Tax agency suspects Deutsche Bank of $172 swindling
The Federal Tax Service believes that the bank intentionally carried out operations to reduce the base for profit tax.
The Federal Tax Service of Russia filed a number of claims to the Russian branch of Deutsche Bank on currency transactions. According to RBC, the Interdistrict Inspectorate on major taxpayers (MIFNS) №9 suspects that the bank deliberately understated the tax base due to operations that have "no rational economic sense".
According to taxmen, Deutsche Bank carried out suspicious exchange swap transactions in 2013 and 2014. The bank bought the currency on the Russian market, then closing the foreign exchange position sold it to Deutsche Bank AG in London. Questions arose in terms of the second part of transactions - it was carried out at the rate lower than the rate of the Central Bank. Thus, Deutsche Bank recorded the loss on it in the form of realized exchange rate differences, which went to reduce the base for profit tax on exchange swap transactions. In other words, the tax authorities assumed that the base from which the tax was charged could be bigger.
Now the Russian branch of the bank holds negotiations with the tax authorities, however the matter is not resolved yet. In the worst case scenario, the bank may face forced additional taxation for more than 10 billion rubles ($172 mln).
Currency swap operations are operations on purchase and sale of currency when currency is sold on the terms of its buy-back in the same amount after a certain period of time and at the rate fixed at the time of the transaction.
Earlier Deutsche Bank was fined for $625 in New York and London. Operations conducted by the bank led to $10 billion withdrawn from Russia. The shares of blue chips were purchased in Moscow for rubles, and then affiliated participants of the scheme almost immediately sold them on the London Stock Exchange. Clearing was conducted through New York operators.
In May 2015 the bank itself informed the German Federal Financial Supervisory Authority that money could be laundered in its Moscow branch using suspicious transactions in the derivatives market. In August 2016 The New Yorker reported that the Moscow office of Deutsche Bank conducted back-to-back deals in favor of some high-ranking Chechens. The marrow of the scheme was to conduct parallel operations with the help of Russian and offshore companies. The aim of these actions was to convert rubles into foreign currency and hide the money abroad.
According to Margarita Vennberg, Ivan Rubin borrowed 40 thousand euros from businessman Vladimir Tyurenkov about a year ago. When Rubin delayed payments, Tyurenkov raised interest, and the amount of the debt increased to 70 thousand euros.