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EU Parliament Adopts New Transparency Rules for Oil, Gas and Mining Companies

June 13th, 2013

pwyp_foee_ft_advert_nov2012_banner_2Ahead of the G8 Summit, the European Parliament adopted new transparency rules to require oil, gas, mining and logging companies to declare corporate payments to governments in countries where they operate – much like the Dodd-Frank Act Section 1504. At the G8 summit, leaders of the wealthiest nations are to consider reporting requirements for all multinational corporate payments made to governments. This kind of “country-by-country” reporting of profits and taxes can stem corporate tax avoidance to both poor and wealthy nations.

Eric LeCompte, Executive Director of Jubilee USA Network, a faith-based antipoverty organization, released the following statement:

“Hats off to the European Union for promoting transparency and corporate accountability. Let’s hope it inspires ministers at the upcoming G8 meetings to curb corporate tax avoidance and promote transparency for all multinationals.

“The faith community believes that corporate tax avoidance constitutes a theft from the world’s poorest and most vulnerable people. When the G8 addresses this issue in Northern Ireland, they can have a real impact on global poverty.

“It’s clear that the G8 host, UK Prime Minister David Cameron, wants multinational corporate tax avoidance to be addressed. Hopefully he’ll take the energy from the EU to the G8. We’ve got to act as every year poor countries lose more to tax dodging than they receive in aid.”

Read the EU transparency rules here.

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