Risk & Economy » Tax » African Barrick “progress” on VAT repayments

African Barrick "progress" on VAT repayments

Mining company picks up millions of dollars in VAT repayments from Tanzanian government

VAT PAYMENTS have been made to African Barrick Gold from the Tanzanian government, a move the mining company says is “good progress” in avoiding a buildup in receivables owed to them.

The listed miner, which has operations in Tanzania and Kenya, has been looking to claw back VAT receivables, with some success, in a statement to the stock exchange this morning. It has recouped more than $10m (£6.1m) since October, and is working to maintain further monthly payments.

African Barrick is looking to reach a similar solution with the Tanzanian Revenue Authorities for VAT levied on domestic goods and services.

Brad Gordon, CEO of African Barrick Gold, said: “We are…pleased to be making good progress in preventing a further build-up in the VAT receivable and are working towards reducing the overall receivable as we move through 2014.”

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