The Federal Tax Service wants to challenge the transfer of 13 billion rubles to one of IKEA’s Russian subsidiaries
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As Kommersant found out, the Federal Tax Service’s claims against one of IKEA’s Russian subsidiaries relate to the transfer of almost 13 billion rubles. to the Irish Fami Ltd, affiliated with the asset manager of the Swedish retailer Ingka Group. Lawyers note that tax officials rarely file lawsuits challenging business transactions, although the law gives them such a right. Experts suggest that the Federal Tax Service could consider the transfer of money to a foreign company a withdrawal of assets from the Russian structure of the retailer and is now trying to return the funds to the Russian Federation in order to be able to collect them against tax debts.
As Kommersant discovered in the ruling of the Moscow Region Arbitration Court, the Federal Tax Service demands that the transaction for the transfer of 12.9 billion rubles to Torg LLC (formerly IKEA Torg) be invalidated. in favor of Irish Fami Ltd, as well as apply the consequences of invalidity of the transaction. The hearing of the case is scheduled for March 5. As Kommersant reported on February 1, Torg owns an IKEA distribution center with a total area of about 180 thousand square meters. m in Yesipovo near Moscow, and the company itself still belongs to the holding structure of the Swedish network Ingka Holding Europe.
Spring 2022 IKEA stated about complete withdrawal from the Russian Federation due to the Russian-Ukrainian military conflict and the sale of its factories in the country. This was followed by the sale of IKEA production sites and Mega shopping centers in the country.
According to the Global Database, Fami Ltd is owned by IKEA Capital BV. The fact that Fami is affiliated with the Ingka Group (manages IKEA assets, including Mega shopping centers) was previously indicated by the Irish publication The Business Post. In addition, Fami in August 2022 received the mentioned distribution center and the land under it as collateral from Torg LLC, the agreement was concluded until January 9, 2029, according to an extract from the Unified State Register of Real Estate.
Pontus Erntell, former director of sustainable development at IKEA in Russia, “Interfax” in July 2021:
“In the Russian market we see huge potential for the development of IKEA.”
The Federal Tax Service did not respond to Kommersant’s request regarding the claim. Ingka declined to comment.
In its ruling, the court also invites Torg to provide documents on the supply of consumer goods in favor of Market.Trade LLC, payment documents on the transfer of funds and instructions from Torg to Market.Trade.
According to SPARK, Market.Trade is owned by Yandex and owns the Yandex Market trademark; its CEO is Ekaterina Zvonkova, commercial director of Yandex Market. Yandex Market did not respond to Kommersant’s request.
Previously, Yandex Market reported that in November 2022 it signed binding documents with the Russian division of IKEA, thereby purchasing all inventory from the retailer. The transaction amount was not disclosed.
Partner at the law firm Five Stones Consulting, Ekaterina Boldinova, notes that claims from tax authorities to challenge transactions are rare, although they have such a right. Partner, head of tax disputes practice at MEF LEGAL Alexander Erasov confirms that such disputes are rare. He emphasizes that the case of the IKEA structure can become a precedent, and the approach of the courts in this dispute can be used in the future in the cases of other large companies.
Based on the text of the ruling and the documents requested by the court, it can be assumed that Market.Trade did not pay for the supply of goods to Torg, but transferred the funds directly to the foreign company Fami Ltd to fulfill the earlier debt obligations of the Russian subsidiary of IKEA to this foreign company. company, Mr. Erasov believes.
“Perhaps here the tax authority saw inflated prices or considers the movement of funds abroad to be a withdrawal of property of a Russian company, which could be recovered for tax debts,” suggests Ms. Boldinova. If the court satisfies the claim, “everything received by the parties to the transaction must be returned,” she clarifies, not excluding that this “may adjust” Torg’s tax obligations.
At the same time, based on judicial practice, to challenge a transaction, the Federal Tax Service cannot limit itself only to references to the interdependence of the parties. Thus, the Arbitration Court of the West Siberian District, in a ruling dated November 16, 2022 in the SibAquaTrade case, rejected the claim of the tax authorities, considering it unproven that the company’s actions were aimed at hiding the property from possible foreclosure to pay off the arrears.
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