Russia: Russian largest brewery Baltika has announced that tax authorities presented a $10.6 million claim against a subsidiary and $1.5 million against the brewery itself, MosNews communicated on March 28.
The $10.598 million back tax claim was presented against Leasing-Optimum for the period from May 27, 2002, to Dec. 31, 2003, the Vedomosti newspaper wrote on Monday. The $1.5 million claim against Baltika itself was presented after a check of its activities in 2004. Leasing-Optimum holds the equipment lease for Baltika and other breweries. Baltika says the disagreement with the tax authorities was caused by a different interpretation of the leasing laws.
“Baltika’s subsidiary had already had similar disagreements with the tax authorities, and the court pronounced a judgment in the favor of the company. We expect the company will also win today’s dispute,” Baltika’s press secretary Alexei Kedrin was quoted by the paper as saying. Leasing-Optimum has addressed the Arbitration Court but the hearings have not been held yet. Baltika also hopes to challenge its back tax claims in the court.
Russian bank experts that were quoted by the paper called the claims against Baltika an “annoying surprise” but said these claims would not influence the company’s stability. “Baltika’s situation has nothing in common with that of Vympelkom and Yukos,” the analyst of UralSib finance company, Marat Ibragimov, said.
Baltika is Russia’s biggest brewery, controlling over 22 % of the national beer market. In 2004, its earnings rose by 34.8 percent and reached $994 million, and net profit rose by 7.2 % to $131.95 million. Baltic Beverages Holding owns 75 % of Baltika’s shares.
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