MMG (HKG:1208) subsidiary Minera Las Bambas received favorable decisions regarding its income tax dispute in Peru, a Wednesday Hong Kong bourse filing said.
The Tax Court in Peru ruled that Minera Las Bambas was entitled to the $429 million in tax losses it claimed for 2018 and interest deductions on $378 million in loans from certain Chinese lender banks and $242 million in a shareholder loan from MMG Swiss Finance during 2018.
The reinstated tax losses for 2014 to 2018 amount to $2.58 billion.
The National Superintendency of Tax Administration, or SUNAT, had conducted audits on income tax determined by MLB for the years 2014 to 2018. The assessment was first appealed to SUNAT and then to the Tax Court in Peru.
The court also reduced the $912 million income tax assessment for 2018 to zero, similar to the income tax assessment for 2017, removing the uncertainty of alleged income tax, interest, and penalties amounting to $2.02 billion.
MMG said it is not clear whether SUNAT plans to appeal the court decision or not.
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