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toubab1020
12240 Posts |
 Posted - 17 Feb 2019 : 13:54:05
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"....an outstanding balance of 4.6m as at year end for all the funds, both of which could not be justified with adequate supporting documents."
What NO PAPER TRAIL 
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By Juldeh Njie 15/02/2019
Auditors from DT Associates, a private independent auditing firm, lamented inconsistencies in the administration of the Corporation’s taxes, particularly on Corporate Income Tax.
They made these findings during their test of the corporation’s compliance status on Tax and other statutory obligations.
Presenting their observations for the year ended 31st December 2016 on tax issues before the Public Enterprise Committee, Aji Penda Sankareh, auditor, DTA Associates, said over the past three years the Corporation has been making quarterly payments to the Gambia Revenue Authority (GRA) referred to as Royalties computed as 1.5% of each Fund’s Quarterly Gross Turnover and remitted to GRA before the due date for filing of CIT Advance payments.
She said: “Justification for the Royalty payment was not provided for the Income and Value Added Tax Act 2012 or the SSHFC Act 2015. Neither was there documentary evidence in the form of an agreement between government, GRA and SSHFC.”
She said for the period under review, a total of D9.9m was paid to the revenue authority with an outstanding balance of 4.6m as at year end for all the funds, both of which could not be justified with adequate supporting documents.
“The implications for the payment of royalties to GRA without adequate supporting documents is quite an exposure in terms of liquidity, effective control and monitoring of financial transactions and above all Fund Management.”
She said with all the inconsistencies mentioned, the management should engage the revenue authority for a discontinuity on the payment of Income Tax.
“The corporation should consider obtaining a written representation from the Revenue Authority should any other decision be reached different from the above to serve as reference for any future queries,” she concluded.
In response, Abdoulie Cham, director of finance and investment, said they have noted the observation and recommendations made by the auditors.
“We are pleased to inform you that the Corporation engaged GRA and we were able to obtain a formal exemption from all royalties’ tax payments.”
Meanwhile, their findings also revealed inconsistencies in the construction of housing units and infrastructure in the Kanilai housing project.
“We were informed that the project was financed on behalf of Government of the Gambia, however, we were not provided with documentary evidence confirming the legality of the arrangement or legal ownership of the project,” she revealed.
https://standard.gm/?p=53020
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"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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Momodou
Denmark
11516 Posts |
Posted - 17 Feb 2019 : 18:38:07
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It’s unbelievable they are doing auditing of three years ago now. There were rumors of a big corruption case involving top officials including the current financial director and former housing director and general manager regarding the housing estates were each was supposed to take two digit millions meant for road constructions.
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A clear conscience fears no accusation - proverb from Sierra Leone |
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toubab1020
12240 Posts |
Posted - 21 Feb 2019 : 13:13:31
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Thursday, February 21, 2019
After a thorough review of the activity and financial statements of the Social Security and Housing Financial Corporation (SSFHC) for the years ended 2015, 2016 and 2017, the Select Committee of the Public Enterprise Committee has adjourned the SSHFC reports to a later date.
This move is also meant to enable the said committee to hear the opinions of other interested parties before they finally come to the adoption of the report and financial statement.
Speaking shortly after the adjournment of the reports, Halifa Sallah, chairperson of the Public Enterprise Committee (PEC) and member for Serrekunda Central, said the management of SSHFC has clearly indicated in the conclusion of their activity report that they would invite the intervention of the committee to review the debts owed by public enterprises to the Corporation, which they claimed is more vital, but has been incurred due to directives for them to give those loans.
“So currently we are trying to recover those loans either through the judicial system or executive negotiation or maybe through some form of legislative oversight,” he added.
The Serrekunda Central lawmaker said in that regard, the owners of these monies must also have a say since they are represented on the board.
“We are in discussion with the management as to the best way that we can have their voices reflected in our report by their involvement. Through our discussion, I have seen that would be an interest that could enrich the whole view of things and in that regard, we decided that the best thing is to adjourn to a later date, so that they would invite those concerned to hear their opinion. And we also see the steps and maybe make recommendations”.
Hon. Sallah maintained that it is necessary to give the institution what it requires by ensuring that those who owed the institution are able to deliver.
This, he stated, will also enable them know exactly how to function independently, saying that move constitutes the basics for which they stood down to engage in consultation on the way forward.
The interest of this institution, he went on, is so vital in the eradication of poverty in the country.
Author: Njie Baldeh
http://thepoint.gm/africa/gambia/article/pec-defers-sshfc-for-scrutiny |
"Simple is good" & I strongly dislike politics. You cannot defend the indefensible.
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SSHFC Audit
