• 4 minutes Get First Access To The Oilprice App!
  • 7 minutes Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 11 minutes Japanese Refiners Load First Iran Oil Cargo Since U.S. Sanctions
  • 13 minutes Oil prices forecast
  • 2 mins Renewables in US Set for Fast Growth
  • 7 hours Oceans "Under Fire" Of Plastic Trash
  • 1 hour Chinese FDI in U.S. Drops 90%: America's Clueless Tech Entrepreneurs
  • 11 hours Is Natural Gas Renewable? I say yes it is.
  • 13 hours Making Fun of EV Owners: ICE-ing Trend?
  • 12 hours Emissions from wear of brakes and tyres likely to be higher in supposedly clean vehicles, experts warn
  • 3 hours North Sea Rocks Could Store Months Of Renewable Energy
  • 3 hours Cheermongering about O&G in 2019
  • 1 hour Socialists want to exorcise the O&G demon by 2030
  • 22 hours Algorithms Taking Over Oil Fields
  • 12 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 1 day Europe Slipping into Recession?
  • 19 hours Orphan Wells
How Much Further Can Venezuela’s Oil Production Fall?

How Much Further Can Venezuela’s Oil Production Fall?

With the re-inauguration of Maduro,…

Papua New Guinea Clans Unite Against Exxon

Papua New Guinea Clans Unite Against Exxon

Disgruntled Papua landowners are standing…

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