Non-Refundable Duties Credit Related to the Minimum Mining Tax

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Operators can deduct an amount as a non-refundable duties credit related to the minimum mining tax from their duties payable where the amount of their duties relating to the mining tax corresponds to the amount of their mining tax on annual profit for a fiscal year.

The non-refundable duties credit related to the minimum mining tax that an operator can deduct is equal to the lesser of the following amounts:

  • the amount of the mining tax on annual profit for the fiscal year, minus the minimum mining tax for the year;
  • the amount that corresponds to the cumulative balance related to the minimum mining tax at the end of the operator's preceding fiscal year.

Cumulative balance related to the minimum mining tax

The cumulative balance related to the minimum mining tax at the end of a fiscal year is equal to the result of the following calculation: the total of all the amounts that represent the difference between the minimum mining tax and the mining tax on annual profit for each of the previous fiscal years, minus the total of the amounts claimed as a non-refundable duties credit related to the minimum mining tax for the previous fiscal years.

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