recoupment of mining assets

Financial Accounting Notes: Royalty Accounts Notes ...

 · Type of Assets. Royalty is the consideration payable for the use of special right for both tangible and intangible assets. But rent is the consideration payable for the use of only tangible assets. 2. Basis of Calculation. Royalty is paid either on the basis of output or sale. Rent is paid on the basis of period. 3. Variability

AMENDMENT NO. 4 TO THE JOINT OPERATING AGREEMENT …

 · From and after September 2, 2018, charges for recoupment of such costs as are included in the Annual Budget for the Mining Business category, including any debt service on any Mine Reclamation Bonds and any other costs related to surety bonds, banking ... Mining Assets, and, pursuant to Section 3.2.3, may approve the sale of real property ...

Recoupment or setoff?

 · Recoupment is a subset of setoffs. It has been defined as "the setting up of a demand arising from the same transaction as the plaintiff''s claim or cause of action, strictly for the purpose of ...

Capital allowances and recoupments

 · Recoupment is previous allowances claimed or previously allowed as deduction are included in gross income. The profit (recoupment) is included in special inclusions! Sell capital asset: find TAX VALUE (TV) = Cost price – allowances claimed. SP > TV = recoupment…

Mining Whitepaper December 2019 Final

mining region, but compared to the developments between November 2018 and June 2019, these moves have been relatively small. More than anything miners have been taking advantage of increased cashflows, especially in spring and summer, from rejuvenated bitcoin prices to reinvest in more powerful and more efficient mining ...

1111. Recoupment of lease rentals

The issue in ITC 1728 (64 SATC 281) was whether a taxpayer was liable to tax on the recoupment of lease rentals that it had claimed as a deduction in the previous years. The court had to interpret the meaning of the words "in consequence of the acquisition of such property" used in the proviso to section 8(5)(a) of the Income Tax Act.

Budget Watch ManagingDisruption

asset where the company used debt to acquire the asset, the debt is reduced and the asset is still on hand at the time of the reduction. Where the waiver exceeds the CGT base cost, the excess is treated as a taxable recoupment. However, because mining companies include allowance assets in capital expenditure (even when acquired

Financial Accounting

Shortworkings. Difference of minimum rent and actual royalty is known as shortworkings where payment of Royalty is payable on the basis of minimum rent due to shortage in the production or sale. For example, if calculated royalty is Rs. 900,000/- as per sale of books based on the above example, but royalty payable is Rs. 1000,000 as per minimum rent, shortworking will be Rs. 100,000 (Rs ...

Copper: Eight companies with promising assets

 · Credit: Atico Mining. Atico Mining (TSXV: ATY) is focused on advancing copper-gold projects in Colombia and Ecuador. The company''s principal asset is …

AVALX 2021 1st Half Manager''s Letter (Final)

By mid-year, the Fund''s precious metals mining company positions, comprising 33.2 percent of Fund assets at the start of the year, had negatively impacted Fund year-to-date returns by just 0.56 percentage points, as strong investment gains by West African mining concerns Orezone (ORE.TO)

65. Setoff and Recoupment in Bankruptcy -

 · i. setoff and recoupment generally A. Setoff is an equitable right of a creditor to deduct a debt it owes to the debtor from a claim it has against the debtor arising out of a separate transaction. Recoupment differs in that the opposing claims must arise from the same transaction. 4 Lawrence P. King, Collier on Bankruptcy ¶ 553.03 (15th ed ...

Vox Royalty Corp rapidly growing its portfolio of low-risk ...

 · Vox Royalty rapidly growing its portfolio of low-risk mining assets backed by cash and management experience. Snapshot. Toronto-based Vox holds a portfolio of over 50 royalties and streaming assets in Australia, Canada, Peru, Brazil, Mexico, the United States, Madagascar and Nigeria. Quick facts: Vox Royalty

4.41.1 Oil and Gas Handbook | Internal Revenue Service

A similar analysis will be required for assets that are placed into service in such MACRS asset classes as Offshore Drilling (13.0), Drilling of Oil and Gas Wells (13.1), Petroleum Refining (13.3), and Natural Gas Production Plant (49.23) since the class life for each is less than 20 years.

Metals & Mining | PNC

In the mining industry, asset-based loans and receivables securitizations are the dominant solutions. In addition, PNC provides comprehensive solutions for treasury management, interest rate and currency risk management, wealth management and institutional asset management and investments, including corporate cash, pensions and 401(k) plans.

UNITED STATES BANKRUPTCY COURT

Exhibit 3.5 to the Agreement for Sale of Assets was as follows: 4. During the term of the Scott Lease through May, 1992, Assignor paid to the Lessors under the Scott Lease a total of $1,040,000 in minimum royalties. Assignor believes, without confirmation from said Lessors, that a total of $130,000 of the aforesaid total payment remains available for recoupment under the terms of said Lease.

Hendrik Andrl.es *..''*^c»ee

Capital expenditure ~ multiple mining operations 218 Capital expenditure - locality of assets created 219 Special capital allowance 221 Recoupment of capital allowances 224 '' Prospecting expenditure 2.27 Capital expenditure on change of ownership 229 Chapter 10 FARMERS 234 Farming operations 234 Summary of judicial interpretations ~

Maynards Starts Liquidation of Mining Equipment Plant Assets

 · 19 Jul, 2021, 9:30 pm. Maynards Europe announced the commencement of a series of sales events featuring the assets from the complete mining equipment factory in Dortmund, Germany ...

Davis Tax Committee recommends changes to mining capex ...

A thorough update and refinement of mining royalty schedules A and B and that these schedules should no longer form part of the primary royalty legislation but should be published by the Minister as a regulation in the government gazette. Removal of section 37 to bring the recoupment of mining assets in line with recoupments of non-mining assets.

Taxability of Sale Proceed of Assets Purchased before ...

 · For example, Section 41(1) deals with recoupment of trading liability. Section 41(2) dealt with the balancing charge. Section 41(3) specifically deals with balancing charge in respect of assets relating to scientific research whereas Section 41(4) deals with recovery of bad debts earlier allowed.

Equality of a different kind

 · In other words, the mining company will be taxed on the recoupment of the 100 per cent upfront deduction previously granted in respect of the mining asset …

KPMG GLOBAL MINING INSTITUTE Guinea

Ability to partner people and assets Environmental Socio-economic considerations Development status Cultural context Licensing and taxation Access to required inputs (water, power, labor) The new mining code still contains a clause which grants the government a free 15 percent stake in mining projects as well as the option of

Royalty Accounts: Meaning and Treatment (With Journal Entries)

Short-workings which are recoupable will appear in the assets side of the Balance Sheet as a current asset. In the above example, Recoupment of Short-working: Usually, in a royalty agreement, a further provision is included about the recoupment of short-working, i.e., the lessor allows the lessee the right to carry forward and set off the short ...

Namibia Taxes Overview – South African Tax Guide

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.

Coal Mining Lease and Sublease

THIS COAL MINING LEASE AND SUBLEASE ("Lease") is made and entered into as of the 19th day of December, 2002, by and between Fieldcrest Resources LLC, a Delaware limited liability company, having its principal offices at 2550 East Stone Drive, Suite 200, Kingsport, TN 37660 (the "Lessor"), and Gallo Finance Company, a Delaware corporation, having its principal offices at 701 Market ...

AMENDMENT NO. 4 TO THE JOINT OPERATING AGREEMENT …

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. The net funds received from the sale of any mining assets under this section shall be applied for the purposes and in the priority stated in Section 3.2.3.

recoupment of mining assets

recoupment of mining assets. RECAP Capital AllowancesTaxStudents. Less capital allowances previously granted on that asset (XXX) Tax Value XXX Key issue Whether capital allowances have been granted.If a capital allowance has not been granted then you cannot account for a recoupment or scrapping allowance on the sale of depreciable assets.NB to understand S11(e) S12C S13(1) S13 quin

Mining Tax Recommendations | Tax Services | Deloitte ...

The Committee recommends the removal of section 37 to bring the recoupment of mining assets in line with recoupments of non-mining assets as there is no difference between the two. The removal of section 37 will mean that taxpayers will be able to base the recoupment of mining assets on the actual proceeds received as opposed the effective ...

1168. Recoupment of allowances and scrapping

Only if a damaged or destroyed (not merely sold or scrapped) asset had been used in a process of manufacture or similar process, or was of a specialised nature such as a ship, aircraft or pipeline, was the taxpayer able to roll over the recoupment of allowances on any such asset to the replacement asset, and then only if the replacement was ...

Recoupment of Payroll Overpayments

recoupment of the payroll overpayment through the payroll system. Guidelines established by the Division of Administration must be followed for transferring the funds received at the gaining agency back to the losing agency. b. If the employee is transferring to an ISIS HR non-paid agency or if the ...