharing agreement. The claim amounts to $637 mln. The Russian Federation is ready for out-of-court settlement of the dispute on conditions mutually beneficial for the parties and the claimant was repeatedly informed to that effect," the Finance Ministry said.
In April 2015, ExxonMobil lodged a claim to the Stockholm arbitration requiring changes to the interpretation of the Sakhalin-1 project Production-Sharing Agreement (PSA) paragraph on taxes. The company believes its subsidiary Exxon Neftegaz Limited overpaid approximately $500 mln worth of profit taxes within Sakhalin-1. At the time of the PSA signing in the mid-1990s profit tax of 35% was imposed in Russia while in 2009 it was reduced to 20%, but ExxonMobil continued to pay at the earlier level of 35%. Russia believes that PSA terms are not subject to change within its period of validity..
The Stockholm arbitration court formed the panel consisting of three judges to settle the dispute. Russia said it is preparing a trade-off proposal and looks forward to out-of-court settlement.