Posted by | Capital economy, business and finance From Russia without VAT Roman Abramovich, the Russian billionaire, dodged millions in taxes through an elaborate superyacht hiring scheme, according to a joint investigation by the BBC, the Bureau of Investigative Journalism and others. Leaked files reveal the former Chelsea FC owner allegedly used a network of offshore companies to evade paying VAT on the purchase and maintenance of five luxury vessels worth roughly $1.2 billion. They include the 162-metre Eclipse, a private yacht that costs up to $2 million to refuel and was at one point the world’s largest. Abramovich was pictured aboard while it was supposedly being leased over Christmas in 2011. It’s estimated he saved $400,000 in VAT per refuel. The oligarch’s lawyers say he’s always acted in accordance with professional tax advice but the Guardian reported today he may owe up to £1 billion in tax. Abramovich is currently sanctioned because of his ties to Putin, and splits his time between Istanbul, Tel Aviv and Sochi. |
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