Companies Act 2014 section 1449

Interpretation

Section 1449 defines the key terms used throughout Part 26 of the Companies Act 2014, which deals with the obligation of certain extractive and logging companies to report payments they make to governments.

• The section defines what constitutes a "payment" to a government, covering items such as production entitlements, taxes on income or profits, royalties, certain dividends, bonuses, licence fees and payments for infrastructure improvements — whether made in money or in kind.
• It identifies the types of undertaking caught by these rules: mining or quarrying undertakings (those involved in exploration, prospection, discovery, development and extraction of minerals, oil, natural gas or other materials) and logging undertakings (those operating in primary forests).
• A "project" is defined as operational activities governed by one or more substantially interconnected contracts, licences, leases or concessions that give rise to payment obligations to a government.
• Any term used in Part 26 that also appears in Chapter 10 of the EU Accounting Directive carries the same meaning as in that Directive, unless the context requires otherwise.