Dominican Republic. Mining P roperty. All mineral substances belong to Dominican State. Exploration rights are granted through concessions or contracts by Dominican Government
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A new Annual Minimiun Tax (AMT) on gross sales was created to collect IRS and NEP taxes. This tax is collected on top of the 3.20% of gross sales as royalty
A table was calculated starting at a gold price of US$800/oz where no minimum tax apply. Every US$50 gold price range increase, generates an AMT increase, starting at 1.35% from golf price of 800 to 850 dollars per ounce, which keep increasing up to 23.05% at a gold price in the range of US$1,600 to US$,1650 and ending at 32.55% for gold prices over US$3,000/oz. . This table will apply from 2013-2016
A new AMT table of rateswillberecalculatedfrom a revisedfinancialmodel of mine plan, every 3 yearsstarting 2017, dividingthe 90% of projectedtaxes of incometax (IRS) and Net EarningsParticipation(NEP) byestimatedgross sales of gold per year at everypricerangebetween US$800 and US$3,000
Barrick Gold can declare Force Majeure to not pay AMT tax, in the event of high price of fuel oil for 90 consecutive days divided by the price of gold is over to 0.16.
This tax regime secure an annual minimum income to Dominican government equivalent to the 90% of projected IRS and NEP taxes, no matters Barrick Gold declares no earnings in the period.