The Financial Post reports in its Monday, Feb. 6, edition that the repeal of a U.S. anti-corruption "resource extraction rule," which passed Congress late last week, leaves Canadian firms with tougher reporting rules than their American peers.
The Post's Sunny Freeman writes that if and when President Donald Trump signs off, companies listed in the United States will no longer be required to disclose taxes and payments made to governments, a move at odds with rules in 30 other countries.
The rule was finalized in the twilight of Barrack Obama's presidency and slated to take effect next year.
However, under the rarely used Congressional Review Act, recently enacted rules can be overturned in 60 working days if both houses and the president sign off on it.
It has only been successfully used once before. Mining advocates and civil society groups alike told the Financial Post they are hopeful the move will not undermine global reporting standards. Publish What You Pay Canada director Claire Woodside says: "The majority of extractive companies with international operations have a listing on a market that is captured by the law. So by voting for this repeal, they're unlevelling the playing field."
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