Acacia’s $190b tax bill would take centuries to pay
The charge covers alleged under-declared export revenues from the Bulyanhulu and Buzwagi mines over periods between 2000 and 2017
London
Tanzania sent Acacia Mining Plc a tax bill equal to almost two centuries worth of the gold producer’s revenue.
The government issued the company, which mines all of its gold in the African country, with a $40 billion (Dh147 billion) tax bill and another $150 billion in interest and penalties, Acacia said in a statement Monday.
The charge covers alleged under-declared export revenues from the Bulyanhulu and Buzwagi mines over periods between 2000 and 2017. Acacia reiterated that it has fully declared all revenues. The stock sank as much as 17 per cent on Tues day to the lowest since December 2013. In just three days, the company has lost 42 per cent of its value. (Bloomberg)
