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Tax Act from Mongolian Tax Authority
Tax Act from Mongolian Tax Authority Canada NewsWire A Mongolian subs...
About this update from Kincora Copper Limited
[{"type":"text","content":"\n \n \n \n Tax Act from Mongolian Tax Authority\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n A Mongolian subsidiary of Kincora has received a Tax Act (\"2021 tax assessment\") for\n \n 2.7 billion MNT\n \n , approximately\n \n US$950,000\n \n , from the Mongolian Tax Authority (\"MTA\") relating primarily to the 2016 merger with IBEX\n \n \n The 2016 IBEX merger required a tax assessment (\"2016 tax assessment\") as a condition precedent to closure and for reregistration of the merged entities\n \n \n The 2021 tax assessment is a retrospectively calculated liability and is not in-line with the 2016 tax assessment\n \n \n \n Three independent external legal opinions support Kincora's view that the 2016 tax assessment and merger transaction were properly formulated and supported by the Mongolian authorities at that time\n \n \n Accordingly Kincora disagrees with the basis the 2021 tax assessment relating to the IBEX merger\n \n \n There is limited liability recourse to Kincora's Australian and Canadian assets and operations from the 2021 tax assessment\n \n \n \n Kincora is actively engaging with the MTA and is seeking a conclusion in line with Mongolian law and the 2016 assessment which was relied upon by both Kincora and the Mongolian authorities that allowed for closure of the 2016 IBEX merger\n \n \n Kincora has provided a standstill to, and in discussions with, Resilience Mining Mongolia Pty Ltd (\"RMM\") for the executed Option and Acquisition Agreement in relating to Kincora's Mongolian portfolio and subsidiaries\n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Jan. 20, 2021\n \n /CNW/ - Kincora Copper Ltd. (the \"Company\", \"Kincora\") (TSXV: KCC) today announced that Mongolian subsidiary Golden Grouse IBEX LLC (\"GGI\") has received a Tax Act (\"2021 tax assessment\") for\n \n 2.7 billion MNT\n \n , approximately\n \n US$950,000\n \n , from the Mongolian Tax Authority (\"MTA\").\n \n \n The 2021 tax assessment is comprised of four items, of which Kincora strongly refutes the merit of three i...