Simberi Gold Company, a wholly owned subsidiary of St Barbara (ASX:SBM)received a $210 million tax assessment from Papua New Guinea’s Inland Revenue Commission (IRC). The assessment includes a 200% penalty, the majority of which (PKP 435 million) relates to claims of improper capital expenditure deductions, and the remainder (PHP 88 million). relates to the 2018 debt-to-equity deemed dividend withholding tax. Rebuild.

St. Barbara and Simbeli Gold dispute the IRC’s claims and plan to appeal within 60 days. The company alleges that the IRC’s actions violate the statutory five-year limit on amended assessments, and that the fraud claims are baseless and aimed at unfairly restarting past tax years. I am doing it.

St. Barbara stock fell 31.97% to $20.75.