06.27.15

Abu Dhabi to build new airport in Seychelles

Posted in Business and Economy, Seychelles government, Seychelles infrastructure, Tourism industry at 10:42 am by Robert Klien

Abu Dhabi Airports Company (ADAC) is close to finalising the investment into building a new airport in the Seychelles capital, according to Seychelles president James Alix Michel.

He said that the negotiations with ADAC to construct a new airport in Victoria near the existing airport are in the process and it is expected to reach agreement on this important economic and tourism project on an investment basis soon. The president expressed his expectations that this project could largely boost airport traffic and the number of tourists to our country.

The Seychelles and Abu Dhabi have a close relationship, with the latter providing $55 million in financial aid in the past decade and Etihad Airways bought a 40% stake in state carrier Air Seychelles in 2012, which has helped the airline to record profits for the past 3 years.

The country also is working with Abu Dhabi’s Mubadala in the oil sector, along with other companies from Japan, Australia and Latin America, and the UAE’s Masdar recently launched a wind energy unit in Victoria port with a capacity of six MW, the first of its kind in Seychelles.

06.25.15

Seychelles’ economy growing at 3.5% in 2015, IMF says

Posted in Business and Economy, International Organisations, Seychelles' statistics at 10:34 am by Robert Klien

The International Monetary Fund expects Seychelles’ economy to expand by 3.5% this year compared with 3.3% a year earlier, thanks to a sustained recovery in tourism and lower fuel prices.

According to the IMF, it expected the country’s large current account deficit to shrink this year due to tighter monetary policy and the lower costs of fuel. Tourism is a major economic activity in the Seychelles.

06.13.15

Seychelles issues 2015 Business Tax Guide

Posted in Business and Economy at 10:22 am by Robert Klien

A 2015 Business Tax Guide has been issued by the Seychelles Revenue Commission (SRC) to support companies to complete their self-assessment business tax return.

The Guide points out that, on January 1, 2010, the Seychelles tax system moved to self-assessment for business tax returns, in line with the Business Tax Act 2009. Prior to this, it had been the responsibility of the SRC, and previously the Tax Division, to issue assessments to taxpayers.

Under the self-assessment system, the taxpayer is required to declare the basis of their assessment, to submit a calculation of the tax due, and to pay any amount that is due. The SRC checks that taxpayers correctly disclose income.

06.09.15

Seychelles’ May inflation at 4% year-on-year

Posted in Business and Economy, Seychelles' statistics at 10:46 am by Robert Klien

Seychelles’ inflation rate inched up to 4% year-on-year in May from 3.7% in April, data from the statistics office showed.

Month-on-month inflation stood at -0.1% in May compared with -1.9% in April, the National Bureau of Statistics (NBS) said in a statement.