IKEA Denies $516 Mln Tax Evasion Allegations in Russia

Swedish retail company IKEA denied Russia’s accusations of tax fraud of 32 billion rubles ($516 million), "Attorneys and Business" lawyers bureau said in a press release on Wednesday.

MOSCOW (Sputnik) – On Monday, Russia’s Investigative Committee launched a criminal investigation into alleged tax fraud of 32 billion rubles by the German IKEA Einrichtungs GmBH during sales of shares in IKEA MOS in 2011, according to the press release.

The company’s lawyers stressed that, according to the signed agreement by Germany and Russia to avoid double taxation, an income received from the sale of shares is not subject to taxation in Russia.