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Second
Session, 50th General Assembly 3 Charles III, 2025 |
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AN ACT TO AMEND THE
REVENUE ADMINISTRATION ACT NO. 8 |
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Received and Read the First Time................................................................ |
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Second
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Committee..................................................................................................... |
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Third
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Royal Assent................................................................................................. |
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HONOURABLE SIOBHAN COADY Minister of Finance and President of Treasury Board |
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Ordered to be printed by
the Honourable House of Assembly |
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EXPLANATORY NOTES This Bill would amend the Revenue Administration Act to ˇ clarify that the same exploration expenditures cannot be deducted when calculating net income for mining tax purposes and net revenue for mineral rights tax purposes; and ˇ exclude capital costs as exploration expenditures when calculating net revenue for mineral rights tax purposes. A BILL AN ACT TO AMEND THE REVENUE ADMINISTRATION ACT NO. 8 Analysis 1.
S.82 Amdt. 2.
S.85 Amdt. Be it enacted by the Lieutenant-Governor and House of Assembly in Legislative Session convened, as follows: SNL2009 cR-15.01 as amended 1. Section 82 of the Revenue Administration Act is amended by adding immediately after subsection (2) the following: (2.01) Notwithstanding subsection (2), an operator shall not deduct exploration expenditures referred to in subsection (2) where the exploration expenditures were deducted under paragraph 85(4)(b). 2. Section 85 of the Act is amended by adding immediately after subsection (4) the following: (4.2) Notwithstanding subsection (4), exploration expenditures referred to in paragraph (4)(b) shall not be deducted for the purposes of determining net revenue under this section where the exploration expenditures were deducted under subsection 82(2). ŠKing's Printer |