Follow Us:
  Liberia Extractive Industries Transparency Initiative
  • Home
  • About LEITI
  • Companies
  • Documents
    • LEITI Reports
    • Contracts and Concessions
    • LEITI Summary Reports
    • Key Documents
    • Reporting Templates
    • Multi-stakeholder Steering Group (MSG)
    • Activity Reports
    • Companies Registration Form
  • Donors & Partners
    • Government
    • Development Partners
    • Civil Society
    • Private Sector
  • Media Center
    • News and Press Releases
    • Newsletter
    • Videos
    • Public Service Announcements
    • Photo Gallery
    • Jobs
    • Bids
  • Training
  • Current Releases

Brief overview of LEITI 3rd report

12/16/2012

0 Comments

 
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:

  • 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.
Total number of reporting companies increased from sixty-four (64) in LEITI Second Report to one-hundred-twenty-one (121) in the Third Report, accounting for 89.1% favorable change. Total revenue also increased from US$35,425,230 to US$71,896,113 during this period and accounts for 103% change.

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.

0 Comments



Leave a Reply.

    Archives

    December 2015
    June 2015
    May 2015
    March 2015
    December 2014
    October 2014
    September 2014
    July 2014
    June 2014
    February 2014
    January 2014
    November 2013
    October 2013
    July 2013
    June 2013
    May 2013
    April 2013
    February 2013
    December 2012
    November 2012
    October 2012
    May 2012
    February 2012
    December 2011
    May 2011
    February 2011
    May 2010
    February 2010
    October 2009
    September 2009
    July 2009
    May 2009
    April 2009
    March 2009
    February 2009

    Categories

    All
    Press Release

    RSS Feed

Powered by Create your own unique website with customizable templates.