Auditors PWC loses tax appeal in Russia

CEAT Kelani Holdings Managing Director Ravi Dadlani (right) and Lanka Ashok Leyland CEO Umesh Gautham exchange the OEM agreement

MOSCOW, Sept 27, 2007 (AFP) – The Russian subsidiary of Pricewaterhouse Coopers, an international accounting firm, lost an appeal on Wednesday against a back tax bill of 10.4 million dollars (7.4 million euros). In a separate case earlier this year, PWC was found guilty and ordered to pay a fine for helping Yukos to avoid paying taxes. The company later withdrew several audit reports it had compiled for Yukos. A Moscow commercial court turned down PWC’s appeal against a court ruling from last year for the company to pay Russian tax authorities for unpaid taxes and fines dating back to 2002.

PWC has come under particular scrutiny in Russia because it was the main auditor for the Yukos oil empire, which has been dismantled by Russian authorities through a series of tax and fraud inquiries that began in 2003.

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