No income tax was paid on largest dividend payment

Äripäev writes that Estonian businessman Margus Linnamäe, owner of Estonia’s largest pharmaceutical retail and wholesale group Magnum, and co-owner of Postimees and BNS media groups, paid no  income tax on 20 million euros in dividends that he took out this year.

He should have paid 5.3 million euros on his 20 million euro dividend that he took out of his Estonian-based holding company MM Grupp OÜ.

Linnamäe, however, paid no income tax thanks to the fact that the money was paid out by MM Holdings B.V., the Dutch holding company that is also a subsidiary of MM Grupp.

Read more from BBN

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