Cruising In Greensboro

Swiss canton IN THE COMPANY OF RUSSIAN GAS PIPELINES TO EUROPE AND WITH SERBIA
Eni the secrets of South Stream
box Swiss Zug
The galaxy of joint ventures of Gazprom and budgets 'flexible'

agency of tourism in the canton of Zug recommended especially the sunset over the lake, "an experience not to be missed" . Or the sight of the play of light on the front of the train station, the work of James Turrell California. Difficult, however, that a few hundred big "corporation" throughout the world and wealthy taxpayers are merged into the countryside, lakes and mountains of central Switzerland only to local attractions. Let's face it now: in Zug you go because they pay little tax, and tax rates for businesses are among the lowest in Switzerland, and then in Europe. Between 9 and 15%. But not only that "the tax ruling" gives local companies that decide to settle in Canton the possibility (theoretical course) to package financial statements that would be an understatement to define incomplete and lacking in transparency. Some examples of famous "clients tax"? A Zug, and the surrounding area, they decided to move its world headquarters of American or European multinationals. Within a few square kilometers can be found Foster Wheeler, Noble, Amgen. The trading giant Glencore. Even Transocean, the oil company responsible for the disaster of the Gulf of Mexico last summer, is based in Zug. Large corporations exploit the advantages cantonal and so also their manager.
pipelines
The attraction of Zug Switzerland and did not only affect Western companies. Russian oligarchs erupted after the dissolution of the former Soviet Union have largely exploited the "opportunity" granted by laws and tax system in Switzerland. The intermediary companies to 50% between Gazprom and Ukraine over gas conflict winter 2005-06 (as Centragas Holding) were based in Switzerland, and now have long been settled. For the gas giant's Moscow, however, the habit of using the Alpine country for your custom business has become established. As with the South Stream project, the object of concern 'cable' embassies American revealed by Wikileaks. The memorandum between the Russian and Eni CEO Paolo Scaroni was signed June 23, 2007. On January 18, 2008 was established the South Stream AG, 50% owned each by Gazprom and Eni International BV. Where? A Zug, of course. In the same place where, since December 2005, is also the corporate vehicle for the pipeline "Nord Stream", the twin brother on the Baltic seabed that will bypass Poland, and he sees between the partners as Germany's E. On and President ex-Chancellor Gerhard Schröder. Again: about a year ago when the Russians closed the negotiations with Serbia on the transit of the South Stream would behave in the same way. They create 50% with the Srbijagas Serbia South Stream AG, shove Board in the head of Gazpromexport Alexander Medvedev (only namesake of President Dmitri), to Srbijagas Dusan Bajatovic, and where the square? A Zug, of course. Curious: Serbia in the rate of profit 'corporate' is already at 10%, and less in Europe is not, if an exception is made for Montenegro (9%). For the Russians, of course, other factors play in these choices, the first of confidentiality, if you want to use again an understatement. In Switzerland, no small detail, not publicly traded companies have no obligation to deposit their budget, which is available exclusively financial administration.

costs outright
Focus on Zug, So. Where can imagine that on behalf of Gazprom and Eni have an experienced local professional formed the joint venture within three to four days at a cost of 7-8 thousand francs. "Let's say that the cantonal authorities - says Tanna Thomas, professor of tax law in Siena - have a" dialectical ability "very high in negotiations with companies and wealthy taxpayers." With all the tax advantages of interest: a federal tax of 8, 5% of the profit to which he adds a canton of 6.5%, but holding companies do not pay, because in Zug regimes can enjoy "privileged". All thanks to "tax competition" inside Switzerland, which means that among the forty best places in Europe for not paying taxes are about twenty Swiss cantons. But, above all, to make prize is "flexibility" on the preparation of financial statements, that with regard to assets and profits must simply meet the "principles of orderly presentation. Without the requirement, therefore, to conform to internationally recognized standards, such as IAS or U.S. GAAP ones. And in particular - in the case of companies that operate "on foreign foreign" as it is and will be the case of South Stream - you can deal directly with the tax on a lump sum cost to be recognized in financial statements. A fixed percentage of revenues, which is deducted the tax on which to pay taxes. A system as one can easily imagine that would leave a highway in front of those wishing to implement practices lack transparency, or even beyond the law, as simple advice, or even the creation of funds. Sensitive issue, and Eni still perceived as the share in the budgets of 50% in South Stream AG (which is not consolidated) appears with a brief noterella in the margins: the company, it is stated, as other companies of the Swiss group is fall into the "black list" drawn up by the Minister Giulio Tremonti in 2001. However, it states that does not make use of preferential tax regimes. " Correct, but if at the end of South Stream AG will pay the tax rate on profits Swiss "no privileges" (15%), or Italian, it seems after all a secondary matter compared to the questions it asks the adoption of a system, let us say, 'flexible' in preparation of financial statements.

Arriva
Gazprombank on the North side of the Alps, however, recently the game was played not only Gazprom on joint venture for gas pipelines. For a year and a half or so, in fact, Switzerland has made its appearance even the financial arm of the monopolist in Moscow: Gazprombank, the third bank in Russia, where the parent energy accounts for 41% of capital controls and essentially the board, chaired by Andrey Akimov. Within a few months Gazprombank has scored a couple of maneuvers that intersect with the old scenarios are also known in Italy (Mentasti case) and leave the suspicion that perhaps the will of the Kremlin, have been adjusted several deals in the past. In mid-2009 Gazprombank acquired by VTB, Russia's second largest bank, control of the Russian Commercial Bank, a historic crossroads of Russian interests in Western Europe. But it would be better to say that to Gazprombank has provided a real saving of RCB, as in a few months had to shell out additional money in guarantees and $ 160 million. RCB, since 2006, was the parent of the bottom of Liechtenstein IDF, in turn controlling the Austrian Centrex at the time of the feathered affair Mentasti. The one-two of Gazprombank, which claims to have taken the opportunity to grab a fully licensed bank operating in Europe, has zeroed in fact also suspended the accounts of previous years. Among the customers' funds of RCB have witnessed during the 2009 migration to a particular 600 million dollars that were active on Cyprus, where it operates a Russian Commercial Bank Cyprus have suddenly returned to Moscow. And these movements do not appear to be involved only Russian interests.

Stefano Agnoli
December 10, 2010

http://www.corriere.it/economia/10_dicembre_10/Eni-i-segreti-di-South-Stream-nella-scatola-svizzera-di-zug_85b3527a-043c-11e0- b06d-00144f02aabc.shtml