The payment is SIFA’s dividend to the government.
This is the first time SIFA is paying the 35% Dividend pursuant to the Public (Performance and Accountability) Bodies Act 2001, following the re-classification of SIFA from a Public Beneficial Body to a Public Trading Body by MPE in 2020.
A statement said SIFAs contribution to Government is not limited to this new requirement by way of its re-classification and now subject to payment of the 35% Dividend.
Annually, for the past 5 years, SIFA has contributed SAT$15,000,000 to the Government budget through the Ministry of Finance and has paid about SAT228,000,000.00 to Government Budgets since establishment in 1988.
SIFA’s financial assistance extends further into the Community and to our international sporting teams and events evidenced by SIFA’s sponsorship of our Manu Samoa 7s teams, our national Netball team’s, and many other sports.
Despite the many challenges, the seismic shifts in how international financial services is conducted, exacerbated by the onset of the Covid-19 pandemic, crippling even the strongest of economies worldwide, SIFA has taken an adaptive approach to meet the new challenges and take advantage of opportunities, ensuring SIFA continues to be responsive to the needs of clients, the market and to operate effectively, and to provide the necessary financial support to the Government and to our people.
As such SIFA has demonstrated its resilience and ability to weather the storms and navigate its way among and within a dynamic industry that is constantly evolving and changing, and this is reflected in SIFA’s strong financial position and its continued support and compliance with Governments’ dividend policy.