S.I.F.A.'s $23.3 million record profit
The Samoa International Finance Authority (S.I.F.A.) net profit reached a record $23.3 million last fiscal year.
The S.I.F.A. also recorded an increase of approximately 9 percent in total assets to $98.6 million.
“These assets are mainly cash and term investments representing 91.3 percent of Total Assets,” says the authority annual report.
The S.I.F.A. recorded a decrease of 5.8 percent in total income to $29.7 million compared to $31.5 million the prior year.
Decreased core revenue from renewals, new incorporations and lower interest rates for term deposits offered by commercial banks led to the drop.
“Total Expenses showed a decrease of approximately 9.8 percent from $7.9 million to $7.1 million in this financial year. This decrease is mainly due to less spending for promotion and sponsorship activities," the report said.
“The Authority’s total comprehensive income for the year ending 30 June 2020 has decreased by .51percent from $23.4 million to $23.3 million.”
Chairman of the S.I.F.A. Board Taimalie Ernest Betham stated the fiscal year under review was challenging not only on the domestic front but also internationally.
“This was due to the COVID-19 global pandemic which resulted in world-wide border closures and state of emergency lockdown, as well as the measles outbreak which hit our shores in December 2019," the statement said.
“Despite these major operational challenges, the Annual report shows how we have advanced the execution of our strategies for the final year of the Strategic Plan 2018-20, and with that we are proud of the success and growth in various aspects of S.I.F.A.
“I am also pleased to share that Samoa obtained a ‘Largely Compliant’ rating under the [Organisation for Economic Cooperation & Development] rating system. This bears testament to our continual commitment to ensure regulatory framework and practices are reflective of international standards’ requirements and best practices.
"Nonetheless, S.I.F.A. together with various Government ministries have been working closely to address issues raised by the European Union (E.U.), listing Samoa as a non-cooperative jurisdiction under its list of countries with ‘non-cooperative tax regimes’ according to E.U. rules.”
The net result of operations for the year in review is a profit of $23.3 million.