920709
John Chan
24(1) (613) 957-8975
Attention: 19(1)
December 3, 1992
Dear Sirs:
Re: Quebec Mining Tax Credits - Paragraph 12(1)(x) of the Income Tax Act
This is further to our letter of July 30, 1992 in which we informed you about our position that the cash payments by the Government of Quebec under section 32 of the Quebec Mining Duties Act would fall within the ambit of paragraph 12(1)(x) of the Income Tax Act.
We have initiated correspondence with the Department of Finance concerning the policy intent of paragraph 12(1)(x) in relation to the Quebec mining tax credits and we are awaiting their response.
We will continue to pursue this very important matter, but we are closing our current file and will resume our review on a priority basis upon receiving the Department of Finance's views.
In the meantime, if you have any questions or comments, please contact the writer.
Yours truly,
Section ChiefResource Industries SectionManufacturing Industries, Partnerships and Trusts DivisionRulings Directorate