Section 16, No. The Extractive Industries Revenue Act 2018No. The Extractive Industries Revenue Act 2018

(1) Subject to this section, the deductible expenditure ofa separate mineral operation for a year of assessment shall be the sum of the following gross amounts– (a) gross amounts in respect of the mineral operation that are directly deducted in calculating chargeable income for the year and where the amounts are referred to in section 7; (b) gross expenditure included during the year in the adjusted cost base of a depreciable or business asset used in the mineral operation; (c) other gross expenditure that enters into the in calculating income from the mineral operation for the year; (d) other gross expenditure that enters into the income from the mineral operation for the year where that amount is referred to in section 7; (e) the amount of income tax payable with respect to the mineral operation for the year as calculated under section 4; and (f) with respect to the year of commencement of mining operations, any amount provided for in section 17. (2) The deductible expenditure of a separate mineral operation shall not include– Deductible Expenditure No. The Extractive Industries Revenue Act 2018No. The Extractive Industries Revenue Act 2018 (5) Mineral operations conducted under an artisanal or small-scale mining licence shall be exempt from mineral resource rent tax unless- (a) specifically prescribed by regulations made under this Act; or (b) section 96 of the Income Tax Act, 2000 applies. 13. Accumulated net receipts of a separate mineral operation for a year of assessment shall be to the extent to which net- ( a) receipts of the operation for the year exceed accumulated net expenditure for that operation for the previous year of assessment (if any) as increased by the uplift specified in paragraph 8 of the First Schedule. (b) expenditure for the operation for the year (if any) plus accumulated net expenditure for that operation for the previous year of assessment (if any) as increased by the uplift specified in paragraph 8 of the First Schedule, exceed net receipts of the operation for the year (if any). 14. (1) Net receipts of a separate mineral operation for a year of assessment shall be to the extent to which gross receipts of the operation for the year exceed deductible expenditure of the operation for that year. (2) Net expenditure of a separate mineral operation for a year of assessment shall be the extent to which deductible expenditure of the operation for the year exceeds gross receipts of the operation for that year. 15. (1) Subject to this section, gross receipts of a separate mineral operation for a year of assessment shall be the sum of the following gross amounts without deduction– Accumulated net receipts and accumulated net expenditure Net receipts and net expenditure Gross Receipts (a) gross amounts directly included in calculating income from the mineral operation for the year as stipulated under section 6, including service fees and amounts received from the disposal of minerals and other trading stock; (b) gross positive amounts that enter into the in calculating income from the mineral operation for the year as stipulated under section 6, including consideration received on the disposal of depreciable, business or other assets; (c) gross positive amounts that enter into the income for the year where the amount is referred to in section 7, including amounts of the type referred to in paragraph (b); and (d) with respect to a surplus in a rehabilitation fund, any amount provided for in section 19. (2) Gross receipts of a separate mineral operation shall not include– (a) interest and other financial gains, including and treated as interest income under the Income Tax Act, 2000; or (b) subject to section 18, consideration received for the transfer of a mineral right. (3) An amount referred to in subsection (1)– (a) shall be determined in accordance with section 95 of the Income Tax Act, 2000; and No. The Extractive Industries Revenue Act 2018No. The Extractive Industries Revenue Act 201848 46. (1) At the time an extractive industry producer files a return of income under section 97 of the Income Tax Act 2000 the producer shall file a return of mineral resource rent tax or petroleum resource rent tax due for the same year of assessment. (2) A return filed under subsection (1) shall be in the manner and form prescribed specifying– (a) gross receipts, deductible expenditure, net receipts, net expenditure, accumulated net receipts and accumulated net expenditure for the year of assessment from the separate mineral or petroleum operation, as the case requires; (b) accumulated net expenditure for that operation for the previous year of assessment (if any) as increased by any uplift available; (c) where the producer has accumulated net receipts for the year of assessment, the amount of mineral resource rent tax or petroleum resource rent tax payable with respect to those receipts; and (d) any other information the Commissioner- General may prescribe. (3) An extractive industry producer shall file a return under subsection (1) irrespective of whether any amount of mineral resource rent tax or petroleum resource rent tax is payable for the year of assessment. (4) An extractive industry producer that calculates mineral resource rent tax or petroleum resource rent tax as payable for a year of assessment under subsection (2) shall pay that rent tax (less any instalments paid under section 45) at the time the return is filed. Assessment of mineral and p e t r o l e u m (5) Subject to this section, Part XIII of the Income Tax Act, 2000 shall apply with any necessary adaptations to a return filed under subsection (1). (6) A return filed under subsection (1) shall be treated as a self-assessment but– (a) an assessment under section 102 of the Income Tax Act, 2000 may be levied with respect to mineral resource rent tax or petroleum resource rent tax; and (b) a self-assessment under this section or an assessment under section 102 of the Income Tax Act, 2000 may be amended under section 103 of the Income Tax Act, 2000. 47. (1) The National Revenue Authority shall be responsible for administering and giving effect to this Act. (2) This Act shall be administered in accordance with rules and procedures contained in the following sections of the Income Tax Act, 2000- (a) section 96 of the Income Tax Act, 2000; (b) sections 106 to 112 of the Income Tax Act, 2000; (c) section 115 of the Income Tax Act, 2000; (d) Part XVI of the Income Tax Act, 2000; (e) Part XVII of the Income Tax Act, 2000; (f) Part XVIII of the Income Tax Act, 2000; and (g) Part XIX of the Income Tax Act, 2000. General Principles of administration. No. The Extractive Industries Revenue Act 2018No. The Extractive Industries Revenue Act 2018 47 (a) gross receipts, deductible expenditure, net receipts, net expenditure, accumulated net receipts and accumulated net expenditure for the year of assessment from the separate mineral or petroleum operation, as the case requires; (b) accumulated net expenditure for that operation for the previous year of assessment as increased by any uplift available; (c) where the producer estimates accumulated net receipts for the year of assessment, the amount of mineral resource rent tax or petroleum resource rent tax payable with respect to those receipts; and (d) any other information the Commissioner- General may prescribe. (3) An extractive industry producer shall file an estimate under subsection (1), irrespective of whether any amount of mineral resource rent tax or petroleum resource rent tax is estimated as payable. (4) An extractive industry producer that estimates mineral resource rent tax or petroleum resource rent tax as payable for a year of assessment under subsection (3) shall pay that mineral resource rent tax or petroleum resource rent tax by quarterly instalment at the same time as income tax would be payable under section 113 of the Income Tax Act, 2000. (5) Subject to this section, the procedure in section 113 of the Income Tax Act, 2000 shall apply to estimates and payment of instalments under this section as though mineral resource rent tax and petroleum resource rent tax were income tax. (3) The rules and procedures referred to in subsection (2) shall apply with necessary adaptations and, in particular, as though amounts payable under this Act were income tax. (4) For the purposes of section 133 of the Income Tax Act, 2000, the holder of a large-scale mining licence or petroleum licence shall maintain accounts and records for the mining or petroleum operations in accordance with generally accepted accounting principles. 48. (1) For the purposes of this Act, the Commissioner- General may request officers of a public body including bodies that provide security to assist or protect officers of the National Revenue Authority in carryingout their functions under this Act. (2) A public body that receives a request under subsection (1) shall do its best to provide assistance within the limits of its authority and resources. (3) Without limiting the scope of subsection (1), officers of a public body shall provide the National Revenue Authority with all necessary information and assistance, including for the proper assessment, audit and collection of all amounts due under this Act. (4) Section 165 of the Income Tax Act, 2000 shall apply to a public officer providing assistance under this section with respect to all information and documents that, solely by reason of the assistance provided, come into the public officer’s possession. 49. (1) This section shall apply where the holder of a mineral or petroleum right fails to pay any amount due under this Act including income tax. (2) Subject to subsection (1), the Commissioner-General may, in consultation with the National Minerals Agency or the Petroleum Directorate, as the case requires, serve a notice on a holder of a right prohibiting the disposal of any minerals or petroleum in the holder’s possession until the outstanding amount has been paid. Prohibition on disposal of minerals and petroleum Assistance of officers of Public bodies. No. The Extractive Industries Revenue Act 2018No. The Extractive Industries Revenue Act 2018 (a) interest or other financial costs, including an amount treated as interest under the Income Tax Act, 2000; (b) amounts claimed as capital allowances, but not to limit a deduction under paragraph (b) of subsection (1); (c) losses referred to in section 8 of this Act and paragraph (c) of subsection (1) of section 32 and section 32A of the Income Tax Act, 2000; (d) subject to section 18, amounts included in the adjusted cost base of a mineral right including bonus payments; and (e) payments to acquire an interest in the profits, receipts or expenditures of the mineral operation and payments made with respect to such interests. (3) Expenditure shall not be deductible expenditure to the extent that it exceeds the requirements of section 95 of the Income Tax Act, 2000.