The Minister of Finance and Budget presented the bill relating to the distribution and supervision of the management of revenues from the exploitation of hydrocarbons. According to Abdoulaye Daouda Diallo, it comprises 23 articles divided into 5 chapters. Mr. Diallo specified that the text prohibits any early transfer of revenues from hydrocarbons and any mortgage so as to ensure the sustainability of resources.
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It also provides for the full budgeting of revenues from operations and the rendering of accounts for all actions taken in the management of these revenues. In addition, the bill provides for revenue compensation according to three destinations. Thus, 90% of the projected revenues, each year, will be paid into the general State budget to finance investments, particularly in education, infrastructure, support for SMEs, etc. ; the remaining 10% will go to the Intergenerational Fund. Abdoulaye Daouda Diallo informs that the surplus revenue noted at the end of each quarter, resulting from the difference between the projected revenue and the revenue actually collected, will constitute the stabilization fund.
In order to endow this stabilization fund with sufficient resources for the first six years of production, from 2023, he said, a committee of experts will propose a percentage of the revenues that will be used to fuel it.
“The revenues in question are in particular the corporate tax paid by companies which exploit hydrocarbons, the share of the State in the oil profit and the dividends that Petrosen will have to pay to the State. Added to this are the taxes on dividends paid by international companies and all other duties and taxes resulting from the exploitation of hydrocarbons, ”said the head of Finance. “The intergenerational fund and the stabilization fund are respectively intended to keep savings available for future generations and to protect Senegal from the risks of volatility in hydrocarbon prices, particularly from international markets over which Senegal has no control” , notes the Minister of Finance and Budget.
“All the measures have been taken by the State to establish an adequate budgetary framework, making it possible to ensure that the Senegalese people, owner of the revenues from oil and gas, derive all the benefits, under your enlightened leadership and your guidance. », Reassures Mr. Diallo.
Adou FAYE
Source : https://www.lejecos.com/Encadrement-de-la-gestion-…
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