Bankruptcy ruling on Gazprom executive sets phase for asset sales and tax implications (Canada/USA focus)

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The Arbitration Court of St. Petersburg and the Leningrad Region has ruled that Gazprom’s former top manager Valery Golubev is bankrupt, a decision reported by RIA News. The filing shows Golubev sought bankruptcy protection at the end of 2023, with the case file indicating claims against him totaling about 729 million rubles. These developments appear as part of ongoing efforts to address corporate liabilities and the financial obligations of executives associated with large energy companies. (RIA News)

According to the court decision, a process for selling Golubev’s property has been initiated. The publication notes that the assessment of the financial manager’s report on the progress of this procedure is scheduled for July 4, with subsequent steps to be determined by the court. Such property realization procedures are standard in bankruptcy cases when an individual possesses assets that can help satisfy creditor claims. (RIA News)

In related fiscal news, authorities have reiterated that even companies that have declared bankruptcy may still owe excess profits tax. This stance aims to ensure that windfall gains are accounted for, irrespective of corporate insolvency status. The government’s approach reflects a broader tax policy designed to secure revenue from profitable activities that occurred in prior periods. (RIA News)

Earlier, the finance ministry communicated expectations regarding the scale of the excess profits tax intake, initially estimating a potential 300 billion rubles. Later information indicated that by December the federal budget had already received about 315 billion rubles under this tax item, signaling a strong performance in this revenue stream despite corporate upheavals. The figures underscore the government’s focus on stabilizing budget revenue through targeted tax measures. (RIA News)

Prime Minister Mikhail Mishustin had cautioned against overoptimism, emphasizing prudent financial planning and careful assessment of revenue projections. This caution underscores the balancing act between securing tax receipts and maintaining predictable fiscal policy amid evolving economic conditions. (RIA News)

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