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Email ArticlePlatinum producer Zimplats denies claims that it owes Zimbabwe's government $276 million in outstanding taxes and penalties following an audit.
This audit was carried out by an American firm Alex Stuart International (ASI) contracted by the Reserve Bank of Zimbabwe (RBZ) in 2006 to conduct an audit of the country's mining sector.
ASI's audit concluded that Zimplats owed the state $70 million in additional profit tax (APT) for the period 2001 to 2007, a $70 million penalty for late payment of 100
percent tax due and another $125 million for interests for late payment calculated at a Zimbabwe dollar interest rate of 340 percent per annum.
Zimplats says ASI’s findings had arithmetic errors and wrong interpretation of the country’s tax laws, resulting in the overstated liability.
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