• 3 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 6 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 11 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 14 minutes Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 1 hour Shale Oil Fiasco
  • 33 mins Everything you think you know about economics is WRONG!
  • 1 hour USA v China. Which is 'best'?
  • 14 hours Wallstreet's "acid test" for Democrat Presidential candidate to receive their financial support . . . Support "Carried Interest"
  • 7 mins Global Debt Worries. How Will This End?
  • 9 hours My interview on PDVSA Petrocaribe and corruption
  • 23 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 15 hours Quotes from the Widowmaker
  • 21 hours Petroleum Industry Domain Names

Securities and Exchange Commission Passes Key Tax Disclosure Ruling

The US Securities and Exchange Commission on Wednesday passed in a 2 to 1 vote a requirement for American oil and mining companies to disclose taxes and fees paid to foreign governments with the objective of fighting corruption.

Tied to the Dodd-Frank financial reform law and lauded by human rights and transparency groups, the requirement applies to over 1,000 companies doing business overseas.
Specifically, companies doing business with foreign governments will be required to disclose any payment over $100,000, including dividends and construction improvements, beginning in fiscal year 2014.

US companies affected by the requirement are balking, saying it will give the advantage to foreign companies who are not under the same disclosure regime. They claim this will stifle their operations in East Asia and Africa, for instance.

Industry lobbying efforts, however, have been in vain. 

The Commission also passed another ruling in a 3-to-2 vote, which will require companies to disclose the use in manufacturing of “conflict” minerals such as tin, gold and tungsten mined in the Democratic Republic of Congo (DRC) to shareholders and the Commission.

Industry majors are uncertain whether these new requirements would be retroactive in any way, or whether they would mean revealing past secrets.

By. Jen Alic of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play