jimbunting jimbunting:
Ryan29:
Just a few facts about taxation on mines in Ontario, including diamond mines. Taxes are assesed on the production value of the product, allbeit iron nickle or diamonds, and it is payable after sale. In other words, the corporation has to invest in exploration, development and building the actual mine infrastructure, before they can produce anything. That is called capitalism, and it creates jobs and wealth. Government doesn't do any of that.
The tax percentage, on the diamond producers is 13 percent on the wholesale price. In my opinon, that is NOT going to scare any serious exploration company out of Ontario.
Jim B. Toronto.
i'm not sure but some people are annoyed at this new tax becasue it was just introduced now , rate after construction on this new mine started. there was alot of optimisum in northern ontario that some more new mines might be created in the future so people are worried this tax will scare the comapnies away.
by adding this new tax what good has the provincial government done in attracting new investment to this province?
this tax does nothing but increase the provinces tax revenue and won't create any new jobs.