Tanzania to Levy Capital Gains Tax on Proposed Barrick Sale

Tanzania’s revenue authority said it will require Barrick Gold Corp. to pay a 20 percent tax on any capital gain resulting from its proposed sale of African Barrick Gold Plc to China National Gold Group Corp.

“As the tax authority, we are keenly following the developments,” Harry Kitilya, commissioner general of the Tanzania Revenue Authority, said in an interview on Aug. 23 in Dar es Salaam, the country’s commercial capital. “At an appropriate time, we shall require African Barrick to submit all the details of the transaction to determine the amount of capital gains to be paid.”