"Panrusgáz, the joint venture of Russian state company Gazprom and German energy giant E.ON, has not yet paid its Ft 6 billion crisis tax bill, several market sources confirmed.The Russian government reportedly objected to the windfall tax on the energy sector on the grounds that Panrusgáz operates with a profit margin of only 0.5% and is therefore unable to pay 1% of its turnover as a crisis tax, Népszabadság reports.
The company owners do not want to inject capital into Panrusgáz just to pay the tax, the newspaper adds.
As a temporary solution, Panrusgáz has given back its wholesale licence, which the company argues relieves it of the duty to pay the crisis tax. However, it is continuing its activity as a middleman between Gazprom and E.ON, Népszabadság writes.
The government might accept this situation, the report continues, as Panrusgáz is able to block gas imports from Russia.
Government spokeswoman Anna Nagy said authorities will look into which companies paid no crisis tax and why."
Source: Hungary Around the Clock
This news item is one of many published daily by HATC, a premier subscription news service which distributes English-language info about Hungary via email or fax. For a free trial of HATC follow this link and click on 'Free Trial Subscription'.
29.12.2010