Forum on Mining Royalties – Consultation document
March, 2013 - Sébastien Vézina
We have reviewed the consultation document entitled “Le régime d’impôt minier du Québec – mars 2013” posted on the Internet on March 8, 2013, in anticipation of the forum regarding mining royalties scheduled for March 15, 2013. This memo is not intended to be a detailed review of all items raised in the consultation document but rather a summary of the salient information contained therein.
This memo reproduces the titles of the relevant sections of the consultation document.
MESSAGE FROM THE MINISTERS
In 2011, half of the mining companies operating in Quebec did not pay mining royalties. The regime currently in place did not allow the community to benefit from the mining activities of public non-renewable resources despite the high prices of commodities around the world.
INTRODUCTION
The document is divided into five sections:
1. Overview of the mining industry in Quebec;
2. Overview of the mining tax regimes;
3. Analysis of the mining tax regime applicable in Quebec;
4. Quantitative analysis of the taxes levied on the mining companies together with tax subsidies for the mining industry; and
5. Feedback requested from the mining industry.
The review undertaken by the government is governed by two principles:
a) Any mining company that operates a mine in Quebec should pay a minimum mining royalty to the government in lieu of financial compensation for the exploitation of mineral resources owned by the community; and
b) When the profits of the mining companies increase the Quebecers in general shall be entitled to benefit from a larger portion of these profits.
The mining industry players are invited to provide comments in order to feed the reflection and discussion.
Do not hesitate to circulate this summary among mining industry participants.
MEMBER COMMENTS
WSG Member: Please login to add your comment.
WSG uses cookies to improve your experience. By continuing to use WSG website, you are giving consent to use cookies.
Post a comment
Print article
