SCF Group introduces tax monitoring system


On 27 September 2019, a working meeting was held between Sergey Frank, Chairman of the Board of Directors of PAO Sovcomflot, Igor Tonkovidov, President and CEO of PAO Sovcomflot, and Mikhail Mishustin, Head of the Federal Tax Service (FTS) of Russia. The meeting was focused on introducing a tax monitoring system for the SCF Group companies, starting on 1 January 2020.

Pictured: Mikhail Mishutin, left, and Serfgey Frank, right.

Tax monitoring is an advanced form of an extensive data exchange between the Company and the FTS. Sovcomflot will provide the FTS with remote access to the Company's internal systems to optimise tax control while also allowing the Company to reduce tax management costs.

"We appreciate the opportunity offered by the FTS to introduce a new system for interaction with the tax authorities. The Company has always adhered to the principles of openness and transparency in its financial and business operations. Now we are fully ready to switch to this new mode, which will allow the Company to improve its tax administration and further enhance the business reputation of SCF Group as a reliable partner for Russian and global companies and a bona fide taxpayer," Igor Tonkovidov said.

"Over the past four years, the business community has seen the value of prompt interaction with the tax authorities, and the number of entities who have introduced tax monitoring systems has increased 14 times. Starting in 2020, tax monitoring will apply to 95 companies responsible for 30 per cent of federal tax revenues in Russia," Mikhail Mishustin commented.

SCF Press Service

Sovcomflot (SCF Group) is one of the world's leading energy shipping companies, specialising in the transportation of crude oil, petroleum products, and liquefied gas, as well as the servicing of offshore oil and gas exploration and production. The company’s fleet includes 146 vessels with a total deadweight of over 12.8 million tonnes. More than 80 vessels have an ice class.

Sovcomflot is involved in servicing large oil and gas projects in Russia and around the world: Sakhalin-1; Sakhalin-2; Varandey; Prirazlomnoye; Novy Port; Yamal LNG, and Tangguh (Indonesia). The company is headquartered in Saint Petersburg, with offices in Moscow, Novorossiysk, Murmansk, Vladivostok, Yuzhno-Sakhalinsk, London, Limassol, and Dubai.