Capital Gains Tax in Kenya – Accounting Perspectives Courtesy KPMG Kenya Background and overview A Capital Gain can be ordinarily defined as the difference between the purchase price and the selling price of certain assets Consequently

Recoupment differs in that the opposing claims must arise from the same transaction 4 Lawrence P King Collier on Bankruptcy ¶ 553 03 15th ed 1991 B The Bankruptcy Code is not an independent source of law that authorizes setoff or recoupment it recognizes and preserves rights that exist under non bankruptcy law

disposal of asset on which capital redemption allowance or an allowance on replacement of asset has been claimed it does not include in the case of damage destruction of assets an amount exceeding original cost LEADER IN NURTURING CHARTERED ACCOUNTANTS caa ac zw 9

Recoupment xx Depreciation xx Loss on sale of assets xx Legal fees xx Fines amp penalties xx Private expenses xx Other Donations xx Entertainment xx Debts recovered xx Unproductive interest xx Capital losses xx Insurance proceeds xx Income from exchange variations xx Interest from special mining xx

The Committee recommends the removal of section 37 to bring the recoupment of mining assets in line with recoupments of non mining assets as there is no difference between the two The removal of section 37 will mean that taxpayers will be able to base the recoupment of mining assets on the actual proceeds received as opposed the effective value determined by the DMR

connection with the taxpayer s mining operations Recoupments section 8 1 j Recoupments taxable on the disposal of mining assets are not restricted to allowances claimed Therefore the amount of the recoupment is equal to the sale proceeds

Section 36 of the Income Tax Act No 58 of 1962 Act contains unique provisions which are only applicable to mining operations and which set out the manner in which

and may approve the sale of real property interests in Mining Assets provided such sales in each case do not exceed 250 000 or in the case of 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

Global mining industry update June 2012 Corporate income taxes mining royalties and other mining taxes A summary of rates and rules in selected countries Table of contents Argentina 15 Australia 16 Brazil 17 Canada 19 Chile 21

In 2009 and 2010 exports mainly consisted of fuel and mining Process Chrome Mining Recoupment Of Mining Assets Types Of Screens Mining Mining

Zimra Vat Treatment Of Mining Equipment 1168 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 cap Zimra vat treatment of mining equipment

recoupment of mining assets iffdc org in Mining companies are in addition to their specific corporate rates of tax subject to a In regard to assets acquired

Mining companies are in addition to their specific corporate rates of tax subject to a royalty calculated on the gross sales relating to the transfer of mineral resources The royalty is calculated using different percentages applicable to each the type of mineral The percentages range from 1 on base metals to 15 on precious stones TRUSTS

It s used in all of our cell phones and its mining has lead to one the worlds largest Gold Mining For Dummies Recoupment Of Mining Assets Mining Enginering

The right of indemnity from trust assets falls into two distinct parts being the right of recoupment right to reimbursement from trust assets for trust debts discharged by the trustees using personal funds and right of exoneration right to discharge trust debts from

Mining In terms of Section 2 mineral includes any valuable crystalline or earthy substance forming part of or found within the earth s surface and produced or deposited there by natural agencies but does not include petroleum or any clay other than fire clay gravel

The effective tax rate for diamond mining and diamond mining services companies is 55 Tax rate for petroleum mining companies is 35 Nonmining income earned by mining companies is taxed at 35 Recoupment of mining assets is taxed at the mining tax rate The tax rate for registered manufacturers is 18 for a 10 year period

ALFAquotes created a miningbased formula for calculating Bitcoin Fair Value Our formula takes all aspects of mining into account the calculated Bitcoin value is not static but changes together with the mining industry Formula The formula reflects the profitability of Bitcoin mining with a recoupment period of under 6 months

The Committee recommends the removal of section 37 to bring the recoupment of mining assets in line with recoupments of non mining assets as there is no

Recoupment of mining assets is taxed at the mining tax rate The tax rate for registered manufacturers is 18 for a 10year period Recoupment of manufacturing assets is taxed at the manufacturing tax rate Residence – A corporation is resident if it is Get Price

In this way the un deducted balance of capital development expenditure may form part and 1C contain special recoupment provisions for paragraph 12 assets that

The recoupment is limited to the expenditure any capital gain made on the disposal of mining assets will be subject to tax Namibia Tax Facts

disposal of asset on which capital redemption allowance or an allowance on replacement of asset has been claimed it does not include in the case of damage destruction of assets an amount exceeding original cost LEADER IN NURTURING CHARTERED ACCOUNTANTS 9

170 Assets used partly for non business purposes 13 1 Where an asset is used by a taxpayer partly for producing income and partly for other purposes any allowance for depreciation under these Instructions shall be apportioned on the basis of the percentage

because mining companies include allowance assets in capital expenditure even when acquired using debt any debt reduction results in an immediate taxable recoupment

Due to various factors impacting the mining where there is a reduction of debt that has been used to fund deductible expenditure or allowance assets a recoupment

Namibia Taxes Overview Nonmining income earned by mining companies is taxed at 35 Recoupment of mining assets is taxed at the mining tax rate

mining the expected useful life of an asset includes manufacturer s specifications independent engineering information the taxpayer s own past

If you use a capital asset such as a car or machinery in earning your income you may be able to claim a deduction for the cost of that asset spread over its effective life NAT 19966 2014

PwC Corporate income taxes mining royalties and other mining taxes 2012 update 5 Indonesia has tax incentives for specifi c mining activities such as basic iron and steel manufacturing gold and silver processing certain brass aluminium zinc and nickel processing activities and quarrying of certain metal and nonmetal ores

Presentation of Financial Current Assets 57 – 59 Current Liabilities 60 – 67 Information to be Presented on the Face of the Balance Sheet 68 – 73

Accordingly SARS ruled that s19 of the Act would be applicable but only to the extent that the loan related to allowance assets other than mining assets in terms of which a deduction was

Asset Management White Paper Mining Australia Companies in the mining sector are starting to realise the benefits of managing their assets using dedicated Asset

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

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

Apr 13 2012 · Royalty is a periodical sum based on the out put payable by the lessee to the lessor for having utilized the rights of the lessor The person who makes the payment to the owner of asset is known as lessee and the owner of the asset is known as lessor Royalty is a business expense and closed and transferred to profit and loss account

Impairment of Assets IAS 36 covers impairment of longlived assets Goodwill PP ampE Equity investments in joint ventures Assessment required when there is evidence that the fair value is less than the recoverable amount of the asset and annually for goodwill Recoverable amount is the higher of the amount to be realized

Effective life of intangible depreciating assets that are mining quarrying or prospecting rights or mining quarrying or prospecting information Recoupment of cost Foreign currency gains and losses You need to know the publiion s full title Guide to depreciating assets 2015 to use this service

The rate is 10 for mining companies and their sub contractors and 25 in all It should be noted that latent capital gains on business assets are exempted in