AKZONOBEL PAID AROUND $17 MILLION IN PROFIT TAX TO RUSSIA SINCE UKRAINE INVASION
- Categories:Industry News
- Author:AKZONOBEL
- Origin:AKZONOBEL
- Time of issue:2024-07-12 16:12
- Views:
(Summary description)The Russian arm of AkzoNobel has grown since the invasion of Ukraine in 2022, although the company publicly claims to have largely left Russia. NRC reports that the Russian subsidiary’s revenue grew by 8% last year after a slight decline of 3% in 2022. Net profit in 2023 amounted to more than $40 million. In the past two years, AkzoNobel paid the Kremlin approximately $17 million in profit tax.
AKZONOBEL PAID AROUND $17 MILLION IN PROFIT TAX TO RUSSIA SINCE UKRAINE INVASION
(Summary description)The Russian arm of AkzoNobel has grown since the invasion of Ukraine in 2022, although the company publicly claims to have largely left Russia. NRC reports that the Russian subsidiary’s revenue grew by 8% last year after a slight decline of 3% in 2022. Net profit in 2023 amounted to more than $40 million. In the past two years, AkzoNobel paid the Kremlin approximately $17 million in profit tax.
- Categories:Industry News
- Author:AKZONOBEL
- Origin:AKZONOBEL
- Time of issue:2024-07-12 16:12
- Views:
The Russian arm of AkzoNobel has grown since the invasion of Ukraine in 2022, although the company publicly claims to have largely left Russia. NRC reports that the Russian subsidiary’s revenue grew by 8% last year after a slight decline of 3% in 2022. Net profit in 2023 amounted to more than $40 million. In the past two years, AkzoNobel paid the Kremlin approximately $17 million in profit tax.
Key takeaways:
- The Russian subsidiaries are owned by the AkzoNobel parent company in Amsterdam and have not paid dividends since 2022.
- AkzoNobel’s spokesperson stated that while the business in Russia has been halved, the volumes of remaining operations increased unexpectedly.
- AkzoNobel highlighted the legal obligation to pay taxes in operating countries to avoid potential nationalization by Russia.
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