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37 minutes ago
First Majestic has no response to #reuters inquiry. sheesh…..SAT didn’t work, Courts didn’t work, negotiations didn’t work, NAFTA, which was touted high and wide by the way….didn’t work. Now ICSID won’t work. It will cost First Majestic minimum $5 million dollars in arbitration and legal fees if it’s even accepted. A company that is 11 years behind on taxes probably won’t be able to proceed without some assurances that in end, company can actually pay the accrued taxes.
3 hours ago
Per Joe – First Majestic was found guilty of tax fraud for using “Transfer Pricing”….where cost or profits are shifted to other internal divisions (Cayman Islands) to illegally reduce their tax burden. I thought First Majestic located in Canada? Wait a minute…
3 days ago
SAT (Mexican Tax Administration Service) has repeatedly and unilaterally chosen to reject requests for dispute resolution procedures, known as mutual agreement procedures (“MAPs”), contained within those three treaties designed for addressing differences in interpretation and application of those treaties. In addition, notwithstanding Mexican law and the 2012 Advance Pricing Agreement negotiated and finalized between the SAT and Primero Empresa Minera, S.A. de C.V. (“Primero”), its Mexican subsidiary, confirming Primero’s basis for paying taxes on the price Primero realized for silver sales between 2010 and 2014, the SAT has unlawfully opted to ignore the legal existence of this Advance Pricing Agreement.