Spring budgets-a recap

"Important tax changes, many of them of direct interest to the mining industry, were contained in the budgets brought down by federal and provincial finance ministers across Canada this spring. This month, Tax Notes presents a brief summary of important tax changes introduced at the federal and provincial levels in the last few months.IntroductionIn the March 1980 issue of the CIM Bulletin, Tax Notes surmised that the short-lived 1979 budget proposals of the former Conservative government offered a unique glimpse of budgetary changes that might be unfolded in 1980. Scene II of this ""now you see it-now you don't"" drama opened on April 21, 1980, when Finance Minister Allen MacEachen, in an ""economic statement""' reintroduced a selection of tax proposals taken from the ill-fated Conservative' budget of December 11, 1979, but refused to bring forward major new proposals in tax and finance.Mr. MacEachen proposed a 5% surtax on federal corporation income tax to apply in the 2 years from January 1, 1980 to December 31, 1981, as a slightly modified version of the same surtax proposed by former Finance Minister Crosbie in his December budget address. Mr. MacEachen also reintroduced a number of technical amendments which would affect the taxation of mining income in certain instances. In addition, a large number of other tax proposals suggested in the previous Conservative budget were also reintroduced, although there are some notable omissions."