Neste Oil Oyj : Neste Oil is Finnish company registered in Finland
Neste Oil Corporation
25 March 2013 at 16:20 (EET)
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.
Neste Oil Corporation
Senior Vice President, Communication, Marketing and Public affairs
Further information: Matti Piri, Acting CFO, tel. +358 10 458 4960
Neste Oil in brief
Neste Oil Corporation is a refining and marketing company concentrating on
low-emission, high-quality traffic fuels. The company produces a comprehensive
range of major petroleum products and is the world's leading supplier of
renewable diesel. Neste Oil had net sales of EUR 15.4 billion in 2011 and
employs around 5,000 people, and is listed on NASDAQ OMX Helsinki.
Neste Oil is included in the Dow Jones Sustainability World Index and the
Ethibel Pioneer Investment Register, and has featured in The Global 100 list
of the world's most sustainable corporations for many years. Forest Footprint
Disclosure (FFD) has ranked Neste Oil as one of the best performers in the oil
& gas sector. Further information: www.nesteoil.com
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Source: Neste Oil Oyj via Thomson Reuters ONE
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