The document is written for the purpose of implementation in Ukraine of international standards and practices of disclosure in the extractive industries in accordance with the Extractive Industries Transparency Initiative (EITI).

This implies, in particular, providing the public with access to complete and objective information on payments made by economic entities operating in the extractive industries.

Information must be submitted:

- enterprises that carry out activities in the extractive industries;

- parent companies in the extractive industries;

- payment recipients;

- Ministry of Energy and Coal Industry of Ukraine;

- State Service for Geology and Subsoil.

Extractive enterprises must submit to the Ministry of Energy and the Independent Administrator a report on payments in favor of the state in electronic or paper form and to place its e-version on its own web-site.

Also, enterprises must submit information on the terms of the agreements on the use of subsoil, together with appropriate extracts from such agreements.

The central executive body, which implements state policy in the field of geological study and rational use of subsoil (in Ukraine it is the State Service of Geology and Subsoil), must publish on its site information on:

- applications for special permits for the use of subsoil submitted by enterprises;

- issued special permits;

- agreements on conditions of use of subsoil are concluded.

Statement of payments for the benefit of the state shall be submitted annually no later than September 1 of the year following the reporting period. Reports must remain open to the public for at least three years from the date of disclosure. Minenergo has to place them within 30 days.

The information, promulgated by the bill, does not protect commercial secrets. Avoiding data disclosure may be punishable by two to five thousand tax-free minimums.

The fine may be imposed within 6 months from the date of detection of the violation, but not later than within 1 year from the date of its commission. The fine is paid within 2 months from the date of receipt of the decision on the imposition of a fine. It should be noted that the decision on the imposition of a fine is an executive document and, consequently, may be appealed.