Romanian tax authority serves USD 8.6 mln VAT bill to Canadian mining company

The Romanian tax authority ANAF sent the Rosia Montana Gold Corporation (RMCG), the developer of the halted Rosia Montana gold mining project, a USD 8.6 million (RON 27 million) outstanding VAT bill, the company said. The bill relates to VAT previously claimed and received by RMGC concerning its purchase of goods and services from July 2011 to January 2016, according to Romania-Insider.com.

Rosia Montana Gold Corporation is owned by Canadian mining company Gabriel Resources, which entered a dispute with the Romanian state at the International Center for Settlement of Investment Disputes (ICSID) after the mining project was blocked as the site was declared a historic monument.

RMCG said the VAT assessment was “fundamentally flawed and abusive, and plainly retaliatory coming just days after the company filed its statement of claim in its ICSID arbitration against Romania seeking compensation in an amount equivalent to USD 5.7 billion.”

RMCG said the VAT bill had to be paid by August 5, although it has until August 21 to make an appeal with ANAF over the issue, which it intends to do.

 

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