Tanzania Slaps Huge Tax Bill on Acacia
The government of Tanzania has sent Acacia
Mining a bill of $190 billion in unpaid
taxes and fines for years 2000 to 2017.
This comes after the government alleged
Acacia underdeclared export revenues.
Bulyanhulu Gold Mine Ltd. and Pangea
Minerals Ltd., the owners and operators
of the Bulyanhulu and Buzwagi mines,
respectively, received a series of Notices
of Adjusted Assessment from the Tanzania
Revenue Authority for historical corporate
income tax, covering the periods 2000 to
2017 for Bulyanhulu Gold Mine and 2007
to 2017 for Pangea Minerals. The assessments
follow on the findings of the First
Presidential Committee, which were announced
on May 24 and the Second Presidential
Committee announced on June 12.
Acacia continues to refute the findings
and said it has fully declared all revenues.
The allegations made by the committees
are included in the matters that
both companies have already referred to
Bulyanhulu Gold Mine owes the government
a total of approximately US$154
billion, and Pangea Minerals approximately
US$36 billion. There is also a
total of US$40 billion of alleged unpaid
taxes and approximately US$150 billion
of penalties and interest owed.
Acacia said it is considering all of its
options and rights and will provide a further
update in due course.
As featured in Womp 2017 Vol 08 - www.womp-int.com