Second National Reconcilation Study EITI Peru - unofficial…

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Consultancy for the Second National Reconciliation Study of the Extractive Industries Transparency Initiative (EITI) in Peru (2008 – 2010) (Continuation) VIII. Findings and final recommendations on the EITI-Peru Second National Reconciliation Study The findings of this second Study pertain to the objectives thereof, i.e. perform an independent analysis and contrasting review between the payments made to the Peruvian government by certain mining, oil and gas companies (voluntarily participating in this Study) operating in national territory, the revenues that various entities of the Peruvian government have received from such companies, and the distribution of these revenues on central, regional and local level during the 2008-2010 period , in compliance with the tax and non-tax obligations set forth in Peruvian applicable legislation. Furthermore, these recommendations aims at improving the collection and distribution reconciling process addressed in present Study. This Study has not included an analysis of the collection and distribution processes implemented by the companies and by public entities. . VIII.1 Findings VIII.1.1 Findings of the Reconciliation Study of payments made to the Peruvian government by the companies signed up to this Study and revenues received by government entities from such entities. ► In reconciling the Income Tax, we found no differences between payments reported by the companies and revenue collected as reported by SUNAT. ► In reconciling the Mining Royalties, we found minor differences in the years 2008, 2009 and 2010, which account for 0.009% of reconciled total in this sub-area and less than 0.001% of the reconciled total in this Study. ► In reconciling the Hydrocarbon Royalties, we found minor differences in the years 2008, 2009 and 2010, which account for 0,001% of reconciled total in this sub-area and less than 0.001% of reconciled total in this Study. ► In reconciling Validity Rights, we found differences pertaining mainly to payment reports of mining claims by companies who are not the owners thereof. Furthermore, we identified mining claims owned by companies signed up to the Study, according to which validity rights would have been paid by third parties. On the other hand, the differences also arise from the average exchange rates used to convert reported amounts to Peruvian new soles for reconciling purposes. The total net differences account for 3.939% of the total reconciled amounts in this sub-area and for less than 0.009 % of reconciled total in this Study Consultancy for the EITI Peru Multi-Sector Permanent Working Committee 154
Consultancy for the Second National Reconciliation Study of the Extractive Industries Transparency Initiative (EITI) in Peru (2008 – 2010) (Continuation) VIII.1.2 Findings of the Reconciliation Study of revenues received by government entities and the amounts distributed on a central, regional and local level Since the official information on distribution of the mining, oil and gas canons, the oil sobrecanon (royalty surtax) and mining royalties is prepared by the public entities in aggregate form and does not detail the amounts to be distributed on payments made by each contributing company , and since the 51 companies signed up to the Study do not account for 100% of the domestic production of the resources that they extract, the amounts distributed by company were recalculated and it was deemed reasonable that the results of such recalculation ( as applicable) be lower than or equal to the official amounts reported by the pertaining public entities (PCM and INGEMMET). This review showed that for the Mining Canon, Mining Royalties, Oil Canon and Additional Oil Canon and for the Gas Canon, recalculation results were lower than or equal to the amounts reported by the PCM, which is consistent with above mentioned methodology. On the other hand, regarding the reconciliation of the Validity Rights received by INGEMMET and the amounts distributed by INGEMMET on a central, regional and local level, this review determined that the amount distributed by INGEMMET in most cases accounts for 75% of the amounts received as provided by applicable regulations. A recalculation was not necessary, because such information was provided by INGEMMET for the companies signed up to the Study. VIII.1.3 Findings of the Reconciliation Study regarding participation of the companies signed up to the Study 51 companies of the Peruvian extractive sector (18 companies from the hydrocarbon subsector and 33 companies from the mining subsector) participated in this Second Reconciliation Study. This represents a 54.5% increase compared with the First Study conducted in 2009. Consultancy for the EITI Peru Multi-Sector Permanent Working Committee 155
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Product 3: Final Report Second Nati
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Lima, 13 December 2011 Mr José Lui
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Contents Executive Summary 9 I. Aim
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2.2.3. Establishing the distributio
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Consultancy for the Preparation of
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