KPMG report: Taxation of advance sales of future mineral production
Taxation of advance sales of future mineral production
New rules on advance payments could change when payments for future mineral production are subject to tax.
After considering the differences between the old and new rules, taxpayers need to review agreements to determine if there is a shift in the accrual timing.
Read an August 2020 report [PDF 92 KB] prepared by KPMG LLP: What’s News in Tax: Advance Sales of Future Mineral Production May Be Taxed Sooner than You Think
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