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The United Republic of Tanzania Audited

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The United Republic of Tanzania Audited THE UNITED REPUBLIC OF TANZANIA AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30th JUNE 2017 Ministry of Finance and Planning 1 Treasury Square Building Jakaya Kikwete Street P. O. Box 2802 40468 Dodoma – Tanzania 11th March 2018 THE GOVERNMENT OF TANZANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30th JUNE 2017 TABLE OF CONTENTS Page General Information 1 Statement by the Honorable Minister for Finance 2 Statement by the Pay Master General 5 Statement of Management Responsibility 8 Declaration by the Chief Accountant 9 Commentary on the Financial Statement 10 Financial Statements: Consolidated Statement of Financial Performance 18 Consolidated Statement of Financial Position 19 Consolidated Statement of change in Net asset 20 Consolidated Statement of Cash Flows 21 Consolidated Statement of Comparison of Budget and Actual Amount 22 Notes to the Consolidated Financial Statements 1. General Information 23 2. Statement of Compliance and Basis of Preparation 23 3. Scope of Consolidation 23 4. Authorization Date 24 5. Reporting Entity 25 6. Summary of Significant Accounting Policies 31 7. Significant Accounting Judgments, Estimates and Assumptions 47 8. Transitional Provisions 49 9. Future Changes in Accounting Policies 49 10. Exchange Rate 49 11. Risk Management 50 12. Original and Final Approved Budget and Composition of Actual and Budget Amounts 51 13. Segmental Information 51 14. Elimination Adjustment 67 15. Tax Revenue 72 16. Non Tax Revenue 72 17. External Assistance – Grants and Aids 74 18. Finance Income 75 19. Receipts of Borrowings by Ministry of Finance 75 20. Tax Collection 76 21. Exchequer Issued 77 22. Current Grants, Transfers and Subsidies – Issued to third party 79 23. Levies (Collections /Revenue) 81 24. Tax Expense by Entities 81 25. Fees, Fines, Penalties and licenses 81 26. Debt Forgiveness 81 27. Exchequer Received by MDAs 81 28. Current Grants, Transfers and Subsidies- Inter Entity 81 29. Revenue from Exchange Transactions 81 30. Social Contributions (Revenue) – For Pension Funds 82 31. Other Revenue 82 32. Gain/(Loss) on Foreign Currency Translation 82 33. Gain/(Loss) on Disposal of Assets 82 34. Wages, Salaries and Employee Benefits 83 35. Social Benefits 84 36. Supplies and Consumables Used 84 37. Routine Repairs and Maintenance Expenses 87 38. Operating Expenses 88 39. Interest Expenses 88 40. Cash and Cash Equivalents 89 41. International Monetary Fund (IMF) Related Balances 89 42. Foreign Currency Marketable Securities 89 43. Equity Investments 90 44. Government Securities 90 45. Government Entities Receivables and Prepayments 91 46. Third Party Receivable and Prepayments 91 47. Loan Issued 92 48. Inventories 92 49. Deferred Currency Cost 92 50. Other Financial Assets 93 51. Investment Property 93 52. Right of Use Assets 93 53. Investment in Controlled Entities(subsidiaries) 93 54. Payables and Accruals to Other Government Entities 94 55. Payables and Accruals to other Third Parties 94 56. Currency in Circulation 94 57. Deposits-Banks and Non-Bank Financial Institutions 94 58. Deposit – Government Entities 94 59. Deposits-Others 95 60. Foreign Currency Financial Liabilities 95 61. Borrowing (Public Debts) 95 62. BoT Liquidity Papers 95 THE GOVERNMENT OF TANZANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30th JUNE 2017 TABLE OF CONTENTS (Continued) Page Notes to the Consolidated Financial Statements (Continued) 63. Other Financial Liabilities 95 64. Pension Funds Obligations 96 65. Employees Benefit Liabilities 96 66. Retirement Benefit Obligations 96 67. Provisions 96 68. Deferred Income (Capital) 97 69. Tax Payable/(Receivable) to/From TRA by other Government Entities 97 70. Operating Leases 97 71. Capital Grants (Deferred Income – Capital) 98 72. Borrowing (Public Debts) - Age Analysis 100 73. Property, Plant and Equipment 105 74. Intangible Assets 109 75. Biological Assets 110 76. Statement of Guarantees 112 77. Investment in Associates and Joint Ventures 113 78. Funds Operating with Ministries, Departments and Agencies (MDAs) 118 79. Analysis of Basket Fund Accounts Balances 119 80. Statement of D-Fund 120 81. Contingent Liabilities 121 82. Statement of Losses 124 83. Credit Risk 125 84. Liquidity Risk 126 85. Currency Analysis 127 86. Related Party Disclosure 128 87. Number of Employees 129 88. Events after the Reporting Date 129 89. Tax Contingencies 129 90. Tax Exemptions and Relief 130 91. Natural Resources and Tourism 131 92. Technical Assistance (Service in Kind) 134 Independent Auditor’s Report 135 THE GOVERNMENT OF TANZANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30th JUNE 2017 GENERAL INFORMATION The general information refers to the location of the United Republic of Tanzania which is in the Eastern Africa within Longitude 290 to 410 and Latitude 10 and 120. The United Republic of Tanzania was formed on 26th April, 1964 out of the union of two sovereign states namely Tanganyika and Zanzibar. This consolidated financial statements refers to the mainland part of the union with the Ministerial transaction that crosses over. It is the duty and responsibility of the Government to ensure that services are equitably distributed to its jurisdiction by promoting all its controlled entities within the Public Sector keeps proper books of accounts that complies with the Generally Accepted Accounting Principles, Public Finance Act of 2001 (revised 2004) and International Public Sector Accounting Standards (IPSAS) as may be prescribed by the Paymaster General. Accordingly, the Public Sector in Tanzania refers to General Government (Central Government, Regional Secretariats, Social Security Funds and Local Government Authorities) and Public Corporations i.e. financial public corporations and non-financial public corporations. This forms part of national economy providing basic goods or services that is either not, or cannot be, provided by the private sector. The portion of an economic system that is controlled by national, state or Regional, Executive Agencies and Commissions, State owned Enterprises, Parastatals and other Government Departments and local governments. The General Government sector consists of all government units and Non Profit Institutions (NPI) that are controlled by government units, while the public corporations subsector consists of all corporations controlled by government units or other public corporations. General Government also includes public enterprises, legally constituted as corporations, but that do not satisfy the criteria to be treated as corporations. PRINCIPAL PLACE OF BUSINESS BANKER MINISTRY OF FINANCE AND PLANNING BANK OF TANZANIA JAKAYA KIKWETE ROAD 2 MIRAMBO STREET TREASURY SQUARE, BUILDING P.O.BOX 2939, P.O.BOX 2802, 11884 DAR ES SALAAM - TANZANIA. 40468 DODOMA – TANZANIA RESPONSIBILITY FOR NATIONAL CONSOLIDATION LAWYERS ACCOUNTS ATTORNEY GENERAL PAYMASTER GENERAL THE ATTORNEY GENERAL CHEMBERS MINISTRY OF FINANCE AND PLANNING 20 KIVUKONI STREET JAKAYA KIKWETE ROAD P.O.BOX 9050 TREASURY SQUARE, BUILDING 11466 DAR ES SALAAM – TANZAINA P.O.BOX 2802, 40468 DODOMA – TANZANIA AUDITORS CONTROLLER AND AUDITOR GENERAL THE NATIONAL AUDIT OFFICE, AUDIT HOUSE 6 SAMORA AVENUE/OHIO STREET P.O.BOX 9080 11474 DAR ES SALAAM – TANZANIA 1 THE UNITED REPUBLIC OF TANZANIA CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30th JUNE 2017 STATEMENT BY THE HONORABLE MINISTER FOR FINANCE The overall performance of the economy in the financial year 2016/17 has been satisfactory. The real Gross Domestic Product (GDP) for 2016 was 7.0 percent which was the same as for the two past years. Many sectors recorded good performance save for agriculture sector which recorded growth of 2.1 percent. The Agriculture sector contributed 28.9 percent to the GDP in 2016. Official foreign reserves rose to USD 5,021.6 million at the end of June 2017 from USD 3,870.3 million at end of June 2016. The reserves were sufficient to cover 5.9 months of projected imports of goods and services, excluding those financed by foreign direct investments; up from 4.1 months. GDP growth for the first half (January to June) of 2017 raised by 6.8. Economic activities which recorded higher growth, included mining and quarrying (26.1 percent); information and communication (13.0 percent); transport and storage (11.3 percent); and construction (8.6 percent). The real GDP growth is projected at 6.9 percent in 2017 and further up to an annual average of 7.4 percent in medium term. The annual GDP for 2016 was TZS 103,744.6 Billion at market price as compared to TZS 90,863.68 Billion in 2015. Fiscal operations were characterized by improved revenue collection, streamlined expenditure, and shortfall in foreign financing. Domestic revenue collection central and local Government Authorities was 15.6 percent of GDP in 2016/17 compared with 14.3 percent in 2015/16. The most current study on poverty reduction was in 2012 which compares data of the previous study i.e. 2007 of which income poverty declined from 34.4% in 2007 to 28.2% in 2012. These data relates to the Household Budget Survey report for 2012 done by the National Bureau of Statistics of Tanzania. Similarly, food poverty declined by an average of 2.1% percentage point from 11.8% in 2007 to 9.7% in 2013. Moreover, per capital income increased to TZS 2,131,299 in 2016 from TZS 1,918,897 in 2015, equivalent to an increase of 11.1 percent. Government Debt Stock of TZS 6,408.73 billion was paid. The analysis of paid debt stock shows that TZS 3,773.92 billion was paid for Domestic Debt (principal), TZS 902.95 billion was paid for External Debt (principal), TZS 1,215.58 billion was paid for Domestic Debt (interest) and TZS 516.28 billion was paid for External Debt (interest). The Government budget is still on cash basis of which collections from operations as passed and approved by the Parliament was estimated to be TZS 29,540 Billion whereas the actual collections up to the end of 30th June 2017 were TZS 562 Billion (from domestic revenue collection and external assistances.
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