| Taxes Receivable and Payable |
Taxes Receivable and Payable The table below shows the break-down of taxes receivable, which are comprised of value added tax (“VAT”) and income tax receivables and payables:
| | | | | | | | | | | | | (Thousands of U.S. Dollars) | As at June 30, 2026 | | As at December 31, 2025 | Taxes Receivable | | | | | Current | | | | VAT Receivable | $ | 1,153 | | | $ | 1,394 | | | Income Tax Receivable | 13,885 | | | 25,719 | | | $ | 15,038 | | | $ | 27,113 | | | Long-Term | | | | Income Tax Receivable | $ | 10,227 | | | $ | 1,912 | | | | | | Taxes Payable | | | | Current | | | | VAT Payable | $ | (4,709) | | | $ | (5,189) | | | Income Tax Payable | (10,400) | | | (6,717) | | | $ | (15,109) | | | $ | (11,906) | | | Long-Term | | | | Income Tax Payable(1) | $ | (2,062) | | | $ | — | | | | | | | Total Net Taxes Receivable | $ | 8,094 | | | $ | 17,119 | |
(1) Included into other long-term liabilities on the Company’s condensed consolidated balance sheet. The following table shows the movement of VAT and income tax receivables and payables for the period:
| | | | | | | | | | | | | | | | | | | (Thousands of U.S. Dollars) | VAT Receivable/(Payable)(1) | | Income Tax Receivable | | Total Net Taxes Receivable | Balance, as at December 31, 2025 | $ | (3,795) | | | $ | 20,914 | | | $ | 17,119 | | Collected through direct government refunds | (49) | | | (15,746) | | | (15,795) | | Collected through sales contracts | (51,817) | | | — | | | (51,817) | | | Taxes paid | 52,069 | | | 7,995 | | | 60,064 | | Withholding taxes paid | 688 | | | 12,889 | | | 13,577 | | Current tax expense | — | | | (14,965) | | | (14,965) | | | Foreign exchange (loss) gain | (652) | | | 563 | | | (89) | | Balance, as at June 30, 2026 | $ | (3,556) | | | $ | 11,650 | | | $ | 8,094 | |
(1) VAT is paid on certain goods and services and collected on sales in Colombia at a rate of 19%.
|