Reduction of costs through identification of tax reserves and use of tax reliefs and privileges

Client:Group of companies acting in manufacturing sector

Background

The audit of client’s tax function revealed the tax reserves consisting of unrealized tax credit on corporate property applicable to its manufacturing and storage facility. Potential relief amounted to 75% of accrued taxes.

The Case

CG lawyers identified that a tax credit is lawfully applicable to one of the major infrastructure facilities owned by the client. To utilize this relief, we undertook examination of the facility in question to clarify how it is actually operated.

Based upon the detailed examination, we prepared the rationale for submission to competent authorities. As a result, the client company had its extra paid taxes refunded to the full extent as anticipated, and brought into operation.

Why is it of importance?

Commercial property owners often lack detailed information on tax credits and privileges they may be entitled to. CG specialists with their extensive experience of tax function audits are able to trace every change in the law, identify the most efficient and expedient ways to apply them and so reduce costs for their clients.

Mikhail
Krasnov

Partner, Head of Tax and Legal Consulting

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