Neste Oil is Finnish company registered in Finland
Recent comments in the Finnish media have given the impression that Neste Oil is registered in Bermuda, one of the world’s tax havens. This is not the case, however, as Neste Oil is a Finnish company registered in Finland.
Neste Oil is one of Finland’s largest ship owners and all of its own vessels are registered in Finland and have Finnish crews. Neste Oil is also a part-owner of three tankers owned by companies registered in Bermuda. These vessels operate in global trading. If Neste Oil is to sell its holdings in these ship owning companies or if these companies pay Neste Oil a dividend on its holdings, any such revenue is taxable in Finland and subject to the appropriate Finnish tax rate.
Bermuda is widely used domicile among international ship owners. This has been taken into account in Finnish tax legislation which stipulates that as long as profits arising from shipping operations are retained by a Bermudian company they are not taxable in Finland. This represents an explicit exception to the normal tax practice in Finland.
The aggregate revenue of the shipping companies in question (in which Neste Oil’s ownership is 50%) was EUR 20 million in 2012, some 0.1 percent compared to Neste Oil Group revenue.
Source: Neste Oil Corporation
ISSUERS OF NEWS RELEASES AND NOT OILANDGASPRESS.COM ARE SOLELY RESPONSIBLE FOR THE ACCURACY OF THE CONTENT.
Public relations, press release distribution service, investor relations, SEC filing, regulatory news,upstream, downstream,corporate announcements,technology developments and
www.oilandgaspress.com – The ‘one stop shop’ for global Oil and gas press releases!!!