Transfer pricing will affect Gazprom

Deputy Finance Minister Sergei Shatalov said that transfer pricing law will fully apply to "Gazprom". Earlier, Alexey Miller, head of the company, sent a request to Prime Minister Vladimir Putin to remove the gas holding company's transactions from transfer pricing control. The Ministry of Finance was considering this issue.

By the law on transfer pricingThe Federal Tax Service, which will come into force on 1 January 2012, will monitor transactions between related parties at prices which differ from market prices. This will make it possible to trace attempts of companies to evade taxes by redistributing total profits in favor of a company or department which is least taxable.