RTTNews | Mar 10, 2021 07:52AM EST

07:52 Wednesday, March 10, 2021 (RTTNews.com) - Mining company First Majestic Silver Corp. (AG, FR.TO), in its update on tax dispute with the Government of Mexico, said it continue to vigorously challenge all tax reassessments through all domestic and international means available to it.

Primero Empresa Minera, S.A. de C.V. Or PEM recently received a notice of reassessment for the fiscal year 2013 from the Mexico's Ministry of Finance and Servicio de Administracin Tributaria for about US$132.1 million recalculating PEM's taxable income on the basis of market prices for silver sold under the Streaming Agreement rather than actual revenue received.

First Majestic acquired Primero Empresa Minera, S.A. de C.V., the owner of the San Dimas Silver/Gold Mine in May 2018, via the acquisition of Primero Mining Corp. Keith Neumeyer, President and CEO of First Majestic Silver, was not the CEO of PEM prior to its purchase in May 2018.

PEM had entered into an Advance Pricing Agreement ("APA"), with the Mexican government in October 2012 and obtained a ruling from the Mexican tax authorities confirming the APA for the years of 2010 to 2014.

Read the original article on RTTNews ( https://www.rttnews.com/3176341/first-majestic-silver-says-continues-to-vigorously-challenge-all-tax-reassessments-by-mexico.aspx)

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