Communications 2003 No. 19 A 301 (3) Subject to subsections (1) and (2) of this section, the Commission shall apply the proceeds of the Commission’s Fund— (a) to meet the administrative and operating costs of the Commission ; (b) for the payment of salaries, wages, fees and other allowances, retiring benefits such as pensions and gratuities and, any other remunerations payable to the Commissioners and staff of the Commission ; (c) for the purchase or acquisition of property or other equipment and other capital expenditure and for maintenance of any property acquired or vested in the Commission ; (d) for purposes of investment ; and (e) for or in connection with all or any of the functions of the Commission under this Act or its subsidiary legislation. 20.—(1) The financial year of the Commission shall start on 1st January of each year and end on 31st December of the same year. (2) The Commission shall keep proper records of its accounts in respect of each year and shall cause its accounts to be audited within 6 months from the end of each financial year by auditors whose appointment shall be approved by the Board and shall be subject to reappointment on annual basis provided that such auditors are on the list of auditors approved from time to time by the AuditorGeneral for the Federation. 21.—(1) The Commission shall prepare and submit to the National Assembly annually, through the President, not later than 6 months after the end of its financial year, a report on the activities of the Commission for the preceding financial year and shall include therein the Commission’s audited accounts for the year under review together with the auditor’s report thereon. Financial year and audit of Commisssion’s accounts. Annual reports for the National Assembly. (2) The Commission’s report under subsection (1) of this section shall have as an attachment thereto the report specified in section 89 of this Act. 22. The provisions of any enactment relating to the taxation of companies or trust funds shall not apply to the Commission. Exemption from taxation. CHAPTER III—FUNCTIONS OF THE MINISTER AND NATIONAL FREQUENCY MANAGEMENT COUNCIL PART 1—FUNCTIONS OF THE MINISTER 23. The Minister shall have the following responsibilities and functions pursuant to this Act— (a) the formulation, determination and monitoring, of the general policy for the communications sector in Nigeria with a view to ensuring, amongst others, the utilisation of the sector as a platform for the economic and social development of Nigeria ; (b) the negotiation and execution of international communications treaties and agreements, on behalf of Nigeria, between sovereign countries and international organisations and bodies ; and Functions of the Minister.