Second

Session, 50th General Assembly

Charles III, 2025

BILL 108

AN ACT TO AMEND THE

REVENUE ADMINISTRATION ACT NO. 8

Received

and Read the First Time ................................................................

Second

Reading ............................................................................................

Committee .....................................................................................................

Third

Reading ...............................................................................................

Royal

Assent .................................................................................................

HONOURABLE SIOBHAN

COADY

Minister of Finance

and President of Treasury Board

Ordered to be printed by

the Honourable House of Assembly

EXPLANATORY NOTES

This Bill would amend the Revenue

Administration Act to

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

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

S.82 Amdt .

Net income

S.85 Amdt .

Mineral rights tax

Be it enacted by the Lieutenant-Governor and

House of Assembly in Legislative Session convened, as follows:

SNL2009 cR-15.01

as amended

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).

Section 85 of the Act is amended by adding

immediately after subsection (4) the following:

(4.1) Notwithstanding

paragraph (4)(b), the cost of capital assets shall not be included in

exploration expenditures for the purposes of calculating net revenue under

subsection (4).

(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).

King's Printer