Global

Details

  • Service: Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 3/25/2014

Canada - Demanding reporting standards for oil, gas, mining companies 

March 25:  Oil and gas and mining companies operating in Canada may have to act quickly to meet rigorous new financial and tax transparency reporting standards that could be in place as early as next year.

Natural Resources Canada recently released a consultation paper on proposed mandatory reporting standards for Canadian extractive companies. Under these new reporting requirements—to be established by June 2015—companies would be required to publish annual reports containing details of specific financial and tax-related cash payments to all levels of domestic and foreign governments, including Aboriginal entities.


The new reporting standards may require significant systems and process changes to track reportable payments.


Read a March 2014 report prepared by the KPMG member firm in Canada: Extractive Companies Should Act Now To Meet New Transparency Requirements




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