TORONTO (miningweekly.com) – The British Columbia provincial government on Tuesday extended its support for the provincial Mining Exploration Tax Credit (BC METC) through to January 1, 2020, and also renewed the BC Mining Flow-Through Share tax credit, which expired on December 31, 2015.
The projected fourth consecutive balanced provincial budget pegged the 2016 BC METC at its regular rate of 20% and reconfirmed the enhanced rate of 30% for areas affected by the mountain pine beetle. The tax credit had been originally set to expire on December 31, 2016.
Liberal Premier Christy Clark first revealed the proposed tax incentives during her remarks at the opening of the Association for Mineral Exploration British Columbia’s (AME BC’s) Exploration Roundup Conference on January 25.
“During this protracted downturn in the mineral exploration and development industry, companies need fiscal incentives that sustain grassroots exploration. These two important tax incentives allow companies to advance mineral exploration projects that could become mines and generate tax revenues in the future,” said the AME BC’s chairperson, Diane Nicolson, in a statement on Tuesday.
These tax credits benefited both the company and the region where exploration dollars were being spent and enhanced mineral exploration companies’ ability to raise venture capital, especially during these tough times, stated Nicolson.
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