Annual Budgets
Saturday, 16 October 2010 17:39 | 
Annual Budgets and Audited Accounts.
NTC is a revenue generating and self-financing institution. NTC budget surplus contributes to the State treasury.
NTC Annual budget is prepared according to the Public Corporations Law of 2003 and the Telecommunications Law of 2001. These laws state that the corporation shall have an annual budget prepared according to the relevant State stipulations. The budget shall include all revenues and expenditure and shall be endoersed by the Board of Directors before being officially approved by Government authorities.
Observing these conditions, NTC maintains an exact accounts of all revenues and expenditure according to the prevailing rules and keeps relevant books. NTC compiles a quarter-yearly report on the financial and accounting performance which is submitted to the relevant authorities.
The rules state that the National Audit Bureau, or any approved audit delegated thereto, shall examine NTC accounts by the end of the fiscal year. Minister of National Economy and a representative of the Audit General shall convene yearly to discuss and approve the final accounting statement and the audit report, hence approve the surplus distribution.
NTC is a revenue generating and self-financing institution. NTC budget surplus contributes to the State treasury.
NTC Annual budget is prepared according to the Public Corporations Law of 2003 and the Telecommunications Law of 2001. These laws state that the corporation shall have an annual budget prepared according to the relevant State stipulations. The budget shall include all revenues and expenditure and shall be endoersed by the Board of Directors before being officially approved by Government authorities.
Observing these conditions, NTC maintains an exact accounts of all revenues and expenditure according to the prevailing rules and keeps relevant books. NTC compiles a quarter-yearly report on the financial and accounting performance which is submitted to the relevant authorities.
The rules state that the National Audit Bureau, or any approved audit delegated thereto, shall examine NTC accounts by the end of the fiscal year. Minister of National Economy and a representative of the Audit General shall convene yearly to discuss and approve the final accounting statement and the audit report, hence approve the surplus distribution.
