Transparency Reporting Regime for Resource Companies | KPMG | CA

Transparency Reporting Regime for Resource Companies Launched

Transparency Reporting Regime for Resource Companies

Canadian Tax Adviser, March 15, 2016. Oil, gas and mining companies operating in Canada now have the final version of the guidance, technical specifications and forms that they need in order to start reporting tax and other payments they make to Canadian and foreign governments under Canada's new reporting regime. Affected businesses must file reports for their fiscal years that begin after June 1, 2015.

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The reporting regime is administered by Natural Resources Canada (NRCan), which launched a new website on March 1, 2016 to make information about the reporting regime available. The website provides enrollment and reporting forms, along with tools for businesses. It also supplies information sheets and the final guidance and technical reporting specifications.

The final guidance on the site goes into detail regarding enrollment requirements for reporting businesses and lays out the attestation requirements for reports. The guidance also provides more information on the use of reports prepared for other jurisdictions to meet Canadian requirements.

However, there are still uncertainties concerning the guidance, some of which include a lack of clarity regarding:

  • Which initial processing activities would be classified as "commercial development of minerals"
  • Whether a non-Canadian resident parent's interest in a Canadian subsidiary business might be considered "assets in Canada", which could result in the parent being subject to reporting requirements.

For more information, contact your KPMG adviser.

Disclaimer

Information is current to March 15, 2016. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

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