ESTMA, Tax & Environmental Reporting

The Extractive Sector Transparency Measures Act (“ESTMA”) came into effect on June 1, 2015. ESTMA introduced new annual reporting and transparency obligations for the Canadian extractive sector and applies to payments made by oil, gas and mining companies (public and private) to foreign and domestic governments at all levels. All companies subject to ESTMA are required to report payments of over CDN $100,000 made to any level of a Canadian or foreign government, including royalty payments, taxes (other than consumption taxes and personal income taxes), fees, production entitlements, bonuses, dividends (other than ordinary dividends paid to shareholders), infrastructure improvement payments and other prescribed categories of payments.