Recoupment Of Mining Assets
Financial reporting in the mining industry International …
International Financial Reporting Standards (IFRS) provide the basis for financial reporting to the capital markets in an increasing number of countries around the
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Corporate income taxes, mining royalties and other …
Mining royalties can be imposed at the national level or provincial/state level of government. In most countries, the mining royalty rates vary by type of mineral. In countries where the state or province assesses and collects the royalty, the local royalty rate can vary by over 10 percent between locations. In some countries,
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Depreciating assets and capital expenditure
A depreciating asset is an asset that has a limited effective life and can reasonably be expected to decline in value over the time it is used. Some assets are specifically excluded from the definition. ... Any recoupment of the expenditure may be included in your assessable income. If the expenditure on water facilities is deductible over ...
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DEFINED BENEFIT PENSION PLANS: RECOUPMENT OF …
expense, including the components of pension expense; pension assets, including how they grow over time; and the projected benefit obligation, including the factors that increase this obligation over time (see for example, [7] [8] [9]). Many of the intermediate texts also cover briefly the concept of pension settlements and curtailments.
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VAT, VAT registration, Capital Equipment, written-off, input …
If the claim is successful, the amount recovered will constitute a recoupment of capital allowances previously claimed (section 8(4)(a) of the Income Tax Act) and will be taxable in the hands of the Company. Webinar Commentary. Refer to the following webinar: Considering a 360 on Property, Plant and Equipment – 2021 here.
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Mining Companies | Business Tax
Recoupment. Any amount received from a disposal of an asset must be included in the income. Where the asset disposed of is sold of for an amount less than the fair market value of the asset, the asset must be valued at market value for the purposes of recoupment.
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PwC Business School
Recoupment & Scrapping allowances . Section 14(4) This discretion was removed from the legislation and therefore the taxpayer has to recoup at the market value of the assets disposed / taken out of use. Practical implementation . Previously a taxpayer could apply to the Minister to recoup at a lower value. This could typically be used in group
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Accounting for Leases Solved MCQs with PDF Download
A payment is made for the use of Assets: B. A fixed payment for the use of Fixed Assets: C. Payment made by owners: D. ... In case f recoupment of shortworking, the lessee: Sol: A. Debits Shortworking Account ... Answer» A. Mining discuss. 24. ...
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Development of Mining Assets in the Mining Industry
mining assets in the mining industry. The novelty of the research lies in the fact that the article is an independent scientific study of promising options for the development of mining assets in ...
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Debt reduction and mining assets
Generally, where there is a reduction of debt that has been used to fund deductible expenditure or allowance assets, a recoupment could arise in the hands of the debtor in terms of s19 of the Act. Similarly, where there is a reduction of debt that has been used to fund capital assets, it could result in a reduction of base cost and/or a capital ...
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SUBJECT : WEAR-AND-TEAR OR DEPRECIATION …
No allowance will be allowed onnon-qualifying assets. These assets are – • assets used by a person carrying on farming activities, which constitute assets contemplated in paragraph 12(1) of the First Schedule to the Act; 1 • assets for which a deduction may be granted under section12B, 12C, 12DA, 12E(1) 2. 3or 37B.
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DEPARTMENT OF MINERAL RESOURCES
Mining Lease (ML) - granted for a term not exceeding 20 years and renewable for terms of up to 10 years. Normally granted for small to medium scale, and some alluvial mine developments. The holder must comply with approved proposals for development and other prescribed mining lease ... capital assets and amortisation of exploration expenses.
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Recoupment of allowances | Webinars On-Demand | The …
After studying this topic related to recoupment of capital asset allowances you should be able to: Define the term recoupment Use the basic recoupment formula Calculate the tax value of an asset Identify under which circumstances a scrapping loss will arise Identify under which circumstances a scrapping loss will not be deductible
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Mineral Resources Exploration for and Evaluation of
International Financial Reporting Standard 6 Exploration for and Evaluation of Mineral Resources was approved for issue by ten of the fourteen members of the International Accounting Standards Board. Messrs Garnett, Leisenring, McGregor and Smith dissented. Their dissenting opinions are set out after the Basis for Conclusions. Sir David Tweedie.
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Zimbabwe Revenue Authority
Profit on sale of assets; Suspense sales allowance granted in the previous year; Recoupment of capital allowances previously granted. Item 13 - Opening value of assets. Refers to the value of assets (at cost) brought forward from the previous financial period, being the closing value of assets for the previous financial period.
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Financial Reporting in the Global Mining Industry
The measurement and recognition of asset impairment is an important issue in the mining industry for the following reasons: Mining operations typically require a high level of capital investment in order to develop, extract and process minerals. The operational life of many mining projects runs into several decades.
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Aegis Value Fund H1 2024 Portfolio Manager's Letter
Assets under management at funds specializing in precious metals mining investments have dropped materially over the last 10-15 years amid losses and redemptions, with one study of Canadian mining ...
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BINDING GENERAL RULING (INCOME TAX) 7 (Issue 4)
acquisition of the asset, that is, the cash cost excludingfinance charges. The revaluation of an asset would, for example, have no effect on the value of the asset for purposes of determining the amount of the allowance. 1. Examples of exceptions to this general rule are assets acquired by the taxpayer by donation, inheritance from a
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Mining Assets
Welcome! Welcome to Mining Assets, an online register of exploration tenements and mining projects for sale, joint venture and farm in. Learn More Wanted: If you are searching for a specific type of project, advertising on Mining Assets can help you find it. The below wanted ads are receiving numerous projects which vendors wouldn't otherwise advertise.
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6. Recoupments
replacement assets from the proceeds of the disposed asset Formula: [purchase price of each replacement asset/total purchase price of replacement assets] x recoupment of original asset SECTION 8(4)(EB) Replacement asset is a depreciable asset — portion of recoupment must be added to income in each tax year (apportionment applies)
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Corporate income taxes, mining royalties and other …
Mining royalties can be imposed at the national level or provincial/state level of government. In most countries, the mining royalty rates vary by type of mineral. ... Australia allows a new asset used in exploration or prospecting to be written off provided the miner satisfi es
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Understanding Depreciation and Wear & Tear
At some stage the assets have to be replaced with new, more efficient assets. Depreciation therefore is "a reduction in the value of an asset with the passage of time, due in particular to wear and tear". Wear & Tear in this instance is the physical deterioration of an asset i.e. in the normal use of that asset.
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Capital Recovery: Definition, Analysis, and Uses
It can also refer to recouping invested funds through the disposition of assets. The time value of money is central to capital recovery, as a dollar today is generally worth more than a dollar ...
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SARS' draft guidance on the recoupment of amounts in …
Based on this, in terms of the Draft IN, the recoupment of the allowances or deductions claimed were either deferred to the time of the disposal of the asset or never triggered. With effect from 15 January 2020, section 8(4)(k)(iv) was introduced to create a deemed disposal where an allowance asset commences to be held as trading stock.
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Financial Accounting
Mining Royalty − Lessee of a mine or quarry pays royalty to lessor of the mine or quarry, ... When the right of recoupment is fixed for the certain starting years from the date of royalty agreement, it is said to be fixed or restricted. ... Shortworking will be shown on the asset side of Balance sheet up to allowable year of recouping after ...
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Royalty and Related Terminologies with Solved Examples
It is an agreement where a person acquires a right to use an asset for a certain period of time from another person or the owner of the asset in return for a payment. The owner is known as the Lessor. ... Recoupment of Short-workings. ... A company leased a mine at a minimum rent of $41 500 per annum, merging into a royalty of $0.025 per tonne ...
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ACT : INCOME TAX ACT 58 OF 1962 SECTION : SECTION …
definitions (allowance asset and capital asset) from paragraph 12A(1). 3. The law . The relevant sections and paragraphs are quoted in the . Annexure. 4. Application of the law . 4.1 Definitions [section 19(1) and paragraph 12A(1)] 4.1.1 Allowance asset [section 19(1)] An "allowance asset" for purposes of section19 means a "capital asset ...
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P Mines (Pvt) Ltd v ZIMRA (FA 2 of 2011) [2015] ZWHHC 244 …
It mines and processes platinum group metals in Zimbabwe under a special mining lease issued in terms of the Mines and Minerals Act [Chapter 21:05]. In terms of the Income Tax Act, holders of a special mining lease were subject to a corporate income tax rate of 15% against a general mining corporate tax rate of 25%. In addition such holders are ...
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Atomic Minerals Corp. Acquires Harts Point Claim Block …
Atomic Minerals Corporation announce it has acquired by staking, the Harts Point Project, consisting of 324 unpatented lode claims totaling more than 6,500 acres, in San Juan County, Utah through its wholly owned American Subsidiary, Recoupment Exploration Company LLC.. Clive Massey, Atomic Minerals CEO and President commented, "We are extremely …
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BINDING GENERAL RULING (INCOME TAX) 7 (Issue 4)
Preamble. For the purposes of this ruling –. "allowance" means the wear-and-tear or depreciation allowance granted under section 11(e); "BGR" means a binding general ruling issued under section 89 of the Tax Administration Act; "qualifying asset" means machinery, plant, implements, utensils and articles qualifying for the allowance;
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