Mining tax base will remain — Minister
PA Wellington Tax base for mineral mining enterprises will not be changed, the Acting Minister of Finance (Mr Templeton) has announced today. His decision came after a review of the income tax regime for mining companies this year by a committee comprising representatives of the Inland Revenue Department, the Treasury, and the Ministry of Energy. But Mr Templeton said there were : two refinements of benefit to the industry that he would like to see incorporated in the regime next year.
They were the same as those included in the new petroleum mining income tax regime enacted last year and would ensure that; — The value of an interest in a mining venture surrendered outright, for no consideration whatever, would not give rise to any assessable income for income tax purposes; — Insurance proceeds received when ’an exploration or development asset was lost, damaged or destroyed would not be assessable income. provided those proceeds were used, within a reasonable time, for the repair or replacement of the asset
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Press, 22 September 1980, Page 22
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171Mining tax base will remain — Minister Press, 22 September 1980, Page 22
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