Local September 13, 2012 | 8:16 am

Deputies have no clue of contract’s taxes, Barrick

Santo Domingo.- The miner Barrick Pueblo Viejo on Wednesday said some deputies in the Energy Commission don’t understand the tax aspects of its contract with the Dominican Government .

It said by announcing a revision, those lawmakers repeat incorrect statements which reveal their ignorance of the fact the Dominican State will be paid royalties once exports start, in addition to income tax on profits.

Barrick said all this will become a reality before the company recover their investment, as the original contract stipulates.

"Barrick Pueblo Viejo reiterates that its contract is a model for other countries with mining tradition.The Special Lease and Mining Rights Contract and its Amendment has been praised in other countries as a superior achievement for the state,” the document says.

“Furthermore, and thanks to the Amendment to the Agreement, the State will receive a maximum 25% of the net profits after the return on investment and will receive 28.75% after reaching the internal rate of return of 10%,” adds the statement to the press.

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