I-0.4 - Mining Tax Act

Section 6.1 Disposition versions

2001-12-20

6.1. For the purpose of determining the gross value of the annual output of an operator for a fiscal year, the value of the mineral substances and, where applicable, of the processing products, shall be established on the basis of the method of valuation provided for in one of subparagraphs a to c of subparagraph 2 of the first paragraph of section 6 that was used by the operator to determine the gross value of annual production for the preceding fiscal year, unless the Minister authorizes the operator to use another of the methods provided for in that subparagraph 2, in which case the operator shall comply with the conditions determined by the Minister.

In addition, for the purpose of determining the gross value of annual output for a fiscal year, an operator must also obtain the authorization of the Minister and comply with the conditions determined by the Minister, if the method of valuation used by the operator to determine the value of mineral substances and, where applicable, of the processing products is the method provided for in subparagraph b of subparagraph 2 of the first paragraph of section 6, and if the method used by the operator to prepare the financial statements for that fiscal year differs from the method used by the operator to prepare the financial statements for the preceding fiscal year.

This section does not apply for the purpose of determining the gross value of an operator’s annual output for the first fiscal year of the operator other than a fiscal year deemed to be the operator’s first fiscal year by reason of section 2.1.

2001, c. 51, s. 3.