In connection with CPC-R’s joining the tax monitoring from 2022, a business meeting between the representatives of the Caspian Pipeline Consortium and Federal Tax Service was held in Interregional Inspectorate for Major Taxpayers No. 2 of the FTS of Russia on 9 November 2021.
The meeting was attended by Marina Krasheninnikova, Head of Tax Monitoring Department, FTS of Russia, Tatyana Deyeva, Head of Interregional Inspectorate, and CPC-R representatives.
In the course of the function, the parties noted CPC-R’s concordance with the established criteria for joining the tax monitoring, compliance with all stages of joining process and discussed the pertinent issues and prospects of cooperation between CPC-R and FTS of Russia.
The Company’s representatives noted that from 2022 CPC-R would move to a fundamentally new, high-quality, convenient approach to dealing with the Tax Authorities in arranging an access to the book-keeping and tax accounting data in a "data showcase" mode, in the course of preparation for joining the tax monitoring, the Company significantly revised the internal control system and risk management system and adapted them to meet the Tax Authorities’ requirements.
By joining the tax monitoring regime, CPC-R has confirmed that it is a reliable and responsible taxpayer. Close cooperation with the Tax Authorities will allow minimizing tax risks, give an opportunity of enhancing the level of tax planning, reduce the uncertainty of tax interpretation of transactions, accelerate preparation and submission of tax returns.
The CPC Pipeline System is one of CIS largest energy investment projects that involves foreign capital. The length of the Tengiz – Novorossiysk pipeline is 1,511 km. This route moves over two thirds of all Kazakhstan export oil along with crude from Russian fields including those in the Caspian region. CPC Marine Terminal is equipped with three Single Point Moorings (SPM), allowing tankers to be loaded safely at significant distance offshore, including in poor weather conditions
CPC Shareholders: Federal Agency for State Property Management represented by Transneft (trustee) – 24%, CPC Company – 7%, KazMunayGas – 19%; Kazakhstan Pipeline Ventures LLC – 1.75%, Chevron Caspian Pipeline Consortium Company – 15%, LUKARCO B.V. - 12.5%, Mobil Caspian Pipeline Company - 7.5%, Rosneft-Shell Caspian Ventures Limited - 7.5%, BG Overseas Holding Limited - 2%, Eni International N.A. N.V. - 2%, and Oryx Caspian Pipeline LLC – 1.75%.