Daina Beth Solomon
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MEXICO CITY, Feb 1 (Reuters) - Mexico’s government plans to seek more than $500 million from Canadian miner First Majestic Silver Corp in what it says are owed taxes for artificially keeping its silver prices low over the past decade, two sources told Reuters.
Audits dating back to 2010 show that the company owes about 11 billion pesos ($534.36 million), the sources said.
So far, Mexico’s Tax Administration Service, or SAT, has sought 5.5 billion pesos ($267.18 million) in tax debt, with the remaining half of the total yet to enter into formal disputes, according to the sources.
Officials are also doubling down on an effort to criminally prosecute First Majestic’s local unit, Primero Empresa Minera, for tax fraud related to the scheme, even after a judge held off on filing charges on Thursday, the sources and another person with direct knowledge of the case said.
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MEXICO CITY (Reuters) - Mexico’s government plans to seek more than $500 million from Canadian miner First Majestic Silver Corp in what it says are owed taxes for artificially keeping its silver prices low over the past decade, two sources told Reuters.
FILE PHOTO: Silver bars and coins are stacked on a table in the safe deposit boxes room of the ProAurum gold house in Munich March 3, 2014. REUTERS/Michael Dalder/File Photo
Audits dating back to 2010 show that the company owes about 11 billion pesos ($534.36 million), the sources said.
So far, Mexico’s Tax Administration Service, or SAT, has sought 5.5 billion pesos ($267.18 million) in tax debt, with the remaining half of the total yet to enter into formal disputes, according to the sources.