Taxes Receivable

12 Months Ended

Dec. 31, 2021

The table below shows the break-down of taxes receivable, comprised of value-added tax (“VAT”) and income tax receivables.


	Year Ended December 31,
(Thousands of U.S. Dollars)	2021		2020
Taxes Receivable
Current
VAT Receivable	$	21,918	$	35,977
Income Tax Receivable	23,588		13,948
	$	45,506	$	49,925
Long-Term
VAT Receivable	$	—	$	28,485
Income Tax Receivable	17,522		14,150
	$	17,522	$	42,635
Taxes Payable
Current
VAT Payable	$	6,620	$	—

Total Taxes Receivable net of Taxes Payable	$	56,408	$	92,560

The following table shows the movement of VAT and income tax receivables for the past two years:


(Thousands of U.S. Dollars)	VAT Receivable		Income Tax Receivable		Total Taxes Receivable
Balance, December 31, 2019	$	118,646	$	43,061	$	161,707
Collected through direct government refunds	(40,884)		(26,471)		(67,355)
Collected through sales contracts	(46,326)		—		(46,326)
Taxes paid	43,719		14,611		58,330
Current tax expense	—		(754)		(754)
Foreign exchange loss	(10,693)		(2,349)		(13,042)
Balance, December 31, 2020	$	64,462	$	28,098	$	92,560
Collected through direct government refunds	(604)		(14,228)		(14,832)
Collected through sales contracts	(105,858)		—		(105,858)
Taxes paid	63,792		36,352		100,144
Current tax expense	—		(4,479)		(4,479)
Foreign exchange loss	(6,494)		(4,633)		(11,127)
Balance, December 31, 2021	$	15,298	$	41,110	$	56,408