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CRA clarifies rules on settlements

Oct 14, 2014· CRA clarifies rules on settlements. The tax treatment of a settlement involving investment losses depends on whether the payment replaces ordinary income, covers personal injury or is considered a windfall. A recent technical interpretation from the Canada Revenue Agency (CRA) highlights the importance of seeking tax advice before entering into

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Mining and Mineral Rights Tax Act, Re; Newfoundland and

The question of the constitutionality of the Newfoundland Mining and Mineral Rights Tax Act was referred to the Newfoundland Court of Appeal, which in a judgment reported 28 Newfoundland and P.E.I.R. 361; 79 A.P.R. 361, held that the Act was intra vires the Province as a direct tax on income.

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Richmond County not expecting tax windfall from newly

Oct 15, 2021· An investigation in Richmond County, N.S., has found a large number of properties that are not on the assessment roll, but officials say fixing the problem might not result in a tax windfall.

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Canada Mining News

Sep 25, 2006· Baffinland aims to revive mining in Canada's Far North Developing a mine with an estimated capital cost of $1.5 billion is a daunting proposition for any junior company, particularly if the project is situated in a remote Arctic region with challenging lo.

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Michael Samis

Nov 28, 2017· The great variability of mineral and energy prices has motivated some governments to incorporate a windfall profits tax into their mineral taxation regimes. Windfall profits taxes are a means for governments to capture additional mineral revenue when mineral prices are considered higher than some historic level.

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Mineral Rights Inheritance – How to Handle Inherited

Mineral Rights Fragmentation. There's an interesting phenomena unfolding every day with respect to America's minerals. They're becoming divided into smaller and smaller ownership pieces – a process called fragmentation (aka fractionalization). As each successive generation comes and goes, mineral rights tend to get split, and split, and

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Mining Tax Regime

A minimum mining tax based on the mine-mouth output value, at the following rates: 1 % on the first $80 million. 4 % on the remainder. Mining tax on its annual profit, at a progressive rate ranging from 16% to 28%, depending on its profit margin. The method used to calculate an operator's annual profit is based on a "mine by mine" basis.

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Trump Seeks Windfall for Oil Industry With Border Tax, But

Jan 30, 2017· Potential windfall for U.S. oil industry.until prices fall. Under the border-adjustment tax, U.S. oil would be exempted from taxes if it is exported abroad, making it much more competitive. That would allow producers to charge more to domestic refiners, leading to higher gasoline prices.

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Mineral Rights & Royalties Tax Guide

Feb 15, 2021· The rate is 15% for single people earning between $80,000 and $441,450. Those who earn more than $441,451 each year pay a rate of 20%. According to the Internal Revenue Service (IRS), income taxes on mineral rights royalties work a bit differently. Capital gains taxes apply to the sale of mineral .

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Capital gains on sale of mineral rights

Jan 26, 2017· That tax is levied at your standard tax rate. For instance, say, you buy mineral rights for $100k, deplete them to $70k and sell them for $90k, the $20k difference between your depleted value and your sale price would be subject to the recapture tax as ordinary income, NOT LTCG. If you sell for $115k, you'd pay recapture tax on the $30k

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Windfall gains tax: How to avoid controversy in gas price

Mar 05, 2014· Mar 05, 2014· The main reason is that India does not have a policy to tax windfall gains. This is easily amended. The government's take from minerals consists, at present, of licence fees for exploration, mining lease proceeds, cess, royalty, share in profits and tax on corporate profits.

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Is a Tax Controversy the Last Straw for Investors in First

Jan 26, 2015· In turn, Zambia took in $83 million in taxes from First Quantum, a tax bill that could almost triple in 2015. The rationale for the Zambian government's new tax regime is the falling price and

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Are natural resources a curse or a blessing for Mongolia

Jan 29, 2018· As Fig. 1 demonstrates, mining sector expansion could bring windfall revenues to governments through various taxes and state equity earnings. The extensive government revenues could theoretically push the aggregate demand (through product markets) to a higher level provided that the government spends all the mineral windfall revenues.

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MRP 20: Taxes on Mineral Rights and Royalties – The

Apr 02, 2019· Click here for our FREE IRS Mineral Valuation and Tax Resource Guide. 1031 Exchange. If you do sell your mineral rights, you may be able to defer capital gains tax on the sale through what is called a 1031 exchange. The 1031 refers to the section of the IRS code that covers this but in general it covers using the proceeds from the sale of one

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Estimate Update for the Windfall Project, Eeyou Istchee James Bay, Québec, Canada"(with an effective date of November 30, 2020), and is available, in accordance with National Instrument 43-101 –Standards of Disclosure for Mineral

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Zambia - at sixes and sevens over mineral policy? Published by MAC on 2009-04-27 . The Zambian government has announced it will take up equity in the country's copper miners. Coming shortly after the government abolished a windfall tax - followingpressure applied by privately-owned mining companies- the announcement has puzzled and worried the

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South Africa is looking at mining super-tax, 'targeted

Feb 05, 2012· The proposals included a 50% tax on the sale of mining rights to prevent speculation. A windfall tax of up to 50% on super-profits, defined as a return on investment of 22%, was also included.

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Effect of tax laws on mineral exploration in Canada

Jun 01, 1977· Changes since 1972 in Canadian federal and provincial tax laws have eliminated many of the prior tax incentives offered to the mining industry. These .

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Mining rights in Canada

Jul 18, 2018· There are some areas in certain of the Canadian provinces where minerals or mining rights are privately held, either because of land grants made in .

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5 Tax Strategies for a Bonus or Windfall

The only windfall that won't put you in that situation: the (maximum) $15,000 that someone can give you tax-free each year. Neither you nor the giver owes taxes on a gift that falls within the

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Third-World governments take a bite out of mining projects

Jul 11, 2006· But that all changed in late May, when the Mongolian government voted to slap a "windfall" tax of 68% on foreign-owned mines when copper prices reach US$2,600 a tonne (US$1.18 a pound) and gold reaches US$500 an ounce. Both metals .

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U.S. Relations With Canada

Jul 07, 2021· Canada is a major supplier to the United States of 14 of 35 critical minerals, and has the potential to become a major supplier of many more. Canada is a founding partner of the Energy Resource Governance Initiative (ERGI), a multinational approach to best practices for handling the key energy minerals necessary for the impending global energy

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Osisko Files Technical Report for Windfall Mineral

Mar 08, 2021· The technical report entitled "Mineral Resource Estimate Update for the Windfall Project, Eeyou Istchee James Bay, Québec, Canada" and dated .

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Canadian Taxation of Mining

Canada also has a 5 percent value added tax (the goods and services tax) comparable to VATs found in Europe. Each taxable supply of goods or services at-tracts the GST, and businesses are permitted to claim input tax credits to recover GST paid on the cost of their inputs, so that the tax is borne only by the ulti-mate end user.

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known as the Windfall Profit Tax Law (the "WPf LaW') and the 2006 Minerals Law (the "2006 Minerals Law"). 5. Under the WPT Law, any gold sales at prices in excess of USD 500 per ounce are subject to tax at the rate of 68% on the amount exceeding USD 500 per ounce. 6. Under the 2006 Minerals Law, the maximum number of foreign nationals employed by a

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Policy uncertainty offsets mineral potential to weigh on

Mar 01, 2019· The same bill will also impose 1-10% margin-based windfall profits tax on income before corporate income tax and contains a provision dissuading contractors from excessive debt funding by disallowing deduction of interest expense once a company records a 3:1 debt-to-equity ratio.

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Quebec banking on big windfall from mining royalties

Mar 20, 2012· QUEBEC. - The Quebec government is banking on a royalty bonanza from its natural-resources sector to help Canada's most indebted province begin its .

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Ecuador eases tax burden on miners

Feb 08, 2019· The windfall tariff sought to levy 70% tax on the difference between the sale price and baseline pricing. While this would only ever be imposed in situations of extreme and sudden mineral

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Windfall Archives

Osisko Mining and Major Drilling have completed the longest diamond drill hole in Canada at the Windfall gold project in Quebec. The Discovery 1 hole was a planned 3,000-3,500 m deep drill hole, designed to target two down plunge extensions of known gold zones and investigate the projected source area of the Windfall deposit at depth, Osisko said, adding that the working model for Windfall

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off windfall hook

Aug 06, 2007· The issue of a possible windfall tax on had arisen principally on the concern that the group is permitted to benchmark its South African liquid fuel prices on prices quoted in international

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Inherited Mineral Rights

Sep 20, 2021· A sale of your inherited mineral rights will result in a tax liability, namely a "capital gains tax.". In 2020, the capital gains taxes on the sale of inherited mineral rights were calculated using three tax rates that are set according to the individual or family's annual income. The first and obviously preferred tax rate is 0%.

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Effect of tax laws on mineral exploration in Canada

Jun 01, 1977· Jun 01, 1977· Changes since 1972 in Canadian federal and provincial tax laws have eliminated many of the prior tax incentives offered to the mining industry. These .

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Canadian company acquires 76.56% stake in TILZ Minerals

Sep 13, 2017· Group Eleven Resources, a private Canadian company, has acquired the 76.56 per cent stake held by Teck Ireland in TILZ Minerals for $2.15 million .

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Feds reap giant GST windfall on carbon taxes in Alberta, B

Apr 19, 2017· A FortisBC natural gas bill, for example, shows that on a gas bill of $59.14, the carbon tax was $10.28. The five per cent GST, which comes to $3.47, is charged on the total, including the carbon tax. The GST revenues from carbon taxes could rise significantly once every province has implemented the carbon tax or cap and trade plan by next year.

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Zambia eyes mine windfall tax

Feb 09, 2012· Africa's top copper producer Zambia may bring back a mining windfall tax if copper prices hit $10,000 per tonne, the Zambian high commission in South Africa said on .

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Ghana set to enforce 10 percent windfall tax on mining

Mar 12, 2013· Mar 12, 2013. 0. Government of Ghana is set to enforce the re-introduced 10 percent Windfall Tax on mining profits, in spite of opposition from foreign mining firms, a senior official asserted

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