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Court to hear Walt Disney and Sony Pictures appeal against recovery of $2.49 mln

16:49 06/09/2011

MOSCOW, September 6 - RAPSI, Dmitry Shchitov. The Ninth Commercial Court of Appeals has scheduled for October 3 the hearing of the appeal filed by Walt Disney Studios Sony Pictures Releasing against a court decision validating the additional recovery of 73.455 million rubles ($2.49 million) in taxes, penalties and fines from the company.

In July, the court dismissed the film distributors appeal, which demanded that the tax inspectorates corresponding decision be canceled.

The inspectorate obligated Walt Disney to pay more than 32 million rubles ($1.08 million) in profit taxes to the budget, and more than 24 million rubles ($813,840) in VAT. The inspectorate also obligated the film distributor to pay penalties and fines.

Judge Anna Terekhina said the applicant has sufficient assets to immediately execute the tax authoritys decision. However, the entire amounts simultaneous recovery will threaten the companys execution of its obligations toward third parties, as well as its tax and payment obligations. The recovery will also inflict major harm to its reputation.

The parties have thus far given no comments to the Russian Legal Information Agency (RAPSI).

Walt Disney Studios Sony Pictures Releasing is a joint enterprise of Walt Disney Studios Motion Pictures International and Sony Pictures Releasing International. It distributes films in Russia and the CIS.

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Court to hear Walt Disney and Sony Pictures appeal against recovery of $2.49 mln

16:49 06/09/2011 The Ninth Commercial Court of Appeals has scheduled for October 3 the hearing of the appeal filed by Walt Disney Studios Sony Pictures Releasing against a court decision validating the additional recovery of 73.455 million rubles ($2.49 million) in taxes, penalties and fines from the company.
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