The object of the Bill is to amend the Income Tax Act so as to:

1. increase the corporate income tax rate for mining operations from 0 per cent to 30 per cent;  
2. introduce a variable profit tax of up to 15 per cent for mining operations;
3. increase the corporate income tax rate for mineral processing from 30 per cent to 35 per cent;
4. limit the deduction of loses for mining operations to 50 per cent of taxable profit for each charge year; and
5. provide for matters connected with, or incidental to the foregoing.