The materiality decision for reporting purposes, as decided by the MSG SEITI, is included in appendix B of this report.

MSG SEITI has concluded which payment flows to the Government of Suriname should be included in the EITI Report for fiscal year 2016.

The payment flows to the Government are further distinguished into Hydrocarbon sector and Mining sector.

Based on the Government payment structure the regular payments made to the ministries and Government departments in general are transferred or deposited at the bank accounts of these ministries and Government departments at the CBoS. The MOF, as a monetary authority, can inquire for information of other ministries and Government departments at the CBoS.

During the data collection phase MONR explained it cannot submit financial data such as payments received from the companies even though payments are made in favor of this Ministry. Since MONR does not have information about: payments made in its favor, records of payments made into its account at CBoS or from any other institution of the Government such as the ‘Centrale Betaaldienst’ (Central Payment Service/department of the Government), they are dismissed to report financial data for reconciliation purposes.

The reporting of payments made to MONR by the companies are reported by the MOF and reconciled with the financial data from the reporting companies. At Government level this does not affect the payment stream towards the Government nor the reconciliation itself.
Therefore, for the SEITI reporting 2016 the MOF is the only reporting entity of the revenues received by the Government from the companies.

Within the scope of the assignment we consider liabilities of a reporting company to the Government to be paid by means of:

  • cash payments or
  • non-cash payments as:
    1. settlements
    2. payments in-kind

Within the Government, it is possible that -with the permission of the MOF- the reporting companies can initiate settlements of liabilities to the Government with a claim on (outstanding balance with) the Government. These non-cash transactions are also included in the SEITI reporting of the companies. (see appendix 6). Excluding these settlements in the reporting would cause a distorted view of the Government’s actual receipts in general as well within the scope of the transparency principles.