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EXTRACTIVE SECTOR TRANSPARENCY MEASURES ACT
The Extractive Sector Transparency Measures Act (“the Act”) was enacted on December 16, 2014, and brought into force on June 1, 2015. The Act delivers on Canada’s international commitments to contribute to global efforts to increase transparency and deter corruption in the extractive sector. The Act requires extractive entities active in Canada to publicly disclose, on an annual basis, specific payments made to all governments in Canada and abroad.
The Act applies to entities that are subject to Canadian law and engaged in the commercial development of oil, natural gas or minerals. The payments that are reported are those of C$100,000 or more and within specific categories of revenue streams commonly associated with exploration and extraction of oil, natural gas or minerals.
Payments under the Act must be reported if they total, as a single or multiple payments, C$100,000 or more within one of the following seven categories:
- Taxes (other than consumption taxes and personal income taxes).
- Royalties.
- Fees (including rental fees, entry fees and regulatory charges, as well as fees or other consideration for licences, permits or concessions).
- Production entitlements.
- Bonuses (including signature, discovery and production bonuses).
- Dividends (other than dividends paid to payees as ordinary shareholders).
- Infrastructure improvement payments.
For further information please refer to the Natural Resources Canada website.