Resource companies to publish reports of tax payments | KPMG | GLOBAL

Canada: Resource companies to publish reports of tax payments

Resource companies to publish reports of tax payments

Oil and gas companies and mining companies operating in Canada soon may be required to publish annual reports detailing tax and other payments they make to all levels of domestic and foreign governments.


Related content

These new reporting standards, once effective, would require significant systems and process changes to track reportable payments.

Legislation to enact these requirements was tabled in the House of Commons on 23 October 2014 as the Extractive Sector Transparency Measures Act. It is anticipated that these provisions will be enacted into law shortly.

The legislation does not list all expected information about how and when companies would comply with their reporting requirements or fully address the issues raised in consultation meetings with the industry. More details may follow in the form of regulations and guidance published by the government.

For example, the legislation does not indicate when companies would be required to start the reporting, though the government has previously stated that it intends to implement these rules by April 2015.


Read a November 2014 report prepared by the KPMG member firm in Canada: Resource Companies — Get Ready for Showtime

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor 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 on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Request for proposal