Russian Oil Giant Asked to Pay Additional Tax

SEATTLE (Oil Monster): Russian oil giant Lukoil has been asked to pay an additional tax of over RON 50 million against profits from the sale and exports of petroleum products in 2021. The tax notice was issued by the Romanian National Agency for Fiscal Administration (ANAF) to the local branch of Litasco, the Swiss-registered oil and petroleum trading division of the Lukoil group.

ALSO READ:

Pakistan's Largest Oil Refinery Shuts Down

China's Oil Demand Bounce May Push Producers to Reconsider Output

According to reports, Lukoil’s local petrol station network and the Petrotel refinery in Ploiesti had reported net profit of over RON 182 million in 2021. Out of this, over RON 160 million came from fuel stations. The net profits from refineries totalled around RON 22 million during the year.

The fiscal audit carried out by ANAF inspectors revealed that Litasco SA Geneva Bucharest Branch omitted the proper recording in accounting and declaration of certain operations carried out in the initial six-month period of the year.

The audit urged the company to adopt certain accounting and reporting measures, which were challenged in the court by the company. Litasco claimed that the execution of the measures by ANAF would disrupt the business model of the entire group and impact operations at the Petrotel Lukoil refinery. The court has rejected the company’s request for suspension of ANAF’s measures.