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Barrick Gold Corp
Symbol ABX
Shares Issued 1,165,081,379
Close 2016-04-05 C$ 18.46
Market Cap C$ 21,507,402,256
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Globe says Barrick's African unit accused of tax dodge

2016-04-06 07:23 ET - In the News

The Globe and Mail reports in its Wednesday edition that Barrick's African subsidiary has engaged in a "sophisticated scheme of tax evasion" to dodge more than $40-million in corporate taxes, a Tanzanian tribunal has ruled (all figures U.S.). The Globe's Geoffrey York writes that the tribunal said the company had failed to pay any corporate taxes in Tanzania from 2010 to 2013 while still paying more than $400-million in dividends to its shareholders from its gold-mining profits in the East African country. The tribunal ordered the company to pay $41.25-million in taxes to the Tanzanian government. The Barrick unit said it would appeal the tax ruling to Tanzania's highest court, calling it a "fundamentally flawed" decision. It denied any wrongdoing, and said it was merely following the terms of its investment agreement with the Tanzanian government. The London-based subsidiary, formerly known as African Barrick Gold and now known as Acacia Mining, is the biggest mining company in Tanzania and operates three major gold mines there. The tax revenue appeals tribunal, in a ruling on March 31, said the company's explanation for its lack of corporate tax payments was "far from plausible."

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