reupment of mining assets

2021-05-31T02:05:54+00:00
  • 1168. Recoupment of allowances and scrapping

    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 gains, and losses occasioned by

  • Allowances: 400
  • Mining Tax Recommendations Tax Services Deloitte ...

    Recoupments relating to mining assets The value of mining assets in a sale of a mining concern transaction is governed by section 37 of the Income Tax Act, whereby an effective value (similar to an insurance replacement value) is attributed to the mining assets (land, mining rights and

  • UNITED STATES BANKRUPTCY COURT

    The lessee=s right of recoupment was retroactive for three years during which any unused portion of a minimum royalty payment for the previous two years could be applied as a credit on royalties owed on tonnage produced during the third year.  

  • Maynards Starts Liquidation of Mining Equipment Plant Assets

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

  • Debt reduction and mining assets - SA Institute of Taxation

    Feb 23, 2015  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 ...

  • 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.

  • LEADER IN NURTURING CHARTERED ACCOUNTANTS

    Recoupment (Sect 8(1) j A miner’s recoupment is generally the proceeds on disposal A recovery (insurance proceeds) in respect of damage or destruction of an asset restricted to deductions claimed. Restriction if the asset sold has been subject to a limit. e.g.

  • 2016 Asset recoupment and scrapping allowance - YouTube

    May 24, 2016  About Press Copyright Contact us Creators Advertise Developers Terms Privacy Policy Safety How YouTube works Test new features Press Copyright Contact us Creators ...

  • Author: Unisa Taxation
  • 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 ...

  • IFRS for mining - assets.kpmg

    IFRS for mining IFRS 16 Leases – Practical application guidance 11 Lease definition A lease is a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration. If a contract contains a lease, then it will generally be on-balance sheet for the lessee.

  • Recoupment is therefore a recovery of an expense ...

    Recoupment is therefore a recovery of an expense previously allowed as a deduction. Arise when an asset is sold at a price above the ITV. Also arises on recovery of proceeds from an insurance policy for a damaged or destroyed asset. Always restricted to the capital allowances previously granted. Same as restricting the SP of the asset to ...

  • Capital allowances and recoupments - StuDocu

    Jan 01, 2019  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

  • GHANA REVENUE AUTHORITY - ghtaxlaws

    (1) A Class 1, 2 or 3 depreciable asset owned and used by a person during a year of assessment in the production of income from a particular business shall, at the time the asset is first owned and used by that person, be placed in a pool with all other assets of the same Class owned and used by

  • Financial Accounting Notes: Royalty Accounts Notes ...

    Sep 20, 2020  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

  • Cliffe Dekker Hofmeyr - Debt reduction and mining assets

    Debt reduction and mining assets. On 18 February 2015, the South African Revenue Service (SARS) released Binding Private Ruling 187 (Ruling), which dealt with the waiver of a loan subsequent to the implementation of an intra-group transaction. The facts were as follows: Company A held 74% of the shares in Company B, and Company C held 26% of ...

  • 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.

  • Zimbabwe - Corporate - Deductions

    Aug 20, 2021  Corporate - Deductions. Last reviewed - 01 March 2021. The Act makes provisions for specific deductions. Some of the deductions (e.g. the deduction of foreign exchange losses, development and exploration costs, hire purchase allowances, and manufacturing allowances) can be more complex.

  • 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.

  • Debt reduction and mining assets - Lexology

    Feb 20, 2015  Generally, where there is a reduction of debt that has been used to fund deductible expenditure or allowance assets, a recoupment could arise in

  • Maynards Starts Liquidation of Mining Equipment Plant Assets

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

  • Debt reduction and mining assets - SA Institute of Taxation

    Feb 23, 2015  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 ...

  • Equality of a different kind - Proposal to amend the debt ...

    Oct 06, 2017  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

  • IFRS for mining - assets.kpmg

    IFRS for mining IFRS 16 Leases – Practical application guidance 11 Lease definition A lease is a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration. If a contract contains a lease, then it will generally be on-balance sheet for the lessee.

  • 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.

  • 1800370-16 National Union of Mineworkers - Reserved ...

    parent company and UK Coal Mining Holdings Limited was the holding company. 9.5 In October 2013 a five-year plan was drawn up by the board of UK Coal Production for the operation of its deep mines and surface mines business. 9.6 In November 2013 first respondent continued to suffer financial difficulties. A

  • Capital allowances and recoupments - StuDocu

    Jan 01, 2019  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

  • Recoupment financial definition of recoupment

    Equitable recoupment, a judicially created doctrine, allows taxpayers to avoid the bar of an expired statutory limitation period. Equitable recoupment doctrine applies to employment tax deposit: The taxpayer exercised ordinary business care, but its payroll taxes were applied to the EIN of a

  • Financial Accounting Notes: Royalty Accounts Notes ...

    Sep 20, 2020  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

  • SSR Mining

    SSR Mining Inc. is a leading, free cash flow focused intermediate gold company with four producing assets located in the USA, Turkey, Canada, and Argentina, combined with a global pipeline of high-quality development and exploration assets in the USA, Turkey, Mexico, Peru, and Canada. In 2019, the Company’s four operating assets produced over ...

  • Financial Accounting - Royalty Accounts

    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 ...

  • 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.

  • sec.gov

    TTM operates its digital asset mining operations out of two data centers optimized for digital asset mining in the United States. Operating from North Carolina (beginning in 2021) and New York. The Company’s operations is heavily focused on the mining activities associated with digital assets and the miners are currently configured to be ...

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