Treasury,
Tax & Pensions

Financial Management

Provision of Financial Information and Support

  • Provision of information for budgetary control & maintenance;
  • Monitoring and reporting movement of the Stanley retail price index;
  • Providing a full financial planning, accounting and reporting service for the Government of South Georgia and the South Sandwich Islands (GSGSSI)

Formulation of Fiscal Policy, Financial Strategies and Annual Budgets

  • Co-ordination of the Medium Term Financial Plan (MTFP);
  • Facilitating the preparation of the annual budget including capital programme.

Provision of Financial Strategy and Policy Advice and Research

  • Management of the Standing Finance Committee;
  • Participation in various committees, sub-committees, working parties and advisory boards.

Exchequer

Provision of Central Exchequer Services

  • Investment management;
  • Maintenance of financial records and production of Statutory Annual Accounts;
  • Collection and recording of amounts due to the government;
  • Administration of Rent, Service Charge and subvention services;
  • Provision of central banking reserves for Falkland Islands currency and the minting of commemorative coins;
  • Payment of all suppliers, contractors, employees and members of the public;
  • Provision of rent/service charge rebates to FIG tenants;
  • Administration of insurance contracts.

Pensions

Maintenance and Management of Pension Funds

  • Administration of three pension schemes;
  • Management of winter fuel and contribution credit schemes;
  • Liaison with actuaries, external auditors and Pensions Boards.

Taxation

The Taxation Office sits as a separate department within the Treasury Directorate, fulfilling the following:

  • Administers the Falkland Islands and South Georgia tax systems;
  • Provides policy advice on the setting of the Taxes legislation.