Canada Windfall Tax On Minerals

Canada isn't planning windfall taxes on fossil fuel …

In the first six months of this year, Canada's four biggest oil sands producers reported more than $21 billion in profits, more than three times their profits in the same period last year. More ...

Who needs a windfall tax? Oil and gas companies …

That could rise to $64 billion in royalties and taxes in 2023 if oil prices stay high. Surging energy prices have propelled the taxes and royalties paid by public Canadian energy companies to around $48 billion this year, a …

What is the windfall tax on oil and gas firms?

The windfall tax applies to profits made from extracting UK oil and gas. How much money have energy firms been making? BP made $13.8bn (£11bn) in 2023, down from the record $27.7bn in 2022.

Governor Newsom Calls for a Windfall Tax to Put Record Oil …

These price hikes cannot be attributed solely to refinery maintenance issues, hurricane disruptions, or even state taxes. Governor Newsom is working with the Legislature to enact a new windfall profits tax on oil companies.

Taxing Windfall Profits in the Energy Sector

Introduce a permanent tax on windfall profits from fossil fuel extraction, if an adequate fiscal instrument is not already in place. The tax should be imposed on a share of economic rents (that is, excess profits) ... The extraction of natural resources, such as minerals and petroleum, has the potential to generate economic rents. 1. Economic ...

Should Canadian oil companies pay a 'windfall tax' as their …

NDP MP Peter Julian says the tax should be temporary and modelled after the European Union's recent move to tax increase fossil fuel profits amid surging inflation and rising energy costs.

Mining projects get new tax break under climate bill

Mining projects get new tax break under climate bill. By Jael Holzman | 08/15/2022 06:16 AM EDT . Democrats are trumpeting the provisions as a way to secure domestic supply chains.

New Fiscal Regime For The Mining Industry

The whereas clauses of EO No. 130 noted that Republic Act No. 10963 (the TRAIN Act) has doubled the rate of excise tax on minerals, mineral products, and quarry resources from 2% to 4%, the country has tapped less than 5% of its mineral resources, and that the mining industry can support various government projects.

Shaming Big Oil won't work. Canada needs a windfall profits tax

Canada needs a windfall profits tax. Chris Gusen is a senior digital specialist on 350's Canada team. He joined the climate movement in 2019 after working at the Government of Alberta and seeing first-hand the fossil fuel industry's toxic influence on politics. November 3rd 2022.

House considering sliding-scale royalty on miners, windfall profit tax

THE House of Representatives is considering a variable royalty based on the margins earned by large-scale miners operating outside declared mineral reservations, as well as a scheme to tax windfall profits at a rate of up to 15%. The chamber's Ways and Means committee is currently deliberating an unnumbered substitute bill which also sets the […]

Windfall tax on energy firms still an option

A windfall tax on big oil and gas companies to help tackle the soaring cost of living has not been ruled out, sources close to the chancellor say. Officials say Rishi Sunak is still open to the ...

Mongolia lawmakers seek metals windfall tax repeal

Chief among the changes is repeal of the windfall profits tax, ... with Oyu Tolgoi developer Ivanhoe Mines Ltd of Canada. ... only to the Oyu Tolgoi deposit but to other mineral deposits as well ...

Putting windfall tax to work for Zambia

Treasury's announcement of its mining-related windfall in revenue collection does, at least, dispel speculation that mining companies are not paying their 'fair share' of taxes. First Quantum Minerals' (FQM) annual 'Tax Transparency and Contributions to Government Report' published in June 2021 disclosed that it paid over US$850 ...

EU Windfall Tax on Fossil Profits 'Sets Precedent' for Canada

Proponents of imposing a windfall tax on the Canadian oil and gas industry now have another global power setting precedent for the policy. On Wednesday, the European Commission proposed levying such a tax on the energy sector and redirecting funds to s and businesses struggling with high inflation, The Canadian Press reports.It …

Cost of living: Labour to call vote on windfall tax for oil and …

Labour will call for a vote on Tuesday to introduce a windfall tax on oil and gas companies, saying it is shameful not to introduce the measure to help tackle the rising cost of living.

Three reasons Canada needs a windfall tax now

C4TF research shows corporations avoided $30 billion in taxes in 2021 – the same year they reaped record profits while Canadians paid more for goods and services. The government understands there is a need for a windfall tax in Canada. It has already brought in a windfall tax on banks and financial companies.

Wealth And Windfall Taxes: Still Not Ready For Prime …

This is particularly true with excess profits (windfall taxes) and wealth taxes, both of which have generated a lot of discussion. ... When Canada imposed an excess profits tax during WWII, it ...

Ecuador studying mining royalties and windfall tax | Reuters

The windfall tax will force mining companies, most of which are only exploring, to share 70 percent of their revenues above the base price in deals once they start production.

Who needs a windfall tax? Oil and gas companies …

Harvey estimated that the contribution of Canada's publicly traded oil and gas companies to federal and provincial revenue will increase to $64 billion in 2023. That should deter politicians from following the United …

Non Taxable Windfall

Canada's income tax system is premised on the "source doctrine". This means that for income to be taxable it generally has to be traceable to one of the named sources under the Income Tax Act: ... In such cases, the funds received are treated as a non-taxable "windfall". For instance, lottery winnings in Canada are treated as ...

Zambia's Kansanshi mine pays $30 mln in new windfall tax

ZNBC radio said Kansanshi, a unit of Canada's First Quantum Minerals, had complied with the payment of the 25 percent tax introduced in a bid to share the 'huge profits' it said mining firms were ...

Philippines' lower house passes bill overhauling mining tax …

Under the bill, part of tax reform measures under President Ferdinand Marcos Jr.'s administration, large-scale metallic mining operations within mineral reservations shall be subject to a royalty ...

Ottawa should consider windfall tax on grocery profits if …

If Canada's Competition Bureau finds that grocery store giants are profiting excessively from food inflation, the federal government should consider slapping a windfall tax on those excess profits.

Oil and gas industry pushes back over windfall tax

Shell has produced a report into tax, which shows that in the most recent year unaffected by Covid the industry's effective tax rate was 35.5%, while the corporate tax rate in developed countries ...

Windfall Taxes Sweep Through The Global Energy Sector

The windfall tax on crude oil was increased to 2,100 rupees ($25.38) per tonne from 1,700 rupees ($20.55). The federal government also raised the export tax on diesel to 6.50 rupees per liter from 5 rupees, while raising the windfall tax on ATF to 4.5 rupees per liter from 1.5 rupees, the document showed.

Zambia's Banda defends scrapping mine windfall tax

Zambia, Africa's largest copper producer, introduced the windfall tax in April last year, along with a 15 percent profit variable tax, and raised mineral royalty to 3.0 percent from 0.6 percent ...

Tax Implications of Canadian Windfalls

Windfall Tax

3. What are the risks associated with windfall tax? Implementing windfall taxes can pose certain risks. One major risk is the potential negative impact on private sector investment. By imposing windfall taxes, the after-tax …

Review and Restructure of Zambia's 2008 Mining Windfall Tax

One issue has always stood out in these mineral taxation debates and this is the reintroduction of the 2008 mining windfall tax. Though this is the case, the Zambian citizenry has not been ...

How mining is taxed in Canada and internationally

Federal taxes. Federal taxes that apply to mining companies operating in Canada (including offshore mining) are the following: corporation income tax, including withholding tax. goods and services tax (GST), a value-added tax that applies to virtually all goods and …