The Third Report of the Liberia Extractive Industries Transparency Initiative (LEITI) covering the period July 1, 2009 up to and including June 30, 2010 was published on December 16, 2011. The report contains payments data supplied by seventy-one (71) companies and revenues data supplied by five (5) agencies of Government. A total amount of US$69,720,697 was reported by the seventy one companies as combined payment of taxes, royalties, land/surface rental and other administrative fees, while the five agencies of the Government reported total receipts of US$71,896,113.
Total net difference of US$2,175,416 or 3% of total receipts shows that the Government reported more revenues than payments declared by the seventy-one (71) reporting companies. The net discrepancy can be traced to fifty (50) companies for which the Government reported receipts, but those companies did not submit payment data to the Reconcilers. The distribution of the discrepancy by categories is:
The LEITI is an autonomous agency of the Government of Liberia. It was established by an Act of the Legislature as a partnership involving the Government of Liberia, the Private Sector, and the Civil Society of Liberia. It is supported by the Government of Liberia and Liberia’s development partners. The LEITI seeks to ensure transparency over payments to, and revenues received by, the Government of Liberia in connection with the operations of all oil, mining, logging, and agriculture companies operating in the country. The work of the LEITI consists of regular disclosure, audit/reconciliation, and publication of all material payments made by oil, mining, logging and agriculture companies (“Companies”) to the Government, and all material revenues received by the Government from the above-mentioned companies. A critical component of the LEITI work program is the comprehensive and reliable reconciliation and/or audit of the payment and revenue data provided by both the Companies and the Government. The LEITI process also calls for massive and public dissemination of the EITI reports.
Total net difference of US$2,175,416 or 3% of total receipts shows that the Government reported more revenues than payments declared by the seventy-one (71) reporting companies. The net discrepancy can be traced to fifty (50) companies for which the Government reported receipts, but those companies did not submit payment data to the Reconcilers. The distribution of the discrepancy by categories is:
- Companies that were active at the time of the third report but did not submit payment data to the Reconcilers. Pit Sawers and Small Scale Miners account for US$1,868,011 or 86% of the net discrepancy.
- Companies that discontinued their operations prior to the preparation of the Third Report account for US$324,758 or 15% of the net discrepancy.
- Companies that submitted payment data but had differences between their payments and receipts declared by the Government on their behalf account for US$17,327 or -1% of the net discrepancy.
The LEITI is an autonomous agency of the Government of Liberia. It was established by an Act of the Legislature as a partnership involving the Government of Liberia, the Private Sector, and the Civil Society of Liberia. It is supported by the Government of Liberia and Liberia’s development partners. The LEITI seeks to ensure transparency over payments to, and revenues received by, the Government of Liberia in connection with the operations of all oil, mining, logging, and agriculture companies operating in the country. The work of the LEITI consists of regular disclosure, audit/reconciliation, and publication of all material payments made by oil, mining, logging and agriculture companies (“Companies”) to the Government, and all material revenues received by the Government from the above-mentioned companies. A critical component of the LEITI work program is the comprehensive and reliable reconciliation and/or audit of the payment and revenue data provided by both the Companies and the Government. The LEITI process also calls for massive and public dissemination of the EITI reports.
RSS Feed
