Taxation in Mozambique

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Mozambique’s government said it’s in talks with Rio Tinto Group (RIO) over capital gains tax on the company’s $4.2 billion acquisition of Benga coal mines from Riversdale Mining Ltd. in 2011.

The US$400 million in capital gains tax owed by Italian oil group ENI to Mozambique have been paid to the country’s treasury, the president of the Tributary Authority, Rosário Fernandes said last week.

The Italian energy company ENI has agreed to pay 400 million US dollars in capital gains tax to the Mozambican authorities.

The Mozambican government has approved the proposal to revise Law 7/2002, of 5 February, on preventing and combating money laundering, which will now be submitted to the country’s parliament, government spokesman Alberto Nkutumula said Tuesday.

Bid target Cove Energy said it was seeking clarity from Mozambique on a possible levy related to the sale of the British gas explorer, raising the prospect of a tax battle and potential delay to the $1.8 billion deal.

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