Extractive industries will be required to report payments to developing nations’ governments under an April 9 compromise between the EuropeanParliament and the EU member states.

European companies will be required to disclose full information on payments of more than $130,000 (€100,000) including taxes on profits, royalties, and license fees, on a country and project basis. The requirements are part of revisions to the EU’s accounting directive.

It applies to publicly listed or large privately held gas, oil and logging companies.

The agreement does not include requirements that companies report net profit and loss before tax in the country reports or payments to security forces.

“The agreement will bring in a new era transparency to an industry which if far too often shrouded in secrecy and help fight tax evasion and corruption as well as create the framework so both companies and governments can be held to account on the use of revenues from natural resources,” said EuropeanInternal Market Commissioner Michel Barnier.

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