Revenue Watch Commends Norway for Landmark Step in Transparency Reporting

Jan 21, 2010, 09:42 ET from Revenue Watch Institute

NEW YORK, Jan. 21 /PRNewswire-USNewswire/ -- The Revenue Watch Institute congratulated Norwegian officials and transparency campaigners today as the nation's Extractive Industries Transparency Initiative (EITI) issued its first report, publishing all payments of taxes and fees made by oil companies to the government in 2008.

The report makes Norway the first European and OECD country to issue payment figures in an EITI report, and marks the country's first disaggregated and reconciled tallying of tax revenues.

Revenue Watch Director Karin Lissakers said, "Norway has long been seen as a model resource rich country for its support of transparency and accountability. Today, the country continues its tradition of setting a high standard for responsible resource revenue management."

Including Norway, over 15 of the EITI's 30 implementing countries have now issued one or more official reports. Jonas Moberg, Head of the EITI Secretariat in Oslo, said that Norway's milestone report "sends a clear signal to other governments currently considering implementing the EITI, that all resource extracting countries can improve their transparency standards."

The Revenue Watch Institute (www.revenuewatch.org) is a non-profit policy institute and grantmaking organization that promotes the responsible management of oil, gas and mineral resources for the public good. With effective revenue management, citizen engagement and real government accountability, natural resource wealth can drive development and national growth. RWI provides the expertise, funding and technical assistance to help countries realize these benefits.

SOURCE Revenue Watch Institute



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