Mozambique has just produced the first reconciliation of payments and receipts report under the Extractive Industry Transparency Initiative (EITI), entirely guided by the new transparency standard, approved in May 2013.
The new standard of transparency requires that the report include, in addition to the fiscal and non-fiscal contributions of companies, contextual information on the extractive industry, specifically: the legal framework and fiscal regime applicable to resource exploitation, its contribution to the economy national, State participation in projects, allocation and registration of licenses, beneficiary ownership of licenses/projects, efforts aimed at transparency of contracts, production data, exports, prices and fees for transporting resources, as well as revenue allocations, social investments and guarantees granted by the State for the purpose of financing a project, among other elements.
