Mexico’s Grupo Salinas, the parent company of broadcaster TV Azteca, said on Tuesday, April 26th, it will keep fighting in a legal dispute that has resulted in an order to pay 2.447 billion pesos ($120 million) to tax authorities.
The Federal Court of Fiscal and Administrative Justice (TFJA) ruled on Tuesday that TV Azteca, controlled by billionaire Ricardo Salinas, must make the payment to the Tax Administration Service for income tax, fines, and surcharges, according to local media.
A Mexican court rejected a legal challenge earlier this year in which the broadcaster sought to avoid the payment of a tax debit from more than a decade ago.
The TFJA’s resolution stated the company improperly calculated gains or losses from the sale of shares.
“We will continue to exercise our right to defend ourselves from what we consider erroneous and excessive charges,” said a statement by Grupo Salinas, a conglomerate that includes telecoms company Totalplay and banking and retailing sector Grupo Elektra.
The head of Mexico’s Tax Administration Service, Raquel Buenrostro, said last week in a news conference that the institution was not planning to seize Salinas’s assets.