Gazprom to get $1 bln from state from price adjustment
MOSCOW. Jan 17 (Interfax) - Gazprom will receive 30.4 billion rubles ($1 billion) in overpaid tax back as the result of a drop in export prices for gas.
Gazprom said in a financial report to International Financial Reporting Standards (IFRS) under "profit tax" that the effect of gas price adjustments for Q3 2012 was 30.4 billion rubles. Reports for previous quarters did not reflect this effect.
Gazprom did reflect the effect of retroactive price adjustments for gas supplied in 2010 and 2012 as being 133.2 billion rubles in a report for the first half of last year. A discount for those deliveries was agreed in 2012.
Gazprom has not yet accounted for the possible effect of customs duty refunds. "The price adjustments recorded for the nine months ended 30 September 2012 do not take into account the effect of possible refunds in previously paid customs duties but the result for the period includes a deferred tax asset for the profit tax impact. Currently the Group is in ongoing negotiations related to price renegotiations with certain other customers. The effects of gas price adjustments, including corresponding impacts on profit tax, and ongoing negotiations are recorded when they become probable and a reliable estimate of the amounts can be made. The Group will recognize refunds of custom duties related to gas price adjustment when the refunds are virtually certain which is when amended customs declarations are accepted by customs authorities," Gazprom said.