Extractive Sector Transparency Measures Act Report 2016

As noted on the Natural Resources Canada website, the Extractive Sector Transparency 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 by requiring extractive entities active in Canada to publicly disclose, on an annual basis, specific payments made to all governments in Canada and abroad.

What needs to be reported?

Reportable payments to a payee must relate to the commercial development of oil, gas or minerals and total at least C$100,000 in one of these payment categories:

• Taxes (other than consumption and personal income).
• 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.

Extractive Sector Transparency Measures Act Report 2016

© 2017 Freegold Ventures Limited
All rights reserved.

Subscribe to our Email List