President of Seychelles to attend AU summit in Ethiopia

Posted in International relations, Seychelles government at 9:41 pm by Robert Klien

The President of Seychelles, Danny Faure, will be attending the 30th session of the African Union (AU) summit of heads of state which starts on Sunday in Addis Ababa, Ethiopia, State House said.

President Faure will leave the country on January 27 and return January 29.

According to CNBC Africa, an African television network, “Two critical issues will impact on the relevance of the AU as a regional mechanism: firstly, the continuation of the reforms proposed by Rwandan President Paul Kagame, who is set to chair the organisation in 2018; and secondly, the adoption of a protocol of free movement that will further the integration of the continent.”

Seychelles’ Secretary of State for the Foreign Affairs department, Barry Faure, is attending the AU’s Executive Council 2-day meeting which started on January 25.

Faure spoke on the subject of the implementation of the Africa Agenda 2063 and flagship projects. The Agenda is a framework for the socio-economic transformation of the continent over the next 50 years and the flagship projects are those approved by the AU Summit and seen as very urgent and relevant. According to Faure, while there has been progress in some areas like with the Single African Air Transport Market, he expressed concern that the majority of the projects were encountering delays. He called for robust mechanisms to be put in place to address this



Seychelles-India Agreement for military use of island being revised

Posted in Bilateral Treaties, International relations at 9:41 pm by Robert Klien

The agreement between India and Seychelles to build military infrastructures on the remote island of Assumption has been revised and will be signed on January 27.

The decision followed an extraordinary meeting between the President of Seychelles, Danny Faure, and his Cabinet of Ministers on Tuesday.

The agreement was  signed during the official visit of the Indian Prime Minister Narendra Modi to Seychelles in March 2015 to be the first one that was supposed to go before the Seychelles National Assembly for ratification as stipulated in the constitution.

The Secretary of State of the Foreign Affairs department Barry Faure said that when the agreement was signed the intention was not for India to take control of the island. “Although the project was being financed entirely by India, Seychelles retains full ownership of the facilities and sovereign rights over the island,” he said.

The remote island of Assumption is situated some 1,140 southwest of the Seychelles main island of Mahe.



Seychelles to chair AML meeting to address “grey-list”issues

Posted in Business and Economy, International Organisations, International relations, Seychelles government at 8:41 pm by Robert Klien


Seychelles is gearing up to hold this year’s Eastern and Southern Africa Anti-Money Laundering (AML) Group meeting in August while also preparing to take up the presidency of the group, the jurisdiction’s finance minister said.

To prepare for the high-level meeting, Seychelles’ Ministry of Finance is holding frequent meetings with all involved parties to ensure the event goes smoothly from start to finish.

Peter Larose, the Minister for Finance, Trade and Economic Planning, said: “It is important that we plan ahead. I had to call on a number of parties to be able to assist as this is about Seychelles. We need to showcase Seychelles’ style of management, governance system and show the world that we are a capable, responsible and accountable government”.

According to him, the guests will have the opportunity to witness the competitive edge of Seychelles as part of the global village.

Minister said that discussions in this year’s meeting will focus on our compliance with international best practices including preventing money-laundering, tax evasion and combatting the financing of terrorism. “It is part and parcel of our commitment to share information within the group and Africa, and with the rest of the world,” said Larose.

The aim of the group is to combat anti-money laundering by implementing recommendations of the Financial Action Task Force on Money Laundering (FATF). The organisation sets standards and promotes effective application of AML legal and regulatory measures.


Seychelles and Abu Dhabi leaders meet at World Future Energy Summit

Posted in Business and Economy, Diplomatic missions, International relations at 9:44 pm by Robert Klien

The president of Seychelles, Danny Faure, met with Sheikh Mohammed bin Zayed, crown prince of Abu Dhabi, on the sidelines of the World Future Energy Summit this week.

The two leaders discussed how to maintain friendly relations and support between the two jurisdictions.

On January 15, President Faure attended the official opening of the Abu Dhabi Sustainability Week being held under the theme “Driving the Global Energy Transformation.”

The head of state of Seychelles is attending the World Future Energy Summit for the 2nd time in his presidency.

The event is a global discussion on the future of renewable energy, clean technology and sustainability and is held every year as part of Abu Dhabi Sustainability Week. This year, the summit will cover burning issues and key trends in the renewable energy sector, such as the future of energy and transport in urban.


Seychelles increases Import Duties on certain building materials

Posted in Business and Economy, Seychelles legislation at 9:24 pm by Robert Klien

Effective January 1, 2018, import duty was removed in the Seychelles on dietary supplements, corrugated iron sheets, and various other building materials, including panels, tiles, and other similar materials.

According to the tax agency, VAT will still apply on the aforementioned items, at a 15% rate.

The changes were included in Statutory Instrument 68 of 2017, Customs Management (Tariff and Classification of Goods) (Amendment) No 2 Regulations, 2017.


Tax Law changes approved in Seychelles

Posted in Business and Economy, Seychelles government, Seychelles legislation, Seychelles offshore jurisdiction at 8:33 pm by Robert Klien

At an extraordinary meeting of the Seychelles Cabinet in December, a number of legal and tax policy proposals were approved, continuing the jurisdiction’s progress in reforming its tax regime and bolstering its economy.

According to a Ministry of Finance statement that was released following the meeting: “Cabinet approved policies relating to the Progressive Income Tax Law. The aim of these policies are to simplify income tax collection. Cabinet also approved the amendment to the Excise Tax Bill. The amendments would harmonize the categories of business and persons entitled to fuel concessions under the Excise Tax Act 2009.”

Also, administrative changes were approved to the Seychelles Revenue Commission Act and the Customs Management Bill with a view to allow for the renaming of certain posts, as well as to allow for the creation of a Revenue Commission Board.

On December 13, 2017, the Executive Board of the International Monetary Fund (IMF) approved a new Policy Coordination Instrument (PCI) for Seychelles. The 3-year arrangement with the IMF will allow the Government of the Seychelles to receive intensive support with regard to developing and implementing pro-growth economic policies.

The previous review of the economy held by the IMF in October 2017 said that while the Seychelles has made remarkable progress on enhancing its finance and economy, it still faces vulnerabilities and pressures, as a small island economy in a challenging global economic environment.