VICTORIA, BRITISH COLUMBIA--(Marketwired - Feb. 18, 2014) - Today, the Association for Mineral Exploration British Columbia (AME BC) welcomed today's fiscally disciplined provincial budget delivered by Finance Minister Michael de Jong.
"With $476 million spent in 2013, mineral exploration and development is a socio-economic driver of both urban and rural communities and First Nations in all regions of the province, and we thank the provincial government for the recognition of our industry's contributions across BC," said Gavin C. Dirom, President & CEO of AME BC. "We appreciate the provincial government's extension of the mining flow through share tax credit and investment in new opportunities at the secondary school level for skills training."
As announced by Premier Christy Clark on January 27 at AME BC's Mineral Exploration Roundup conference, the BC mining flow-through share (BC MFTS) tax credit will be extended to December 31, 2014. The credit allows individuals who invest in flow-through shares to claim a non-refundable tax credit equal to 20 per cent of their BC flow-through mining expenditures. The BC MFTS has been harmonized with the 15 per cent federal Mineral Exploration Tax Credit. The February 2014 federal budget reintroduced the credit for flow-through share agreements entered into before April 2015. The provincial government also announced skills training in mineral exploration at the secondary school level at the new NorKam Trades Centre of Excellence in Kamloops, scheduled for completion this fall. The government forecasts that revenue from metals, minerals and coal will increase from $201 million in fiscal 2014/2015 to $316 million in 2016/2017.
"We thank the government for its commitment to BC's mineral exploration and development sector while maintaining a balanced budget," noted Dirom. "We expect that as government revenue from metals, minerals and coal increases, this will create opportunities to provide sustainable funding for permitting, Geoscience BC, the BC Geological Survey and more permanent tax incentives in the province to encourage investment and increase our international competiveness."
To learn more about tax incentives for mineral exploration visit http://www.amebc.ca/policy/taxation-and-economic-incentives/flow-through-shares.aspx.
About AME BC:
AME BC is the lead association for the mineral exploration and development industry based in British Columbia. Established in 1912, AME BC represents, advocates, protects and promotes the interests of thousands of members who are engaged in mineral exploration and development in BC and throughout the world. AME BC encourages a safe, economically strong and environmentally responsible industry by providing clear initiatives, policies, events and tools to support its membership.