• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 2 hours The United States produced more crude oil than any nation, at any time.
  • 3 hours China deletes leaked stats showing plunging birth rate for 2023
  • 4 days Bad news for e-cars keeps coming
  • 5 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

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. Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News