Cft grants budget submission extension

POSTED: 09/13/12 1:16 PM

St. Maarten – In two separate letters, the board for financial supervision Cft has requested information on all companies that are government owned and a definition on what the government considers to be the collective sector on St.Maarten.

Finance Minister Roland Tuitt said that in so far as government owned companies are concerned, government will provide their financial statements immediately.

However, with regard to the collective sector, the government will have to rely on the Foundation Government Accountants Bureau (Soab).

“A study was done by the Soab and based on that we as government will have to decide that this report is accepted. We will be doing that soon so that we can give that information to the Cft and then they can do their work.”

The information in the report should assist the Cft in calculating the interest norm here.

The Cft also granted the government’s request to extend the period of the submission of the draft 2013 National Budget by 1 month and a 2 month extension for the submitting of the 2011 Financial Statements.

The government missed its September 1 deadline for the submission of both documents, with Tuitt saying that the process to cut down on 100 million guilders deficit was a tedious one in light of the many programs and expenses submitted by individual ministries.

He assured that government will now submit both documents on or before their October 1 and November 1 deadlines.

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