I need an answer. How much in dues does your state get from a private company that extracts gold and other precious metals? Links to other resources would be most helpful.
Thanks!
I dunno, been a long time since we had some 'Niners around here panning for gold in them thar hills.
As far as I can tell, they would have to pay the same taxes that all other companies have to pay too, so either corporate taxes or personal income taxes depending on the legal form of the company.
Quote from: Zanza on August 31, 2011, 05:57:56 AM
As far as I can tell, they would have to pay the same taxes that all other companies have to pay too, so either corporate taxes or personal income taxes depending on the legal form of the company.
Nope. Most countries award concessions/licenses for mining and I don't see why gold mining would be different. These are often subject to special fees etc.
Of course the OP's question is idiotic - it's like asking "what tax does one pay on one's income" without indicating a jurisdiction.
God damn ROMAnians stealing our gold :glare:
Quote from: Martinus on August 31, 2011, 06:08:55 AMNope. Most countries award concessions/licenses for mining and I don't see why gold mining would be different. These are often subject to special fees etc.
You are right. A quick look into our federal mining law suggests that it is 10% of the average market value during the fiscal year. Income/corporate taxes would probably be on top of that.
Quote from: Martinus on August 31, 2011, 06:08:55 AM
Quote from: Zanza on August 31, 2011, 05:57:56 AM
As far as I can tell, they would have to pay the same taxes that all other companies have to pay too, so either corporate taxes or personal income taxes depending on the legal form of the company.
Nope. Most countries award concessions/licenses for mining and I don't see why gold mining would be different. These are often subject to special fees etc.
Of course the OP's question is idiotic - it's like asking "what tax does one pay on one's income" without indicating a jurisdiction.
I'm not talking about income tax but about the special taxes (called dues in the English Language) that the state expects from the private company for exploiting a natural resource in its backyard. For example, here the state takes 4%, on top of all the other normal taxes. My inquiry was about percentages in different countries, subjected usually to the letter of a national Mining Law. Now, idiotic or not, it isn't such a difficult question to understand and even answer to.
Quote from: Zanza on August 31, 2011, 05:57:56 AM
As far as I can tell, they would have to pay the same taxes that all other companies have to pay too, so either corporate taxes or personal income taxes depending on the legal form of the company.
Lots of countries charge special levies on natural resources extraction. I know the UK does on North Sea oil, Alaska does on oil and the mining tax has been a big issue in Australian politics for a while.
2.5% for placer gold in Yukon.
http://www.emr.gov.yk.ca/mining/placermining.html
No gold mining in Alberta that I'm aware of.
If anyone is interested in the matter, I found a document about the several fiscal rules in different countries concerning mining. http://www.pwc.com/en_GX/gx/mining/pdf/global-mining-tax-comparison-Dec2010.pdf
Quote from: Alexandru H. on August 31, 2011, 07:19:09 AM
I'm not talking about income tax but about the special taxes (called dues in the English Language) that the state expects from the private company for exploiting a natural resource in its backyard.
We call those "severance taxes" in the United States. As usual, they vary from state to state (and often aren't even imposed in states without a large mining industry), but from what I can see they tend to range from 2-10% of net value.
Quote from: CountDeMoney on August 31, 2011, 05:46:45 AM
I dunno, been a long time since we had some 'Niners around here panning for gold in them thar hills.
My first thought was that he was pulling it out of peoples teeth.
Quote from: Alexandru H. on August 31, 2011, 07:19:09 AM
I'm not talking about income tax but about the special taxes (called dues in the English Language) ...
Now, idiotic or not, it isn't such a difficult question to understand and even answer to.
Those taxes are not called "dues" in American English, so your question remains difficult to understand.
Quote from: Alexandru H. on August 31, 2011, 07:40:57 AM
If anyone is interested in the matter, I found a document about the several fiscal rules in different countries concerning mining. http://www.pwc.com/en_GX/gx/mining/pdf/global-mining-tax-comparison-Dec2010.pdf
The word "dues" doesn't appear in your document.
Some countries have royalty fees and some have special tax regimes for mining, but none, as far as I know, have "dues."
The US has no royalties on gold mining at the present.
Dues are a special tax on club members, not payable to the government.
Quote from: grumbler on August 31, 2011, 09:17:35 AM
The US has no royalties on gold mining at the present.
Several states do.
Currently 12%, increasing to 16% of profit from the mine. It has been roughly equivalent to 2% of the gross products extracted.
Quote from: Alexandru H. on August 31, 2011, 07:19:09 AM
I'm not talking about income tax but about the special taxes (called dues in the English Language)
It's "jews". L3rn 2 spel kthxbai
Quote from: grumbler on August 31, 2011, 08:09:02 PM
Which ones?
Wyoming, for one.
" As the holder of a permit for mining in Wyoming from the Department of Environmental Quality, you are required to file annually for gross products and severance tax purposes. Any valuable deposit that is severed should be reported for tax purposes. These valuable deposits include, but are not limited to, coal, uranium, trona, bentonite, sand and gravel, decorative stone, copper, gold, silver, diamonds, jade, limestone, gypsum, or any other solid mineral that is severed for private or commercial use or sale."
Quote from: grumbler on August 31, 2011, 08:09:02 PM
Quote from: ulmont on August 31, 2011, 09:25:48 AM
Quote from: grumbler on August 31, 2011, 09:17:35 AM
The US has no royalties on gold mining at the present.
Several states do.
Which ones?
To avoid doing an exhaustive survey, I'll just list five in addition to Wyoming (which PDH already mentioned):
New Mexico, Nevada, South Dakota, Utah, and Arizona.
http://www.tax.newmexico.gov/All-Taxes/Pages/Severance-Tax.aspx
http://www.lvrj.com/news/35301239.html
http://law.justia.com/codes/south-dakota/2010/title-10/chapter-39/statute-10-39-43/
http://www.cppa.utah.edu/publications/finance_tax/Severance%20Tax.pdf
http://www.azdor.gov/Portals/0/AnnualReports/2000/Page%2057.pdf
I further note that the link above for Utah asserts that 35 states have a severance tax of some sort.
:lol:
I'm betting you're a really good lawyer Ulmont.
I had never heard of a severance tax before. Thanks for the education ulmont.