MMG (HK:1208) has released an update.
MMG Limited announces a favorable decision by the Tax Court in Peru, exempting its subsidiary Minera Las Bambas S.A. from a 30% penalty withholding tax for the year 2015, overturning the Peruvian tax authority’s (SUNAT) claim based on alleged relationships for tax avoidance. This is the second such ruling in MMG’s favor, potentially impacting further assessments totaling $253 million for other tax years. The long-term resolution remains uncertain as the appeals process in Peru could extend over several years.
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