XML 105 R24.htm IDEA: XBRL DOCUMENT
v3.20.4

INCOME TAX EXPENSE | 12 Months Ended
--- | ---
Dec. 31, 2020
Income Tax [Abstract] |
INCOME TAX EXPENSE | Income Tax Expense
For the years ended December 31 | 2020 | 2019
Tax on profit |  |
Current tax |  |
Charge for the year | $1,122 |  | $685 |
Adjustment in respect of prior years 1 | 59 |  | 25 |
| $1,181 |  | $710 |
Deferred tax |  |
Origination and reversal of temporary differences in the current year | $263 |  | $1,112 |
Adjustment in respect of prior years 1 | (112) |  | (39) |
| $151 |  | $1,073 |
Income tax expense | $1,332 |  | $1,783 |
Tax expense related to continuing operations
Current |  |
Canada | $14 |  | $5 |
International | 1,167 |  | 705 |
| $1,181 |  | $710 |
Deferred |  |
Canada | ($6) |  | $— |
International | 157 |  | 1,073 |
| $151 |  | $1,073 |
Income tax expense | $1,332 |  | $1,783 |
1.Includes adjustments to equalize the difference between prior year's tax return and the year-end provision, as well as a current tax expense and a deferred tax recovery from the resolution of all outstanding disputes between Barrick and the GoT. Refer below for further details.
Reconciliation to Canadian Statutory Rate |
For the years ended December 31 | 2020 | 2019
At 26.5% statutory rate | $1,311 |  | $1,684 |
Increase (decrease) due to: |  |
Allowances and special tax deductions 1 | (151) |  | (129) |
Impact of foreign tax rates 2 | (32) |  | (264) |
Expenses not tax deductible | 154 |  | 78 |
Impairment charges not recognized in deferred tax assets | — |  | 45 |
Net currency translation (gains) losses on deferred tax balances | (19) |  | 43 |
Tax impact from pass-through entities and equity accounted investments | (309) |  | (140) |
Current year tax (gains) losses not recognized | (9) |  | 8 |
Sale of 50% interest in Kalgoorlie | — |  | 12 |
Recognition and de-recognition of deferred tax assets | (61) |  | 4 |
Adjustments in respect of prior years | (53) |  | (13) |
Increase to income tax related contingent liabilities | 42 |  | 21 |
Impact of tax rate changes | 1 |  | (35) |
Withholding taxes | 100 |  | 54 |
Mining taxes | 383 |  | 412 |
Tax impact of amounts recognized within accumulated OCI | (21) |  | — |
Other items | (4) |  | 3 |
Income tax expense | $1,332 |  | $1,783 |
1 We are able to claim certain allowances, incentives and tax deductions unique to extractive industries that result in a lower effective tax rate. 2 We operate in multiple foreign tax jurisdictions that have tax rates different than the Canadian statutory rate. Currency Translation Deferred tax balances are subject to remeasurement for changes in currency exchange rates each period. This is required in countries where tax is paid in local currency and accounts are prepared in local GAAP. The most significant balances are Argentine and Malian net deferred tax liabilities. In 2020 and 2019, a tax recovery of $19 million and tax expense of $75 million, respectively, arose from translation losses and gains on tax balances due to the weakening of the Argentine peso and strengthening of the West African CFA franc, against the US dollar. These net translation gains (losses) are included within deferred income tax recovery (expense). Argentina Deferred Taxes In December 2017, Argentina reduced its 35% corporate tax rate to 30% for 2018 and 2019, with a further reduction to 25% for 2020 and thereafter. Concurrently, a dividend distribution tax was introduced that charges 7% tax on dividend distributions for 2018 and 2019, and 13% tax on dividend distributions for 2020 and thereafter. On December 23, 2019, Argentina enacted a law that the previously approved corporate tax rate reduction from 30% to 25% will be deferred for one year until January 1, 2021. Therefore, the corporate tax rate of 30% is unchanged for the 2020 calendar year. The scheduled increase of dividend withholding tax from 7% to 13% was also deferred until January 1, 2021. A deferred tax recovery of $35 million was recorded in the first quarter of 2020 as a result of the tax reform measures. Withholding Taxes In 2020, we have recorded $87 million of dividend withholding taxes related to the distributed earnings of our subsidiaries in Cote d'Ivoire, Tanzania and the United States. Nevada Gold Mines Nevada Gold Mines is a limited liability company treated as a flow through partnership for US tax purposes. The partnership is not subject to federal income tax directly, but each of its partners is liable for tax on its share of the profits of the partnership. As such, Barrick accounts for its current and deferred income tax associated with the investment (61.5% share) following the principles in IAS 12. Nevada Gold Mines is also subject to Net Proceeds of Minerals tax in Nevada, which is included on a consolidated basis in the Company's consolidated statements of income. Tanzania On January 24, 2020, Barrick formalized the establishment of a joint venture between Barrick and the GoT and resolution of all outstanding disputes between Barrick and the GoT, including the lifting of the previous concentrate export ban, effective immediately. Refer to notes 21 and 36 for further details. A current tax expense and deferred tax recovery of $20 million and $43 million, respectively, was recorded in 2020, largely to reflect the terms of the framework agreement with the GoT. Additionally, a $40 million deferred tax recovery was recorded due to the recognition of deferred tax assets at Buzwagi.

X
- Definition Income Tax [Abstract] + References No definition available. + Details
Name: | abx_IncomeTaxAbstract
Namespace Prefix: | abx_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 12 -IssueDate 2019-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=12&code=ifrs-tx-2019-en-r&doctype=Standard&dita_xref=IAS12_g79-88_TI -URIDate 2019-03-27 + Details
Name: | ifrs-full_DisclosureOfIncomeTaxExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration