Mining association endorses federal budget.The Mining Association of Canada (MAC) announced its support of the recent 2006 federal budget in a May 3 news release. Some of the highlights the MAC is excited about: * The elimination of the federal capital tax this year; * The elimination of the corporate surtax An additional charge on an item that is already taxed. A surtax is a tax on a tax. For example, if a person pays one hundred dollars of tax on one thousand dollars of income, a 5 percent surtax would amount to an additional five dollars. by Jan. 1, 2008, and the reduction in the corporate income tax rate-to 19 per cent by 2010; * A two-year extension of the 15 per cent mineral exploration tax credit for flow-through share investors; and * The elimination of the double taxation of large corporation dividends. There was disappointment expressed at the failure to expand its investment in geoscience ge·o·sci·ence n. Any one of the sciences, such as geology or geochemistry, that deals with the earth. ge , specifically the Co-operative Geological ge·ol·o·gy n. pl. ge·ol·o·gies 1. The scientific study of the origin, history, and structure of the earth. 2. The structure of a specific region of the earth's crust. 3. A book on geology. Mapping Strategy. MAC expressed concerns about declining base metal reserves and the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. effects it may have on Canadian smelters and refineries, including their global competitiveness in the mining industry. |
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