XML 85 R21.htm IDEA: XBRL DOCUMENT
v3.22.4

INCOME TAX EXPENSE | 12 Months Ended
--- | ---
Dec. 31, 2022
Income tax [Abstract] |
Income Tax Expense | Income Tax Expense
For the years ended December 31 | 2022 | 2021
Tax on profit |  |
Current tax |  |
Charge for the year | $699 |  | $1,031 |
Adjustment in respect of prior years 1 | 6 |  | (32) |
| $705 |  | $999 |
Deferred tax |  |
Origination and reversal of temporary differences in the current year | ($52) |  | $289 |
Adjustment in respect of prior years 1 | 11 |  | 56 |
| ($41) |  | $345 |
Income tax expense | $664 |  | $1,344 |
Tax expense related to continuing operations
Current |  |
Canada | ($8) |  | ($9) |
International | 713 |  | 1,008 |
| $705 |  | $999 |
Deferred |  |
Canada | $3 |  | $38 |
International | (44) |  | 307 |
| ($41) |  | $345 |
Income tax expense | $664 |  | $1,344 |
1 Includes adjustments to equalize the difference between prior year's tax return and the year-end provision.
Reconciliation to Canadian Statutory Rate |
For the years ended December 31 | 2022 | 2021
At 26.5% statutory rate | $446 |  | $1,228 |
Increase (decrease) due to: |  |
Allowances and special tax deductions 1 | (146) |  | (138) |
Impact of foreign tax rates 2 | (146) |  | (84) |
Non-deductible expenses / (non-taxable income) | (38) |  | 118 |
Goodwill impairment charges not tax deductible | 325 |  | — |
Taxable gains on sales of non-current assets | 1 |  | 24 |
Net currency translation losses on current and deferred tax balances | 59 |  | 23 |
Tax impact from pass-through entities and equity accounted investments | (196) |  | (330) |
Current year tax results sheltered by previously unrecognized deferred tax assets | 33 |  | (18) |
Recognition and de-recognition of deferred tax assets | 15 |  | (31) |
Adjustments in respect of prior years | 17 |  | 24 |
Increase to income tax related contingent liabilities | 13 |  | 19 |
Impact of tax rate changes | — |  | 66 |
Withholding taxes | 82 |  | 110 |
Mining taxes | 201 |  | 323 |
Tax impact of amounts recognized within accumulated OCI | (7) |  | 8 |
Other items | 5 |  | 2 |
Income tax expense | $664 |  | $1,344 |
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 Current and deferred tax balances are subject to remeasurement for changes in foreign currency exchange rates each period. This is required in countries where tax is paid in local currency and the subsidiary has a different functional currency (e.g. US dollars). The most significant balances relate to Argentine and Malian tax liabilities. In 2022 and 2021, a tax expense of $59 million and $23 million, respectively, arose from translation losses on tax balances, mainly due to the weakening of the Argentine peso and the West African CFA franc against the US dollar. These net translation losses are included within income tax expense. Withholding Taxes In 2022, we have reco rded $29 million (202 1: $66 million related to Argentina, Côte d’Ivoire, Saudi Arabia and the United States) of dividend withholding taxes related to the undistributed earnings of our subsidiaries in Argentina and the United States. We have also recorded $36 million (2021: $33 million related to Argentina, Saudi Arabia and the United States) of dividend withholding taxes related to the distributed earnings of our subsidiaries in Tanzania and the United States. Nevada Mining Education Tax A new mining excise tax applied to gross proceeds became effective on July 1, 2021 following the passing of Assembly Bill 495 at the Nevada Legislative Session that ended on May 31, 2021. The revenue generated by this new excise tax will be directed towards education. The new excise tax is a tiered tax, with the maximum rate at 1.1%. First payment in relation to the 2021 year was made in March 2022. The bill does not take into consideration expenses or costs incurred to generate gross proceeds; therefore, this tax is treated as a gross receipts tax and not as a tax that is based on income subject to IAS 12. As a result, this new tax is reported as a component of cost of sales and not as an income tax expense. United States Tax Reform In August 2022, President Joe Biden signed into law the Inflation Reduction Act (“the Act”). The Act includes a 15% corporate alternative minimum tax (“CAMT”) that is imposed on applicable financial statement income (“AFSI”). The CAMT is effective for tax years beginning after December 31, 2022. Barrick is subject to CAMT because the Company meets the applicable income thresholds for a foreign-parented multi-national group. On December 27, 2022, the US Treasury Department and the US Internal Revenue Service issued initial guidance regarding the application of the CAMT. A 60-day consultation period for business has commenced, and we are providing comments. 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. Mining Taxes In addition to corporate income tax, we pay mining taxes in the United States (Nevada), the Dominican Republic, Canada (Ontario) and Peru. Nevada Gold Mines is subject to a Net Proceeds of Minerals tax in Nevada at a rate of 5% and the tax expense recorded in 2022 was $88 million (2021: $136 million). Other significant mining taxes include the Dominican Republic’s Net Profits Interest tax, which is determined based on cash flows as defined by the Pueblo V iejo Special Lease Agreement. A tax expense of $110 million (2021: $180 million) was recorded for this in 2022. Both taxes are included on a consolidated basis in the Company's c onsolidated statements of income. Impairments In 2022, we recorded net impairment charges of $483 million (2021: net impairment reversals of $63 million) for non-current assets and $1,188 million (2021: $nil) for goodwill. Refer to note 21 for further information. A deferred tax recovery of $193 million (2021: deferred tax expense of $nil related to the impairment reversal at Lagunas Norte) was recorded related to the impairments at Veladero, Long Canyon and Lumwana. There was no tax impact from the goodwill impairment recognized at Loulo-Gounkoto.

X
- Definition Income tax + 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 2022-03-24 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=12&code=ifrs-tx-2022-en-r&doctype=Standard&dita_xref=IAS12_g79-88__IAS12_g79-88_TI -URIDate 2022-03-24 + Details
Name: | ifrs-full_DisclosureOfIncomeTaxExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration