Update on Withholding Tax Appeal Process

05 Oct 2016

Acacia is pleased to provide an update on the Court of Appeal process relating to the Tanzanian Revenue Authority’s claim that seeks to impose withholding tax on dividends distributed by Acacia Mining plc. On the 3rd October 2016 news reports incorrectly stated that the Court of Appeal had upheld a ruling of the Tanzania Revenue Appeals Tribunal against Acacia Mining on allegations of tax evasion. At this stage, the Court of Appeal has made no findings with respect to the claim for withholding tax or alleged tax evasion, and rather dismissed Acacia’s initial appeal on procedural matters. Acacia will be lodging a corrected appeal against the claim which will be heard at the Court of Appeal in due course.

Any further comment is inappropriate at this stage, other than to state that Acacia has and will continue to comply with all its lawful obligations to pay domestic and international taxes and has not undertaken tax evasion of any form.