Prime Minister Putin renews criticism of Mechel
Published: 28 July, 2008, 13:49
Prime Minister Vladimir Putin has again criticised Mechel, Russia's sixth-largest steel maker, for tax avoidance by exporting raw materials through offshore companies.
Putin said high domestic prices, including those for essential goods, are the result of monopolism and transfer price formation.
One of the companies sells its product several times cheaper on the foreign market several times cheaper than it does at home. They sell it abroad to their own offshore companies for a quarter of the domestic price and then they sell it at world prices of 323 dollars. We’ve discussed the need for creating a law about transfer pricing for a long time.
28.07.2008, 11:45
Luxury apartment market continues boom as wealthy invest in bricks and mortarRight now, Russia’s most expensive flat costs 22mln dollars. But that will soon be eclipsed by Moscow's latest luxury development. Exerts say, demand for luxury apartments far exceeds supply. And there are enough buyers ready to pay more than a hundred th |
28.07.2008, 13:52
Mechel shares rise on cooperation with Federal Anti Monopoly ServiceShares in Mechel have risen on Monday, on the Russian market, after the firm said it'll cooperate with the Federal anti-monopoly service in an investigation into its coal prices. |
