Gelonghui May 7 丨 Mongolia Energy (00276baccaratanalysis.HK) AnnouncementbaccaratanalysisThe Mongolian Taxation Bureau requires companies to pay new additional taxes on or before May 6, 2024. If MoEnCo fails to comply with payment requirements, the tax authorities can take action, including freezing bank accounts, assets and income in Mongolia, and confiscating cash held and/or owned by MoEnCo. Taking into account the Group's immediate financial resources and if the Mongolian government insists on paying the new additional tax immediately, this will have an adverse impact on the Group's financial condition and operations. MoEnCo has issued a complaint letter to the Taxation Bureau today opposing the Taxation Bureau's request to pay the new additional tax immediately. The matter may be referred to the Mongolian court for resolution. Currently, the Group is also seeking legal advice on the new additional tax requirements required in the reminder letter.
