Monday , December 11 2017

Audit blames Finance for KD 170m revenue shortfall – Final report lacks accuracy in collection of revenues

KUWAIT CITY, Feb 2t: The State Audit Bureau recorded observations on what it considers it as ‘shortcomings of the Finance Ministry concerning the collection of deserved revenue’ as it recorded KD 170 million less than the sum reported in the ministry’s final account report, reports Al- Nahar daily.

In its recent report, the State Audit Bureau mentioned that the State revenue balance (tax duty) for the previous fiscal year 2014/2015 stood at KD 480,211,911, whereas the special audit conducted by the bureau revealed that the ministry’s report was short of KD 170 million.

The report concluded that the final accounts report lacked accuracy concerning the deserved revenue, and the uncollected money might get lost. The bureau affirmed the importance of registering the entries due for collection in the ministry’s consolidated account, in order to follow up its collection as per ministry’s instructions and in coordination with the department of inspection and tax requirements, and the department of financial affairs.

The bureau report also highlighted the difference of KD 2.962 million between returns of the State revenue for land space fees recorded by the bureau, and those registered in the ledgers of the State Property Contracts Department. The bureau pointed out that such differences in account statements render the deserve revenue returns lost, in violation of the principles of executive budget.

Meanwhile, the State Audit Bureau highlighted in its latest report the fact that the bonus of State employees increased by 67 percent within two years, reports Al-Qabas daily. According to the bureau, item number 1/1/11 in the budget increased from KD 214.9 million in fiscal 2012/2013 to KD 358.8 million in fiscal 2014/2015 – 67 percent increase in two years.

It pointed out that bonuses continued to increase remarkably in the last three years, contrary to the decision of the Cabinet to stop the wastage of public funds in government institutions. The bureau stressed, “The continuous increase of the bonus and salary items in the budgets of ministries and other government agencies is obvious; thereby, contradicting the economic and fi nancial policies of the State. This is a confi rmation of the need to rationalize public spending.”

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