MMG (HK:1208) has released an update.
MMG Limited has announced a victory in the Peruvian Tax Court, where it was ruled that its subsidiary, Minera Las Bambas S.A., is not subject to a 30% penalty withholding tax for the 2017 tax year, overturning a previous assessment of $152 million. The Court’s decision refutes the claim by Peru’s National Superintendence of Tax Administration that MMG and its related Chinese entities were engaged in tax avoidance. The outcome may impact an additional $411 million in assessments for the years 2014 to 2016, though it’s uncertain if the tax authority will appeal the decision.
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