08.27.10

Telecom Seychelles to be purchased by Bharti Airtel

Posted in Business and Economy, Seychelles infrastructure at 7:09 am by Robert Klien

Bharti Airtel informed about its plans to buy 100% stake in Telecom Seychelles for the price of US$62 million. Prior to this deal, Bharti purchased Zain Telecom’s Africa assets for US$10.7 billion, and with the acquision of Telecom Seychelles the company will expand to 19 countries in Africa.

Bharti Airtel’s spokesperson said that the company has never had any stake in Telecom Seychelles, and it was only using its brand name Airtel. Now Bharti Airtel will acquire all stake from its promoters to make it part of African operations.

Telecom Seychelles Limited started its operations in 1998 by offering mobile services. Today it has over 57% stake of the mobile market in Seychelles, offering 3G mobile and integrated wireline services across the country.

08.19.10

Seychelles to become member of the International Criminal Court

Posted in International Organisations, International relations, Seychelles government at 2:18 pm by Robert Klien

Seychelles has joined the group of countries that ratified the founding Rome statute of the International Criminal Court (ICC), the independent tribunal to try genocide, war crimes and crimes against humanity. Seychelles will become its 112th member state on November 1, 2010.

In its statement, the ICC welcomed the decision of the country “to join the growing group of states determined to put an end to impunity for the perpetrators of the most serious crimes.”

The International Criminal Court is operating in The Hague since 2002. Now the court is considering cases in five countries, including Central African Republic, Democratic Republic of Congo, Kenya, Sudan and Uganda. Warrants have been issued by the ICC against 13 persons, most notably for Sudanese President Omar al-Bashir.

08.13.10

Seychelles signs TIEA with Netherlands

Posted in Financial Services, International Organisations, International relations, Seychelles government at 2:51 pm by Robert Klien

The Tax Information Exchange Agreement (TIEA)  was signed between the Seychelles and the Netherlands. This is the first agreement of this kind for the Seychelles, but not the last one, the Seychelles government following its policy to develop Seychelles international business and financial services sector.

The Seychelles and the Netherlands have agreed to incorporate the OECD standard for such agreements into their TIEA. This will encourage tax authorities of both parties to exchange taxpayer information for specific purposes, including countering tax evasion and money laundering. Also, according to the agreement , neither tax authority can refuse to provide information solely because it does not require the information for domestic purposes, or because it is held by a bank or similar institution.

08.05.10

Seychelles Government to continue tax reform

Posted in International Organisations, Seychelles government, Seychelles legislation at 11:55 am by Robert Klien

According to the International Monetary Fund (IMF), Seychelles is meeting the performance criteria under its Extended Funds Facility, namely in the launch of tax reforms.

A comprehensive tax reform was launched by the Seychelles government with the budget 2010. The first stage of it was the introduction of a revised Business Tax Act from January 1, 2010. Business tax reform widened the tax base and provided for gradual reduction in tax rates.

The second stage has been the introduction of a withholding-based personal income tax on wages from July 1, 2010. Seychelles government  is planning to broaden the application of personal income tax to other sources of domestic-sourced income, as the new system becomes established. From January 1, 2011, Personal Income Tax rates will be set at 15% for all categories of workers.

The last stage will be the introduction of a value-added tax (VAT) from January 1, 2012, which will take the place of multiple-rate goods and services tax (GST).

Along with these reforms, revenue administration will be also modernized. By the time of the tax reform, the Seychelles government’s policy will not provide new tax incentives and exemptions.