Investors fear for Sibneft
In 2003, the company's income tax rate was 7% Last year, Sibneft actively continued to use tax optimization schemes. As a result, its effective income tax rate was, according to experts, “crazy low” and amounted to only 7%, compared with the 12% that the company paid in 2002 and the 24% established by law. Such data is contained in the company's US GAAP financial statements for 2003, published yesterday.