Oil and gas and mining companies operating in Canada may want to review and comment on two consultation papers recently released by Natural Resources Canada. These papers provide guidance and technical specifications for annual reports on tax and other payments that resource companies make to Canadian and foreign governments under the new Extractive Sector Transparency Measures Act.
Natural Resources Canada created this material to provide further guidance on the information that must be included in the tax reports that resource companies will have to file for their fiscal years that begin after 1 June 2015. The deadline for comments on the consultation papers is 22 September 2015.
The consultation papers include two documents and templates for the reporting forms. These documents clarify some issues that remained unclear after the reporting regime became law earlier this year. These issues include the format to use in preparing the tax reports and the effect of the reporting rules on foreign parent companies with Canadian subsidiaries.
Read an August 2015 report prepared by the KPMG member firm in Canada: Resource Companies — Drill Down into New Tax Reporting Regime
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