I-0.4 - Mining Tax Act

Section 29.1 Disposition versions

2017-02-08

29.1. An operator’s mining tax on its annual profit for a fiscal year that begins after 31 December 2013 is equal to the aggregate of

(1)  the amount determined by the formula

16% (A × B/C);

(2)  the amount determined by the formula

22% (A × D/C); and

(3)  the amount determined by the formula

28% (A × E/C).

In the formulas in the first paragraph,

(1)  A is the operator’s annual profit for the fiscal year;

(2)  B is 35% or, if it is lesser, the operator’s profit margin for the fiscal year;

(3)  C is the operator’s profit margin for the fiscal year;

(4)  D is 15% or, if it is lesser, the amount by which the operator’s profit margin for the fiscal year exceeds 35%; and

(5)  E is the amount by which the operator’s profit margin for the fiscal year exceeds 50%.

2015, c. 21, s. 70; 2017, c. 1, s. 57.

2015-10-21

29.1. An operator’s mining tax on its annual profit for a fiscal year that begins after 31 December 2013 is equal to the aggregate of

(1)  the amount determined by the formula

16% (A × B/C);

(2)  the amount determined by the formula

22% (A × D/C); and

(3)  the amount determined by the formula

28% (A × E/C).

In the formulas in the first paragraph,

(1)  A is the operator’s annual profit for the fiscal year;

(2)  B is 35% or, if it is lesser, the operator’s profit margin for the fiscal year;

(3)  C is the operator’s profit margin for the fiscal year;

(4)  D is 15% or, if it is lesser, the amount by which the operator’s profit margin for the fiscal year exceeds 35%; and

(5)  E is the amount by which the operator’s profit margin for the fiscal year exceeds 50%.

For the purposes of the second paragraph, an operator’s profit margin for a fiscal year means the proportion that the operator’s annual profit for the fiscal year is of the aggregate of all amounts each of which is the gross value of the operator’s annual output, for the fiscal year, from a mine it operates in the fiscal year.

For the purpose of determining the profit margin of an operator for a fiscal year, the following rules apply:

(1)  where the annual profit of the operator for the fiscal year is greater than the aggregate described in the third paragraph for the fiscal year, the operator’s profit margin for the fiscal year is deemed to be equal to 100%; and

(2)  where the aggregate described in the third paragraph for the fiscal year is equal to zero, the aggregate is deemed to be equal to $1.

2015, c. 21, s. 70.