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LEITI Reconciliation for the year 2012-2013 Stakeholder Workshop Monrovia, 5 June 2016
Content LEITI Reconciliation for the year 2012-2013 Stakeholder Workshop The reconciliation process The reconciliation scope Reporting templates and instructions Lessons learnt from the previous reconciliation reports Reconciliation issues 2
The reconciliation process LEITI Phase II Phase IV Phase I Phase III Phase V Reconciliation for the year 2012-2013 Stakeholder Workshop Capacity building Reconciliation and analyses of discrepancies Preliminary analysis & scoping Data collection Reporting EITI Report Inception report Progress report 3
The reconciliation process LEITI Activities Reconciliation for the year 2012-2013 Stakeholder Workshop Understand the size of the extractive industry in Liberia and payment streams between extractive companies and Government Agencies Determine which extractive companies and Government Agencies are to be included in the reconciliation exercise Determine the list of taxes, fees and charges to be included in the reconciliation exercise Update the reporting template Conduct a training workshop for all stakeholders 4
The reconciliation process LEITI Activities Reconciliation for the year 2012-2013 Stakeholder Workshop Dispatch the reporting package to extractive companies and Government Agencies Reconcile all data submitted by extractive companies and Government Agencies Identify and analyse discrepancies between reported amounts Justify and explain if possible the discrepancies and operate the necessary adjustments Produce the LEITI report 5
The reconciliation scope Extractive companies LEITI Reconciliation for the year 2012-2013 Stakeholder Workshop 75 extractive companies are included in the reconciliation process and will be required to submit a reporting template Nber of Materiality Sector companies threshold (USD) 4 200,000 50,000 50,000 40,000 Oil & Gas Mining Forestry Agriculture 41 17 13 The detailed list of extractive companies will be included in the instructions to reporting entities. The remaining extractive companies are selected by the MSG to be part of the EITI scope through unilateral disclosure of government agencies. 6
The reconciliation scope Government agencies LEITI Reconciliation for the year 2012-2013 Stakeholder Workshop 9 Government Agencies will requested to send reporting templates for the receipts they collected from the extractive companies: Government Agency Liberia Revenue Authority - LRA Ministry of Lands, Mines and Energy - MLME Forestry Development Agency - FDA National Port Authority - NPA National Oil Company of Liberia NOCAL Ministry of Agriculture - MoA Liberia Maritime Authority - LMA Liberia Civil Aviation Authority - LCAA Environmental Protection Agency - EPA 7
Reporting Templates Content LEITI Reconciliation for the year 2012-2013 Stakeholder Workshop New format, with introduction of new templates Only one Reporting Template for Taxpayers and Government Agencies Supporting schedules compulsory Audited templates compulsory Instructions for completing Reporting Templates 8
Reporting Templates Summary of ReportingTemplates LEITI Reconciliation for the year 2012-2013 Stakeholder Workshop Extractive companies Government Agencies N Reporting templates 1 Data Sheet ALL N/A 2 Payment/Receipt Report ALL ALL 3 Payments Flow Detail ALL ALL 4 Social Payments Detail ALL N/A 5 Production Detail ALL MLME 6 Exportation Detail ALL LRA (Customs) 9
Reporting Templates Data Sheet Full legal name of the company TIN Date of establishment LEITI Reconciliation for the year 2012-2013 Stakeholder Workshop Company's Capital (in USD) Contact address (registered office for legal entities) No. Snr. Mgt. Position Aggr. Annual Salary Male Female Average number of direct domestic employees Average number of direct foreign employees Average number of direct employees Employment 2013 0 Core business Secondary activities Code Type Resources Area (ha) Location Active Licenses Yes/No (The soft copy of the audited financial statements should be submitted along with the reporting templates) Please state if the 2013 financial statements have been audited Name of the 2013 financial statements Auditor 10
Reporting Templates Payment/Receipt Report LEITI Paid/Received Amount Government Agency Reconciliation for the year 2012-2013 Stakeholder Workshop Ref. Type of payment/Revenue Comments USD LBD 1 Signature Fees/Signing Bonus LRA 2 Corporate Profits Tax / Turnover Tax LRA 3 Personel Income Witholding LRA 4 Non-Resident Witholding LRA 5 Board Fees Witholding LRA 16 Other administrative fees All 44 Other significant payments (> 10,000 USD) All Total direct payments - - Social Payments USD LBD 45 Corporate Social Responsibility In kind payments Value/cost of the contribution 46 Corporate Social Responsibility cash payments Total social payments - - 11
Reporting Templates Payment/Receipt Report LEITI Reconciliation for the year 2012-2013 Stakeholder Workshop 1. [Name] [Volume] Tonnes [Value] USD 2. Tonnes USD 47. Type of mineral/product extracted 3. Kg USD 4. Tonnes USD USD .. . 1. [Name] [Volume] Tonnes [Value] USD 2. Tonnes USD 38. Type of mineral/product sold/exported 3. Kg USD 4. Tonnes USD USD .. . 12
Reporting Templates Supporting Schedule LEITI Payment Flow Detail Reconciliation for the year 2012-2013 Stakeholder Workshop Receipt No. Tax Kind / Type Tax Code Amount USD Amount LBD Period Start Period End Date Comments Social Payment Detail Cash Payments In Kind payments (Projects) Legal basis of the payment (Ref to the agreement, Act, ..) if applicable Purpose of payment ("Resettlement" or "Sustainability") Beneficiary ID Beneficiary Location Project cost incurred during 2012-2013 Amount (USD) Date Description 13
Reporting Templates Supporting Schedule Production Detail LEITI Reconciliation for the year 2012-2013 Stakeholder Workshop Mine output /Commodity Project/Mine Unit Jan Feb Exportation Detail Mine output /Commodity Jan Feb Commodity X volume (Unit) Commodity X Value (USD)
Instructions for completing reporting templates Payments et contributions to be included LEITI Reconciliation for the year 2012-2013 Stakeholder Workshop Payment flows and contributions made during the period of reconciliation: Financial flows: Payments and contributions 1 July 2012 30 June 2013 The date to be considered is the one recorded on the official receipt. 15
Instructions for completing reporting template Payments et contributions to be included LEITI Reconciliation for the year 2012-2013 Stakeholder Workshop Payments carried out by the company i.e. with the same Tax Identification Number Extarctive companies : Payments made to the 9 Government Agencies Government Agencies: Payments received from all extractivecompanies 16
Instructions for completing reporting template Payments and contributions to be excluded LEITI Reconciliation for the year 2012-2013 Stakeholder Workshop Payment flows made outside the reconciliation period Taxes accrued and not paid during the period under review 17
Instructions for completing reporting template Supporting schedule LEITI Reconciliation for the year 2012-2013 Stakeholder Workshop Supporting schedules should be prepared for all figures reported in the Payment/Receipt Report using the format provided in the Reporting Template The total of the supporting schedules should agree with the total of the Payment/Receipt Report If more convenient, the supporting schedules can be prepared in another format or be in the form of computer print outs or typed lists. However, they must contain the same information 18
Instructions for completing reporting template Payment receipt LEITI Reconciliation for the year 2012-2013 Stakeholder Workshop All figures included in the reporting template and supporting schedules must be calculated on a strict cash basis Originals or copies of official receipts are not requested with the reporting template Official receipts should be made available in case further investigations are needed 19
Instructions for completing reporting template LEITI Government agencies Reconciliation for the year 2012-2013 Stakeholder Workshop Government Agencies should prepare a separate reporting template for each extractive companies Government agencies treating with a specific sector are required to establish reporting template only for the entities belonging to this sector For companies which did not carry out payments during 2012-2013, Government Agencies are required to send a nil reporting template 20
Instructions for completing reporting template LEITI NOCAL Reconciliation for the year 2012-2013 Stakeholder Workshop NOCAL should submit two types of templates: The first template for payments made to Government Agencies. NOCAL will have to report all the payments and transfers made to the government agencies (one template) The second type of templates for payments flows received from Oil & Gas companies. NOCAL will have the status of State Owned Company and should submit separate template for each Oil company 21
Instructions for completing reporting template Attestations LEITI Reconciliation for the year 2012-2013 Stakeholder Workshop Each template/supporting schedule must be signed off by Board level or senior level manager of extractive company / Government Agency Reporting template must be certified by an External Auditor : Extractive companies : Registered External Auditor Government Agency: The Auditor General The Auditor General is required to provide his certification applying agreed upon procedures based on international standards Audited financial statements should be submitted by extractive companies 22
Lessons learnt from previous reconciliation reports LEITI Some stakeholders did not submit accurate data Reconciliation for the year 2012-2013 Stakeholder Workshop The deadline set for submission of reporting templates was not respected Taxpayers had some problems categorising the taxes and this led to several misclassifications in the reporting templates submitted Some payments reported by extractive companies were accrued amounts and not cash payments Several payments reported only in USD while the corresponding receipts were issued in Liberian Dollar. Discrepancies arose due to exchange differences Lack of communication following the submission of reporting template. Difficulties to resolve discrepancies 23
Reconciliation issues Importance of appointing the appropriate person to prepare the reporting template (Accounts Officer, Tax Officer) LEITI Reconciliation for the year 2012-2013 Stakeholder Workshop Importance of using correct company name Importance to contact Auditors in order to plan their intervention before the deadline Importance to coordinate wit the Auditor for the certification of reporting templates 24
Reporting Template LEITI Submission Reconciliation for the year 2012-2013 Stakeholder Workshop Please provide your email addresses and contact details in the attendance sheet. For any information or enquiries please contact us on: leiti@moorestephens.com 25
Dispatch of the Reporting Package LEITI Importance of sending soft copies of reporting template on time : Friday 19 June 2015 Reconciliation for the year 2012-2013 Stakeholder Workshop Soft copies (in Excel, not PDF) to be emailed to: leiti@moorestephens.com Scanned copy of the audited financial statements to be emailed to leiti@moorestephens.com Certified hard copies with original signatures to be sent in sealed envelope to LEITI Reconciler no later than Friday 19 June 2015: Liberia Extractive Industries Transparency Initiative Secretariat (LEITI) Old Bureau of the Budget Building Capitol Hill Monrovia, Liberia 26
LEITI Reconciliation for the year 2012-2013 Stakeholder Workshop Questions?
