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TNK-BP has released 2004 Gaap-standard accounts showing continued strong growth in its bottom line, but the threat of a massive tax claim is still hanging over the company.
Profits were up by 43pc year-on-year to $4.02bn in 2004 and output rose by 13pc to 1.44mn b/d. The 2004 report also clarifies TNK-BP's position over potential back-tax payments (FSUE, 15 April, p1). The spectre of a 2001 tax audit, relating to the use of onshore tax havens and transfer pricing in that year, is still hanging over the oil firm's head.
The Russian federal tax service has presented TNK-BP with a formal notification that it is seeking repayment--including fines and …