I-0.4 - Mining Tax Act

Section 31.3 Disposition versions

2017-02-08

31.3. An operator may deduct, from its duties otherwise payable under section 5 for a particular fiscal year that begins after 31 December 2013, an amount equal to the lesser of

(1)  the amount by which the operator’s mining tax on its annual profit for the particular fiscal year, determined under any of sections 29.1 to 29.3, exceeds its minimum mining tax for the fiscal year, determined under section 30.1; and

(2)  the cumulative balance on account of the operator’s minimum mining tax at the end of the particular fiscal year.

The cumulative balance on account of an operator’s minimum mining tax at the end of a particular fiscal year is equal to the aggregate of the cumulative balance on account of the operator’s minimum mining tax, as determined, before that time, under paragraph 8.1 of section 35.3, if applicable, and of the amount by which the aggregate of all amounts each of which is an amount deducted by the operator, in accordance with this division, for a fiscal year preceding the particular fiscal year is exceeded by the aggregate of all amounts each of which is an amount determined, for a fiscal year preceding the particular fiscal year, by the formula

A - B.

In the formula in the second paragraph,

(1)  A is the operator’s minimum mining tax for the preceding fiscal year, determined under section 30.1; and

(2)  B is the operator’s mining tax on its annual profit for the preceding fiscal year, determined under any of sections 29.1 to 29.3.

2015, c. 21, s. 74; 2017, c. 1, s. 59.

2015-10-21

31.3. An operator may deduct, from its duties otherwise payable under section 5 for a particular fiscal year that begins after 31 December 2013, an amount equal to the lesser of

(1)  the amount by which the operator’s mining tax on its annual profit for the particular fiscal year, determined under section 29.1, exceeds its minimum mining tax for the fiscal year, determined under section 30.1; and

(2)  the cumulative balance on account of the operator’s minimum mining tax at the end of the particular fiscal year.

The cumulative balance on account of an operator’s minimum mining tax at the end of a particular fiscal year is equal to the aggregate of the cumulative balance on account of the operator’s minimum mining tax, as determined, before that time, under paragraph 8.1 of section 35.3, if applicable, and of the amount by which the aggregate of all amounts each of which is an amount deducted by the operator, in accordance with this division, for a fiscal year preceding the particular fiscal year is exceeded by the aggregate of all amounts each of which is an amount determined, for a fiscal year preceding the particular fiscal year, by the formula

A - B.

In the formula in the second paragraph,

(1)  A is the operator’s minimum mining tax for the preceding fiscal year, determined under section 30.1; and

(2)  B is the operator’s mining tax on its annual profit for the preceding fiscal year, determined under section 29.1.

2015, c. 21, s. 74.