EITI glossary

An external, independent evaluation mechanism, undertaken by a Validator procured by the International Secretariat. It is intended to provide all stakeholders with an impartial assessment of whether EITI implementation in a country is consistent with the EITI Standard. The Validation report will also address the impact of the EITI, lessons learned in implementing the EITI, as well as any concerns stakeholders have expressed and recommendations for future implementation of the EITI.

A report that is compiled by an independent validator assessing the country’s progress in implementing the EITI against the EITI Requirements.

A tax applied to each stage of the manufacture and sale of a product or service. For short: VAT. The rules for a VAT system are specified at country level and differ between countries. Typically, the VAT that the company pays on goods can be offset against any VAT it charges on the sale of goods or the provision of services. The difference is paid to (or received from) the government. Export of oil and gas is usually exempt from VAT.

Value added tax: a tax applied to each stage of the manufacture and sale of a product or service. The rules for a VAT system are specified at country level and differ between countries. Typically, the VAT that the company pays on goods can be offset against any VAT it charges on the sale of goods or the provision of services. The difference is paid to (or received from) the government. Export of oil and gas is usually exempt from VAT.