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Largest generating company's $26.8 mln lawsuit to be heard on January 16

14:44 05/12/2011

MOSCOW, December 5 - RAPSI. A commercial court will hear on January 16 the Territorial Generating Company's (TGK-1) lawsuit against the Federal Tax Service to cancel its decision to charge TGK-1 $25.8 million, the Russian Legal Information Agency (RAPSI/rapsinews.com) reports from the courtroom.

The date was scheduled at the preliminary hearing.

TGK-1 comprises 55 power plants in St. Petersburg, the Karelian Republic, and the Leningrad and Murmansk regions. Its aggregate electric power capacity is 6,315 MWt, with a thermal capacity of 14,362 Gcal/h. Hydropower generation accounts for 46 percent.

TKG seeks to annul the tax service's May 2011 decision. The service charged the company supplementary profit tax for 2007 worth 179.5 million rubles ($5.8 million), 35.6 million rubles ($1.1 million) for 2008 and 428.8 million rubles ($13.9 million) for 2009.

The tax service also charged the company 33 million rubles ($1.07 million) in penalties, 37.6 million rubles ($1.22 million) in fines and VAT amounting to 72.4 million rubles ($2.3 million) for 2007. It also charged water tax for 2007-2008 amounting to 9.5 million rubles ($308,300).

The commercial court suspended in late October the tax services decision as an interim relief in the TGK lawsuit.

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Largest generating company's $26.8 mln lawsuit to be heard on January 16

14:44 05/12/2011 A commercial court will hear on January 16 the Territorial Generating Company's (TGK-1) lawsuit against the Federal Tax Service to cancel its decision to charge TGK-1 $25.8 million.
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