June 12 (Bloomberg) -- Canada said it will require mining and energy firms to report payments they make to governments.
The new system “will seek to enhance transparency and accountability around material payments by extractive companies to all levels of governments domestically and internationally, including taxes, license fees and other receipts,” the office of Prime Minister Stephen Harper said today in a statement issued in London.
The move is “in keeping with” efforts by the U.K. to promote transparemcy at the summit of Group of Eight leaders in Northern Ireland next week, the government said in the statement.
Canada will consult with industry, the country’s provinces and other stakeholders “over the coming months” before implementing the system, it said.
Harper is in London today on an eight-day trip during which he will attend the G8 summit..
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