I-0.4 - Mining Tax Act

Section 33 Disposition versions

2011-06-06

33. (Repealed).

1975, c. 30, s. 33; 1979, c. 74, s. 3; 1985, c. 39, s. 6; 1994, c. 47, s. 35; 2011, c. 6, s. 62.

1994-12-21

33. An operator may deduct from his duties payable under section 5,

(1)  for a particular fiscal year ending before 13 May 1994,

(a)  18% of the amount by which the annual loss for a fiscal year, that is not earlier than the seventh fiscal year preceding the particular fiscal year, exceeds the allowable amount, determined under section 32.1 as it read before 13 May 1994, for that fiscal year;

(b)  18% of the amount by which the annual loss for a fiscal year, that is not later than the third fiscal year following the particular fiscal year, exceeds the allowable amount, determined under section 32.1 as it read before 13 May 1994, for that fiscal year, provided that the operator indicates in his return, filed on or before 12 May 1994, his intention of deducting the excess amount from his duties payable for that particular fiscal year;

(2)  for a particular fiscal year ending after 12 May 1994, 12% of the amount by which the annual loss for a fiscal year ending before 13 May 1994, that is not earlier than the seventh fiscal year preceding the particular fiscal year, exceeds the allowable amount, determined under section 32.1 as it read before 13 May 1994, for that fiscal year.

1975, c. 30, s. 33; 1979, c. 74, s. 3; 1985, c. 39, s. 6; 1994, c. 47, s. 35.

1985-12-19

33. An operator who sustains an annual loss in a fiscal year may deduct from the duties payable for the three preceding fiscal years and the seven subsequent fiscal years, as credit on duties for losses, an amount equal to the amount by which 18% of the annual loss exceeds the credit on duties refundable for losses provided for in section 32, until that amount is used in full.

1975, c. 30, s. 33; 1979, c. 74, s. 3; 1985, c. 39, s. 6.

1979-12-21

33. The duties payable for a fiscal year shall not be higher than the amount by which three times the amount of the duties that would be payable on the average annual profit of the last three fiscal years, including the fiscal year in question, exceeds the greater of the amounts of the duties actually paid for the last two fiscal years and the duties that would have been paid had no deduction been made under section 34.

In computing the duties that would be payable on the average annual profit, the exemption provided by section 30 shall not exceed the average of the exemptions that have been applied to the last three fiscal years, including the fiscal year in question.

No fiscal year of less than fifty-two weeks shall be included in that period unless otherwise provided and on the conditions fixed by regulation.

1975, c. 30, s. 33; 1979, c. 74, s. 3.

1977-12-31

33. The duties payable for a fiscal year shall not be higher than the amount by which three times the amount of the duties that would be payable if the annual profit for that year were equal to the average annual profit for the period covering the last three fiscal years, including the fiscal year in question, exceeds the greater of the amount of the duties actually paid for the last two fiscal years and the duties that would have been paid had no deduction been made under section 34.

No fiscal year of less than fifty-two weeks shall be included in that period unless otherwise provided and on the conditions fixed by regulation.

1975, c. 30, s. 33.