Romanian Agency Reverses $13.7M Tax Assessment, Gabriel Resources Reports
(September 28, 2016, 11:51 AM EDT) -- WASHINGTON, D.C. — A Canadian resource company on Sept. 27 said the Romanian National Agency for Fiscal Administration (ANAF) has reversed a tax assessment in which it sought $13.7 million in value added tax and penalties and announced updates in a related arbitration currently pending before the International Centre for Settlement of Investment Disputes (ICSID) (Gabriel Resources Ltd. and Gabriel Resources [Jersey] v. Romania [ICSID Case No. ARB/15/31]).
In July 2015, Gabriel Resources Ltd. filed a request for arbitration with ICSID against Romania. ICSID held a...