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I-0.4 - Mining Tax Act
Section 31.1
Disposition versions
31.1. (Repealed).
31.1. An operator may deduct from his duties payable under section 5, for a particular fiscal year not later than the third fiscal year following the fiscal year ending on or after 12 May 1994 and including that date, an amount not exceeding 2/3 of the aggregate of
(1) the total of the amounts each of which is, for a fiscal year not prior to the third fiscal year preceding the particular fiscal year, other than the fiscal year ending after 12 May 1994 and including that date, the amount by which the amount determined under paragraph b of section 31, as it read before 13 May 1994, exceeds the amount deducted as credit on duties under section 31, as it read before 13 May 1994, for that fiscal year, except to the extent that such excess amount has been taken into account in establishing the amount deducted from the duties payable, under this section, for a fiscal year preceding the particular fiscal year; and
(2) the amount by which the proportion of the amount determined under paragraph b of section 31, as it read before 13 May 1994, that the number of days in the fiscal year preceding 13 May 1994 is of the number of days in that fiscal year ending after 12 May 1994 and including that date, exceeds the proportion of 18% of the annual profit for that fiscal year that the number of days in that fiscal year preceding 13 May 1994 is of the number of days in that fiscal year, except to the extent that such excess amount has been taken into account in establishing the amount deducted from the duties payable by the operator, under this section, for a fiscal year preceding the particular fiscal year.
31.1. An operator may deduct from the duties payable for the three subsequent fiscal years, as deferrable credit on duties, an amount equal to the difference between $90 000 and the amount deducted under section 31, up to the amount of that difference.
