Reconciliation Principles

Reconciliation Principles

General

Reporting year: January 1 – December 31, 2016

This reconciliation does not express an opinion about the completeness of the payments received by the Government over the fiscal year 2016.

For reasons of transparency of the revenues received from the extractive industry, payments of a liability of a reporting company towards the Government can be made as:

  1. Payments in cash or
  2. Payments in kind or
  3. Payments by settlement of debts of the reporting company to the Government with claims on the Government.

Payments in cash (based on cash streams):

  • Paid by a reporting company and received by the Government and therefore reported by the Government;
  • Paid by a third party on behalf of the reporting company and received by the Government and therefore reported by the Government;
  • Paid by a reporting company to the Government but ceded by the Government to a third party are considered as settling normal payments of liabilities of the reporting company to the Government.

Payments in-kind:

  • Payments in-kind by a reporting company towards the Government are moreover based on mandatory agreements and should be reported by the Government or by a company that receives these in-kinds on behalf of the Government.

Payments by settlement (are non-cash streams):

  • Can be a settlement of debts to the government with claims on the government: within the reporting company; or
  • Can be a settlement of debts to the government of the reporting company with claims on the government from a third party.
2019-12-15T22:10:41-03:00Sunday 15 December 2019|EITI Suriname Report 2016|