Importance of Tax Advice When Investing in Emerging Markets

Read here a view on the Court of Appeal decision where the Tanzanian Court of Appeal has upheld the April 2016 decision of the Tanzanian Tax Revenue Appeals Tribunal that a UK-listed subsidiary (Acacia Mining PLC (Acacia)) of Canadian gold mining parent (Barrick Gold Corporation) entered into “a sophisticated scheme of tax evasion,” designed to save US$82 million in income tax, plus penalties and interest.

Read Acacia statement as at 5 October 2016.

Read Tax Revenue Appeals Tribunal decision.

Read Court of Appeal decision (to follow).