Federal court ruling cancels an advanced pricing agreement, governing the tax First Majestic paid on silver sales between 2010-2014.
First Majestic said the “rushed” resolution did not follow regular procedures as the court did not provide the company with an opportunity to present evidence supporting its case.
Miner said the resolution is “inconsistent with previous legal precedents” and violates the Mexican Constitution
It also said the decision was “inconsistent with previous legal precedents” adding “it violates” the Mexican Constitution.
The Vancouver-based miner initiated in May an arbitration process against Mexico under the North American Free Trade Agreement (NAFTA).
The move gave the López Obrador administration until August 11th to enter into “good faith and amicable negotiations” with the company, which disputes reassessments issued by Mexico’s tax authority, totaling $209.2 million.
The 90-day process deadline expired without any resolution of the tax dispute, First Majestic said…
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