Taxes Receivable and Payable

9 Months Ended

Sep. 30, 2021

Tax Receivable Agreement [Abstract]

Taxes Receivable and Payable

Taxes Receivable and Payable

The table below shows the break-down of taxes receivable and payable, which are comprised of value added tax ("VAT") and income tax:

(Thousands of U.S. Dollars)	As at September 30, 2021		As at December 31, 2020
Taxes Receivable
Current
VAT Receivable	$	31,890	$	35,977
Income Tax Receivable	15,882		13,948
	$	47,772	$	49,925
Long-Term
VAT Receivable	$	—	$	28,485
Income Tax Receivable	14,447		14,150
	$	14,447	$	42,635
Taxes Payable
Current
VAT Payable	$	5,938	$	—
Total Taxes Receivable net of Taxes Payable	$	56,281	$	92,560

The following table shows the movement of VAT and income tax receivables for the period identified below:

(Thousands of U.S. Dollars)	Net VAT Receivable		Income Tax Receivable		Total Net Taxes Receivable
Balance, as at December 31, 2020	$	64,462	$	28,098	$	92,560
Collected through direct government refunds	(518)		(14,228)		(14,746)
Collected through sales contracts	(70,881)		—		(70,881)
Taxes paid (1)	38,278		19,923		58,201
Foreign exchange loss	(5,389)		(3,464)		(8,853)
Balance, as at September 30, 2021	$	25,952	$	30,329	$	56,281

(1)VAT is paid on certain goods and services in Colombia at a rate of 19%