Canada: Resource industry tax payments, final guidance on reporting

Canada: Resource industry tax payments

Oil and gas companies and mining companies operating in Canada now have the final version of guidance, technical specifications, and forms needed 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 1 June 2015.

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The reporting regime is administered by Natural Resources Canada (NRCan). A new website (launched in March 2016 by NRCan) provides information about the reporting regime, the enrollment and reporting forms, tools for businesses including information sheets, and the final guidance and technical reporting specifications. 

The final guidance expands upon the enrollment requirements for reporting businesses and attestation requirements for reports. The guidance also provides more information on the use of reports prepared for other jurisdictions to meet Canadian requirements, among other things. 

 

Read a March 2016 report [PDF 88 KB] prepared by the KPMG member firm in Canada: Resource Industry Tax Reporting — Ready, Set, Go

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