07.22.11

Seychelles-Kenya DTA initialed

Posted in Business and Economy, Double Taxation Agreements, International relations at 2:55 pm by Robert Klien

On July 21, Seychelles and Kenya initialed the signing of an avoidance of double taxation agreement (DTA). The agreement was initialed by Seychelles’ principal secretary for Finance and Trade Ahmed Afif and Kenya’s deputy director for economic affairs Martin Gumo.

When the DTA is signed, it will be easier and cheaper for the two neighbouring countries to trade.

The DTA will provide certainty with regard to taxes payable on incomes generated from investments made between the 2 jurisdictions. According to Mr Afif, “it also provides an inducement to nationals of both countries to focus their attention on increasing trade, investment and employment opportunities”.

The document is expected to be signed by the end of the year 2011.

Seychelles already has 14 such agreements in force. Also, the jurisdiction is targeting to sign 40 DTAs with different countries.

07.14.11

New parliament to be elected in Seychelles in 3 month

Posted in Seychelles government at 3:02 pm by Robert Klien

Following the dissolution of the previous National Assembly on June 12, 2011 by a motion passed by 2/3 of its 34 members, the Seychelles is to elect a new National Assembly (parliament) within the next 3 months.

It should be noted that this is not the 1st time for the legislative body to be dissolved in Seychelles. This can be done by the head of state as in the case in 2007 or the National Assembly itself.

The election will take place within the next 3 months instead of April 2012. The new parliament’s election is expected to pave the way for a ruling party dominating in the assembly.