Photo from UNIAN
Ukrainian President Petro Poroshenko signed the extractive industries transparency law, obliging the extractive companies to make public their income, generated from extraction of natural resources, and the amount of taxes paid, according to the presidential press service.
The law was adopted by the Verkhovna Rada on June 16, 2015.
"In particular, the law instructs subsoil users and holders of special permits for the use of oil and gas bearing subsoil to provide and disclose information on the amount of paid state and local taxes, duties and other payments, as well as on production (economic) operations, in accordance with the procedure approved by the Cabinet of Ministers," the statement reads.
Also, under the law, the authorities exercising control and supervision over the geological research of mineral resources, their use and protection, should provide and disclose information regarding the conditions of the fields.
In addition, according to the law, the Cabinet of Ministers should adopt, within two months from the date of the law's entry into force, procedures for ensuring transparency in extractive industries by facilitating transition to new reporting procedures by subsoil users in Ukraine, according to international standards .
UNIAN’s memo. Extractive Industries Transparency Initiative is a global standard to promote open and accountable management of natural resources that is implemented in 46 countries. One of the main requirements of the Initiative is to prepare an annual report on payments carried out by the company and the income related to development of national natural resources.