similar case as BNK??
Primero receives Mexican tax claim to void pricing deal
2016-02-04 01:17 ET - News Release
Ms. Tamara Brown reports
PRIMERO RECEIVES LEGAL CLAIM FILED BY MEXICAN TAX AUTHORITIES
Primero Mining Corp.'s Mexican subsidiary, Primero Empresa Minera SA de CV (PEM), has received a legal claim from the Mexican tax authorities, Servicio de Administracion Tributaria (SAT), seeking to nullify the advance pricing agreement (APA) issued by SAT in 2012. The APA confirmed the company's basis for paying taxes on realized silver prices for the years 2010 to 2014 and represented SAT's agreement to accept that basis for those years. The legal claim initiated does not identify any different basis for paying taxes. The company believes this legal claim is without merit, and it intends to vigorously defend the validity of its APA. The company's operations continue as usual.
PEM and its legal counsel are in the process of completing a detailed review of the legal claim, which is in excess of 200 pages. The company's Mexican legal and financial advisers have informed the company that SAT's judicial challenge to the validity of an APA is without precedent. The company's advisers maintain that seeking to nullify an APA undermines the function of an APA, which is to assure a taxpayer of certainty. The Mexican Supreme Court of Justice recently concluded that where a tax ruling is challenged by the tax authorities through a legal claim, there can be no retroactive consequences or payments levied against a taxpayer that obtained the ruling in good faith within applicable legal principles. The company, and its Mexican legal and financial advisers, continues to believe that the company has filed its tax returns, and paid all applicable taxes, in compliance with Mexican tax laws.
We seek Safe Harbor.