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ARTICLE · 15 JUNE 2015

Canada Enacts Extractive Sector Transparency Measures Act

McMillan LLP
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On June 1, 2015, the Extractive Sector Transparency Measures Act (the "Act") came into force, establishing "publish what you pay" standards for Canadian extractive businesses.

CanadaEnergy and Natural Resources

On June 1, 2015, the Extractive Sector Transparency Measures Act (the "Act") came into force, establishing "publish what you pay" standards for Canadian extractive businesses. As set out in section 6 of the Act, the purpose of the Act is to "implement Canada's international commitments to participate in the fight against corruption through the implementation of measures applicable to the extractive sector, including measures that enhance transparency and measures that impose reporting obligations with respect to payments made by entities." As a result, all businesses engaged in the commercial development of oil, gas or minerals in Canada or elsewhere that meet certain criteria1 are required to report payments such as taxes, royalties, fees, production entitlements and bonuses of $100,000 or more made to any level of government in Canada and abroad.

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