Second National Reconcilation Study EITI Peru - unofficial…

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Consultoría para la Elaboración del Segundo Estudio Nacional de Conciliación de la Iniciativa de Transparencia para las Industrias Extractivas (ITIE) en el Perú (2008 – 2010) (continuación) With the exception of income tax, in all cases reconciliation was conducted on the basis of sums declared and paid by the companies. In the case of income tax, reconciliation was conducted on the basis of sums declared annually to SUNAT. There were two reasons for this: • Payment of income tax is not effected in one single action as is the case for the other payments. In this case, companies make monthly payments on account, annual adjustments of income tax and credit applications, among other procedures. It is therefore more efficient to conduct the review on the basis of the total declared. This is ultimately the same as the total paid over time. • The distribution of income tax in the form of a mining canon is effected on the basis of the totals declared annually to SUNAT by companies using the Annual Sworn Declaration. The scope of our work was limited to the areas indicated in the preceding paragraphs. Conclusions of the Reconciliation Study regarding payments made to the Peruvian State by the companies signed up to this Study and the revenues which the State entities received from those companies The final outcomes of the Reconciliation of the payments made to the Peruvian State by the companies signed up to this Study and the revenues which the State entities received from those companies are set out below. • In the case of income tax Reconciliation, we did not find any discrepancies between the payments effected by the companies which have signed up and the revenues received by the State institutions. • In the case of the mining royalties, we identified a discrepancy of S/.110,764 [S/. being Peruvian nuevos soles] from a total of S/.1,249,024,351, for the period 2008 – 2010. This represents 0.009% of the total mining royalties reconciled. In comparison with the total collected in the Second Study, a sum of S/.31,704,457,467, the aforesaid discrepancy represents less than 0.001%. • In the case of hydrocarbons royalties, we identified a discrepancy of US$14,558 from a total of US$2,824,038,049, for the period 2008 – 2010. This represents 0.001% of the total reconciled. In comparison with the total collected in the Second Study, a sum of S/.31,704,457,467, the aforesaid discrepancy represents less than 0.001% • In the case of validity rights, we identified a discrepancy of US$942,359 from a total of US$23,924,029, for the period 2008 – 2010. This represents 3.939% of the total reconciled. In comparison with the total collected in the Second Study, a sum of S/.31,704,457,467, this inconsistency represents less than 0.009%. These discrepancies mainly represent reported payments relating to 'mining denouncements' (notice of discovery) on the part of companies which do not register ownership of the mines in question. Similarly, we identify mining denouncements in the name of companies which are signed up to the Study where the validity rights would have been paid by third parties. Additionally, discrepancies also correspond to the use of average exchange rates for converting the figures given in Peruvian currency, nuevos soles, for reconciliation purposes. Consultoría para la Comisión Multisectorial Permanente de la ITIE Perú 12
Consultoría para la Elaboración del Segundo Estudio Nacional de Conciliación de la Iniciativa de Transparencia para las Industrias Extractivas (ITIE) en el Perú (2008 – 2010) (continuación) Conclusions of the Reconciliation Study regarding revenues collected by State institutions and the sums distributed at central, regional and local level Official information on the distribution of the mining, oil and gas canon, oil sobrecanon (royalty surtax) and mining royalties is prepared by State institutions in aggregated form and without a breakdown of the amounts for distribution in terms of payment by contributing company. Furthermore, the 51 companies signed up to the Study do not represent 100% of national production of extracted resources. Given these two facts, the figures for distribution by company were recalculated. It was considered reasonable that the results of the aforesaid recalculations should be less than or equal to, depending on the case, the official figures reported by the respective public institutions, PCM and INGEMMET. This recalculation yielded the following results: in the case of the mining canon, mining royalties, oil canon and sobrecanon, and gas canon, the recalculations were less than, or equal to, the figures reported by the PCM, consistent with the methodology explained in the paragraph above. Additionally, with regard to the Reconciliation of the validity rights collected by INGEMMET and the totals distributed by the aforesaid institution at central, regional and local level, it was established that the sum distributed by INGEMMET, in the majority of cases, represents 75% of the sums collected, as stipulated in its regulations. The distribution did not need to be recalculated as INGEMMET presented the data in question in terms of the companies signed up to the Study. Conclusions of the Reconciliation Study regarding the participation of the companies signed up to the Study This Second Reconciliation Study achieved participation by 51 companies in the Peruvian extractive industry sector: 18 companies from the hydrocarbons subsector and 33 companies from the mining sector. This represents an increase of 54.5% in comparison with the First Study conducted in 2009. Conclusions of the Reconciliation Study regarding the levels of materiality established in the Terms of Reference of the Second National Reconciliation Study of EITI Peru In the current Study, it can be observed that the materiality thresholds have been reached in terms of national production volumes by subsector, as established in the Terms of Reference. Specifically, this means greater than 75% in the case of the mining subsector: 86.94% in 2008, 84.41% in 2009, and 83.42% in 2010. In the case of the hydrocarbons sector, the figures are: 88.06% in 2008, 89.73% in 2009, and 90.33% in 2010. Similarly, the participation was gained of all companies with a production rate exceeding 2% of national production volumes in the case of the mining and oil subsectors, and 1% in the case of the gas subsector. Consultoría para la Comisión Multisectorial Permanente de la ITIE Perú 13
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Page 3 and 4: Lima, 13 December 2011 Mr José Lui
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