Financial Transfers to TCDD Directorate General from

Financial Transfers to TCDD Directorate General from th Undersecretariat the U d t i t off Treasury T Sefa Pamuksuz Director General St t O State Own...
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Financial Transfers to TCDD Directorate General from th Undersecretariat the U d t i t off Treasury T

Sefa Pamuksuz Director General St t O State Owned d Enterprises E t i Directorate General Undersecretariat of Treasury

OUTLINE  Financial

Transfers to TCDD Directorate General from the Undersecretariat of Treasury

 Deduction  External

Transactions

Loans Used by TCDD Directorate General by way of Undersecretariat of Treasury

Financial Transfers to TCDD Directorate General 

With regard to TCDD Directorate General, the State-Owned State Owned Enterprises Directorate General of Undersecretariat of Treasury is charged with; - transferring resources to the company through capital transfers, - finance the duty losses through the transfer of funds allocated for this purpose to the budget, budget - program and supervise the annual budget of the company

Financial Transfers to TCDD Directorate General Legal Arrangements 

Decree in the force of Law No. 233 •

Article 37: The investment expenditures and operational financing deficits of SOEs shall be financed by the Undersecretariat of Treasury. Treasury

Financial Transfers to TCDD Directorate General A) Capital Payments Undersecretariat of Treasury is transferring capital to TCDD Directorate General pursuant to Decree in the Force of Law No. 233.  Transfers are done to cover the company’s personnel payments, social security expenditures and investment expenditures. 

Financial Transfers to TCDD Directorate General B) D Duty t L Loss P Payments t 

Pursuant to Article 35 of Decree in the Force of Law No. 233, through Council of Ministers decision decision, duties may be assigned to SOEs so that they can provide public services or the prices of services they provide can be determined by observing public good.



In case the prices of services provided by SOEs are determined through Council of Ministers Decree, if the prices have been set below the cost of service, the amount of duty loss determined by g to the amount of loss a 10% share of p profit deprived, p , adding calculated over the sales cost of the service, is transferred to the enterprise through allocation of funds in the budget.



According to the Annual Budget Law Law, duty loss payments can be made as advance.

DUTY LOSS FUNCTIONING MECHANISM Council of Ministers BKK Decision Duties assigned to SOEs 233 are sayılı KHK'nin 35. regarding Maddesi çerçevesinde yayımlanan BKK ofile their field of activity through Council KİT''lere faaliyet konuları ile ilgili Ministers Decision issued pursuant to görev verilir Article 35 of Decree No. 233

SOE KİT Verilen The duty getirilir

KİT tarafından isgörev performed by SOE

MAHSUP Deduction

yerine

If the Duty Loss allocation request proposed for th Bütçeye the b budget d t teklif iis nott accepted d , th the d default f lttalebi d debt bt off edilen t GZ ödenek SOE to the Treasury and the 233 duty sayılı loss KHK kabul edilmediği takdirde, kapsamında Hazine'ye receivable may beKİT'in set off under Decree olan no. temettü borcu ile GZ alacağı mahsup 233. Furthermore, the related SOE has edilebilir. Ayrıca, if ilgili KİT'in hazine devirli kredi borcu varsa, loan söz debt, konusu borç and ile Treasury-transferred that debt GZ alacağı mahsuba konu duty loss receivable may be set off. edilebilir; However, ancak bu işlemin yapılabilmesi için authorization a legal çıkarılacak isbirneeded Kanun through maddesi ile provision yetki in alınması order togerekmektedir. be able to carry out these transactions.

Performance of GÖREVİN Duty İFASI Görevin yerine with getirilmesi ile Görev Duty loss accrues the fulfillment of Zararı tahakkuk etmiş olur duty

Accrual of GZ TAHAKKUKU Duty Loss Tahakkuk

eden

Görev

Zararı

NAKTİ Cash ÖDEME

Payment

tutarı,

Payment is made to the related SOE within konulan ödenek allocation. çerçevesinde theBütçeye framework of the budget ilgili KİT'e ödeme yapılır.

mahrum kalınan %10 kar ilave The amount of accrued dutypayı lossda is claimed edilerek ilgili KİT tarafından from the Treasury by talep the related SOE, with Hazine'den edilir. the addition of a 10% deprived share of profit

DutyGZLoss TALEBİ Request

Budger BÜTÇE

Duty Loss allocation is proposed for inclusion Kesinleştirilen tutar üzerinden ilgili mali in the year budget, teklif on theedilir. basis yıl related bütçesinefiscalGZ ödeneği Önceden ödemesi yaplımış ise, of the finalizedavans amount. amount If advance payment ödeme kesinleştirilmiş GZ hasyapılan been made, allocation shall be proposed tutarından düşülerek ödenek teklifinde by bulunulur deducting the amount paid from the final DL amount .

TheGörev requestzararı for dutytalebi loss is kesinleştirilmek reviewed by the üzere inspector ilgili Bakanlık müfettişi ve Hazine Ministry and the Treasury Müsteşarlığı Hazine Controllers Board (HKK) of the Kontrolörleri Kurulu Başkanılğı'nca (HKK) Undersecretariat of Treasury, for finalization. müştereken incelenir

TreasuryHKK Controllers Board Without waiting for the finalization of duty loss İlgili kuruluş tarafından talep SOE, edilenthrough GZ amount requested by the related HKK raporu ile kesinleştirilmesi thetutarının HKK report, ifilgili the related SOE hasihtiyacı cash beklenmeden KİT'in nakit need and to the extent budget capacity allows, olması durumunda ve bütçe imkanları çerçevesinde KİTcan GMbetarafından Kuruluşa duty loss payment made to the SOE in avans mahiyetinde GZ ödemesi theyyapılabilir. form of advance, the SOE Directorate p ((Avans by olarak ödenen görev g General zararı (in ile case HKKof any raporu difference ile kesinleştirilen between the tutar arasında bir fark and ortaya çıkarsa advance duty loss payment the amount taraflar ödeme yükümlülüklerini yerine finalized getirirler.)by HKK report, parties fulfill their payment obligations)

GZ'NIN Finalization KESİNLEŞMESİ

of

Duty Loss

The duty loss amount to be taken as a basis Görev zararı talebinin ilgili Bakanlık for payment becomes final with the report müfettişi ve Hazine Kontrolü ile müştereken incelenmesi sonucu prepared as a res result lt of the joint re review ie of d duty t düzenlenen rapor ile ödemeye esas GZ loss request, by the related Ministry inspector tutarı kesinleştirilmiş olur. and Treasury controller.

Advance AVANS Payment ÖDEMESİ

Financial Transfers to TCDD Directorate General 

The legal basis of duty loss payments to TCDD Directorate General is the Council of Ministers Decision no. 1989/14558.



The losses suffered by the enterprise due to the operation of; 12 non-economical lines, • Eastern, Southern and Lake Van Express Trains, • Lake Van Ferry •

as determined by the referred Council of Ministers Decision, plus the 10% deprived share of profit , is covered from the duty loss line item allocated in the budget every year.

CAPITAL TRANSFERS AND DUTY LOSS PAYMENTS TO TCDD DIRECTORATE GENERAL FROM THE BUDGET BETWEEN 2005 20052009, AND THE DEDUCTION TRANSACTIONS CARRIED OUT TOTAL RESOURCES TRANSFERRED TO THE ENTERPRISE BETWEEN 2005 and 2009 ((Million TL))

Capital

2005

2006

2007

2008

2009 (4)

483

190 673

1.249 300 441 258 1.507

1.100 76 283 200 1.300 58 (3)

766 1.439

1.507

1.358

1.339 458 304 309 1.648 335(3) 271 2.254

1.119 200 367 318 1.437 275 (5) 943 2.655

Investments SGK Payments P t (2) Duty Loss Total Deductions from Capital Deductions from Road M&R Expenditures p

Total Resources Transferred

(1)

(1) The year 2006 SGK payments include 202.060.000.- TL of past year payments. (2) Funds were started to be transferred to the enterprise for SSK and Pension Fund payments (SGK payments as from 26 May 2006) and investment expenditures as from 2006. (3) External debt deductions based on Provisional Article 10 of Law No. No 4749 (gratuitous fund allocation in deduction of capital) (4) Program

(5) Pursuant to Provisional Article 16 added to Law No. 4749, of the guaranteed external loan debts of the enterprise to the Treasury amounting to 1,218.6 Million TL 943 Million TL will be deducted from the enterprise’s receivables from the Ministry of Transportation for road maintenance and repair expenditures and the balance 275.4 Million TL from its capital.

CAPITAL TRANSFERS AND DUTY LOSS PAYMENTS FROM THE BUDGET BETWEEN 2005 and 2009 (Million TL)

2005

2006

2007

2008

2009

TCDD C Capital it l

483

1 249 1,249

1 100 1,100

1 339 1,339

1 119 1,119

TCDD Duty Loss

190

258

200

309

318

TCDD Total

673

1,507

1,300

1,648

1,437

Total SOE Capital Payments

891

1 917 1,917

1 611 1,611

2 042 2,042

2 564 2,564

54

65

68

66

44

522

711

700

1,234

2,856

36

36

29

25

11

1,413

2,628

2,311

3,276

5,420

34

48

48

41

21

% Share of TCDD in Total Capital Payments Total SOE Duty Loss Payments % Share of TCDD in Total Dutty y Loss Payments y Total Amount of Budget Allocations % Share of TCDD in Total Budget Allocations

Amounts of Investment Transfers to TCDD from the Capital Budget between 2006 and 2009 Amounts of Investment Transfers to TCDD from the Capital Budget between  2006 and 2009 (Million TL) Years Years  Investment Transfers Investment Transfers  2006 300.00 2007 76.00 2008 458 00 458.00 2009 200.00 Total 1,034.00 * The amount of investment payments for 2009, as of September 2009.

Summary Financial Information of TCDD Directorate General (Million TL)

2005

2006

2007

2008

2009

354

414

324

288

253

2

71

82

131

148

Profit/Loss

-212

-504

-630

-812

-1.066

Primary Surplus

209

141

-186

311

-916

1.439

1.507

1.358

2.254

2.655

Port Revenues Sales Reveneus of Tangible Assets

Total Resources Transferred

Financial Transfers to TCDD Directorate General Other financial transfers 

Pursuant to Decree in the Force of Law No. 233 and the enterprise’s statute; funds are transferred to TCDD Directorate General from the line item allocated in the budget of Ministry of Transportation for railway maintenance and renovation works. works

Financial Transfers to TCDD Directorate General  However

the amount of funds allocated in the subject j line item of the Ministry’s y budget does not suffice for these expenditures; p ; therefore,, receivables of the enterprise are accumulating every passing yyear,, and theyy are set off against g the enterprise’s tax debts and external loan debts when legal g arrangements g are made to this effect.

Financial Transfers to TCDD Directorate General DEDUCTIONS FOR ROAD MAINTENANCE AND REPAIR EXPENDITURES (Million TL)

2005 Tax SGK

248.2 518.2

2006

2007

2008 271.3

Treasury –Guaranteed Loan Debts * Total

766.4

2009

271.3

943.1 943.1

* Pursuant to Provisional Article 16 added to Law No. 4749, of the guaranteed external loan debts of the enterprise to the Treasury amounting to 1,218.6 Million TL; 943 Million TL will be deducted from the enterprise’s receivables from the Ministry of Transportation for road maintenance and repair expenditures and the balance 275.4 Million TL from its capital.

Use of External Loans by TCDD Directorate General  Undersecretariat

of Treasury acts as an intermediary for TCDD Directorate General to use external loans to finance railway projects.

 In

order to be able to use a project loan, that project has to be included in the Annual Investment Program.

Use of External Loans by TCDD Directorate General 

Undersecretariat of Treasury becomes Borrower or Guarantor in the use of external loans for financing the projects of public agencies.



Pursuant to Law No. 4749, the Undersecretariat off Treasury T has h been b assigned i d th the d duty t off preparing and negotiating the external loan agreements g under which it is a borrower or guarantor.

Use of External Loans by TCDD Directorate General When providing external loans to TCDD Di t t General, Directorate G l the th Undersecretariat U d t i t off Treasury either directly borrows the loan and transfers the loan p proceeds to the enterprise, p , or acts as a guarantor and the enterprise directly becomes the borrower.  These Th loan l amounts t are disbursed di b d tto th the enterprise through sub-loans or transfer agreements, or are transferred gratuitously through special allocation. 

Use of External Loans by TCDD Directorate General In case of sub-loan agreement, the Treasury borrows the loan and transfers the loan proceeds to the enterprise under the conditions it determines itself.  In the case of transfer agreements agreements, the Treasury transfers the loan proceeds to the enterprise under u de tthe e sa same e co conditions d t o s by which c itt has as borrowed the loan.  Between 2005 and 2009,, loans have been disbursed to TCDD Directorate General under sub-loan agreements and with special allocation. 

Use of External Loans by TCDD Directorate General External Loans Used by TCDD Directorate General (Million USD) USD Amount  Allocation/Sub‐Loan  PROGRAM / PROJECT 2005   Emergency Earthquake Assistance Loan  Sub‐Loan  Ankara‐Istanbul Railway Rehabilitation Project, Ankara‐Eskişehir Section    136 Railway Equipment Project Railway Equipment Project 3 TCDD Restructuring Project  Locomotive Parts Procurement Project 35 Total Sub‐Loan    174   32 Sets of Electrical Commuter Trains Procurement  Allocation  Ankara‐Istanbul Railway Rehabilitation Project, Ankara‐Eskişehir Section    Ankara‐Istanbul Ankara Istanbul High High‐Speed Speed Railway Project (Ankara Railway Project (Ankara‐Eskişehir Eskişehir Section)  Section) Additional Finance   Ankara‐Istanbul High‐Speed Railway Project (İnönü‐Vezirhan and Vezirhan‐ Köseköy Sections  High‐Speed Train Sets Procurement  ‐ 10 Sets  Total Allocation     GRAND TOTAL    174   Note: No guaranteed loan was used between 2005 and 2008    

2006

2007

140 2

82

54 196

18 21 121 4 158 60

2008 32 70 12 114 25 23 127

41 41

40 263

48 223

236

384

337

2010-2012 Medium Term Program Figures of TCDD Directorate General (Million TL)

2010

2011

2012

2.187

2.250

2.300

326

339

359

Total Budget Expenditures

2.513

2.589

2.659

Investment Ceiling

2.477

2.583

2.664

Capital Duty Loss

Thank you...

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