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recoupment of mining assets

Financial Accounting Coach: TOPIC 9 : ROYALTY ACCOUNTS

CHAPTER 3 ROYALTY ACCOUNTS. 3.1 The Condition That Create Royalties . royalty is the remuneration payable to a person in respect of the use of long term assets such as patent, trademarks, copyrights and computer software. A landlord granted a lease to mining company whereby he is to receive RM0.05 per ton of ore mined.

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New requirements for waiving debt owed by dormant

New requirements for waiving debt owed by dormant group companies. Provided by Webber Wentzel or reductions of base costs of assets or capital losses (paragraph 12A). For example, where a creditor waives a debt owed of ZAR 100 and the debtor has not paid anything for the waiver, the recoupment

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1168. Recoupment of allowances and scrapping

Download - PKF. Mining companies are, in addition to their specific corporate rates of tax, subject to a, In regard to assets acquired after 1 February 2009, a taxable gain is, Income tax, specifically with respect to capital allowances claimed, recoupment

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Taxation of insurance receipts

The taxation of the recoupment of deductible expenses is covered by Subdiv 20-A ITAA97, and includes all types of recoupment, not just those related to insurance receipts. Section 20-30 ITAA97 contains a table which sets out the deduction provisions under which a recoupment

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Who's On First

• Proactive data mining • Reactive (CAP related) data mining Compliance Oversight of Repayment and Recoupment 5) Compliance Investigations 6) Corrective Action/Enforcing Standards Repayment and Recoupment by Month Confidential Compliance Report 4 of 4 This is the "responding promptly to

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Statutory priority of secured creditors and trustee

The result would be that $400,000 of trust assets are paid to personal (non-trust) creditors of the trustee company. By contrast, if Suco Gold is correct, and trust assets are only applied to meet trust liabilities, the trust creditors get $1 million, the trust beneficiaries of Trust A would get $200,000, and the non-trust creditors nothing.

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IAS 12 — Income Taxes

31-3-2009IAS 12 implements a so-called 'comprehensive balance sheet method' of accounting for income taxes, which recognises both the current tax consequences of transactions and events and the future tax consequences of the future recovery or settlement of the carrying amount of an entity's assets and liabilities. Differences between the

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Tax Effect Accounting Toolkit

Moore Stephens and Tax Effect Accounting Toolkit In developing the Tax Effect Accounting Toolkit, Moore Stephens has brought together its extensive practical experience in preparing tax returns and authoring electronic calculators to produce a detailed yet simple and easy to use electronic solution.

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HARD

tax allowances) involve the enactment of unique recoupment provisions applicable to mining taxpayers only (in essence, on the sale of a mining going concern). In terms of these provisions, the sales of mining assets need to be valued by the Department of Mineral Resources. 9. The MPRDA, which seeks to regulate the mining industry, was enacted

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TAXATION OF PAYMENTS OF DAMAGES AND COMPENSATION

Michael Hines, Victorian Bar Taxation of payments of damages and compensation neither the damages nor what is being compensated for would be assessable (or taxable), or where a statutory right to compensation is to a net after tax amount.11 Rule 2: Where the defendant's wrongful conduct does have such an effect (ie, it alters the incidence of

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Tax Laws Amendment (Loss Recoupment Rules and

11-10-2005Tax Laws Amendment (Loss Recoupment Rules and Other Measures) Bill 2005. WARNING: This Digest was prepared for debate. It reflects the legislation as introduced and does not canvass subsequent amendments. This Digest does not have any official legal status. Other sources should be consulted to determine the subsequent official status of the Bill.

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Recoupment Of Mining Assets

and may approve the sale of real property interests in Mining Assets provided such sales, in each case, do not exceed $250,000, or, in the case of multiple sales, $500,000 in a fiscal year. Such sales of real property interests in Mining Assets shall not be less than the fair market value of such assets as reasonably determined by TMPA.

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Synopsis

Synopsis May 2010 Tax today. 2 Regional offices Bloemfontein (051) 503-4100 Australian mining stocks and that the tax would have a chilling influence on mining mergers and No such recoupment, in relation to the assets of the company, arises on the sale of shares in the company. 5

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Legislation on loss recoupment rules for companies details

The Tax Laws Amendment (Loss Recoupment Rules and Other Measures) Bill 2005 was referred to the Senate Economics Legislation Committee for inquiry and the report was tabled on 10 November 2005. This Bill will amend the taxation law, amongst others. to reform the loss recoupment rules for companies and provide tax relief for conduit foreign income.

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recoupment of mining assets

recoupment of mining assets: ypically, a compensation payment will be made because the payer isDeductions for miners | The HeraldThe Capital Expenditure ranking for CRA (less any recoupment) is divided by the life of the mine calculated from the commencement of year of assessment concerned.Debt reduction and mining assets The SA Institute of

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Tax implications of leasehold improvements

A lessee is allowed to claim deductions under section 11(g) of the Income Tax Act for improvement costs incurred by the lessee in terms of a leasehold agreement on immovable property owned by the lessor. This deduction is claimable over the remaining period of the lease, after the completion of the improvements, and will be []

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Commissioner for South African Revenue Services v

Commissioner for South African Revenue Services v Foodcorp Limited (134/98) [2000] ZASCA 179 (31 May 2000 is deemed to be a recoupment in the hands of the Counsel for the Commissioner contended that the mineral rights and the other mining assets which the respondent transferred to Douglas constituted a mining

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Section 12J

If the investment in a Section 12J fund is held for a minimum period of 5 years, the tax benefit conferred at the date of investment will become permanent, i.e. NO recoupment of the tax benefit in the hands of the investor when the investment in a Section 12J fund is subsequently realised.

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Abandonment of Assets Sample Clauses

Abandonment of Assets. The Consolidated Debtor hereby retains all assets of the Estates; provided however, that upon the Effective Date of the Plan the amounts owed to the Debtors by former employees Mark L. Smith (approximately $4,000) and Emmette E. Hiatt (approximately $8,000) shall be forgiven and no efforts shall be made to collect such sums.

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Minerals Resource Rent Tax Bill 2011

Minerals Resource Rent Tax Bill 2011 No., 2011 (Treasury) A Bill 19-50 Recoupment or offsetting of mining expenditure .. 25. EXPOSURE DRAFT iii Minerals Resource Rent Tax Bill 2011 No., 2011 19-52 Recoupment of Subdivision 73-C—Starting base assets 68

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Mining Machines Used Indian Directory

Whirling steel teeth of thiscontinuous mining machine chew coal from the face of the . India, in 2009. Chat With Sales. 5 Upcoming Bitcoin Mining Machines You Can Buy. There are three machine models in the Fast-Hash One series of Bitcoin mining machines: the Silver Edition, the Gold Edition and the Platinum Edition.

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is there any loss on recoupment of asset in mining

RTF - Review of Business Taxation. owners of assets are compensated for damage or loss of those assets -- for example, over land, or the granting of a mining lease to a mining company over land. of the underlying asset, any receipt is treated under a cost base recoupment;

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zimra mining taxes

1168 Recoupment of allowances and scrapping April, 2004 Included in the recent amendments to the tax legislation are significant changes to the treatment of the effects of disposing of assets These encompass recoupments of allowances previously claimed, capital, zimra tax for mining companies - eigenkleurkindercoachingnl

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ring fencing mining legislation in zimbabwe

home quarry and mining ring fencing mining legislation in zimbabwe.full text of a glossary of terms used in coal mining mining plant; crusher mill; get price Income Tax Act, 1962 (Act 58 of 1962) Acts Online provides legislation, including amendments and Regulations, in an intuitive, online format.

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Namibia Taxes Overview

The effective tax rate for diamond mining and diamond mining services companies is 55%. Tax rate for petroleum mining companies is 35%. Nonmining income earned by mining companies is taxed at 35%. Recoupment of mining assets is taxed at the mining tax rate. The tax rate for registered manufacturers is 18% for a 10-year period.

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Business Asset Finance

You can claim depreciation of business assets on your taxable income; For professionals, sole proprietors, CCs and companies, assets should be capitalised* and the liability reflected on the balance sheet; Recoupment tax applies to car allowance holders if the car's sold for more than the tax value

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2015

The Harbinson Mining and Oil Group . SPOONER MINES AND OILS LIMITED Directors' Report TO THE SHAREHOLDERS: ASSETS CURRENT Cash and short term deposits Accounts receivable . INVESTMENTS (quoted market value $1 1982 — $725,479) NON-CURRENT ACCOUNTS RECEIVABLE OIL AND GAS INTERESTS

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Expanding TARP to capture goodwill and mining

Expanding TARP to capture goodwill and mining information. Member Price: $35.00 Non Member Price: has been expanded to capture goodwill and mining information. the new measure may well expand the scope of our capital gains tax provisions to capture value attributable to non-TARP assets as well as TARP assets.

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Recent developments in Corporate Insolvency Law

recoupment or exoneration, and if so, on what basis? Is there a need for an order of the Court granting power to sell the trust assets, or can such a power be located elsewhere? Further, in what manner must the proceeds arising from the exercise of the right of recoupment or

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INCOME TAX ASSESSMENT ACT 1997

INCOME TAX ASSESSMENT ACT 1997 - SECT 995.1 Definitions (1) In this Act ancillary mining activities has the meaning given by section 40-740. asset included in the total assets of a company that is a foreign resident has the meaning given by section 768- 545.

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