12.25.11
Posted in Bilateral Treaties, International relations, Seychelles government at 4:11 pm by Robert Klien
A bilateral Tax Information Exchange Agreement (TIEA) has been recently signed between the Seychelles and Guernsey.
The tax information agreement was signed by the two parties in London.
Guernsey Chief Minister Lyndon Trott said that the Global Forum values Guernsey’s leadership in promoting tax transparency with developing nations and noted that the jurisdiction has built a strong relationship with the Seychelles through its engagement with the Southern African Development Community. He commented that this tax information agreement is a further illustration of Guernsey’s evolving international identity worldwide.
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12.17.11
Posted in Diplomatic missions, International relations at 4:46 pm by Robert Klien
Joseph Nourrice has been accredited as Seychelles’ high commissioner to Mozambique. On November 16, he presented his credentials to Mozambican President Armando Guebuza. Mr Nourrice is also Seychelles’ resident high commissioner in South Africa.
Mr Nourrice is Seychelles’ 2nd high commissioner since the establishment of diplomatic relations between the jurisdiction and Mozambique in 1983.
During his audience with President Guebuza, discussions centred on some of the common interests of the two countries of which piracy was prominently featured.
Mozambique’s President Guebuza expressed satisfaction at the level of relationship between the two countries as well as noted the need to further enhance co-operation at bilateral level in new emerging areas. It was said that with globalization cooperation within the region is becoming more important and, so it should be further developed at both bilateral and multilateral levels.
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12.13.11
Posted in Business and Economy, International Organisations, International relations at 4:42 pm by Robert Klien
Seychelles has attended the 1st Forum on China-Africa Scientific and Technological Cooperation that has been recently held in Beijing.
The jurisdiction was represented by the principal secretary in the Department of Industry, Lucy Athanasius, and the director of Industry Policy Analysis and Export Promotion, Barry Assary.
The forum was launched as an initiative of the FOCAC Summit held in Sharm El Sheik-Egypt in November 2009. It also recommended the creation of the China-Africa Science and Technology Partnership Programme (CASTEP), by the Chinese Ministry of Science and Technology, with a view to further enhance cooperation and exchanges in science and technology between China and Africa.
At the opening of the forum, Seychelles’ Ambassador in China, Philippe Le Gall, expressed his satisfaction at Seychelles’ participation at high level and described the forum as an interactive platform to get more familiar with the recent progress made by China in science and technology as well as to interact with government officials, researchers, scientists, and industry leaders.
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12.01.11
Posted in Business and Economy, Financial Services, Foreign investments, International relations, SIBA at 3:38 pm by Robert Klien
A Seychelles’ delegation has attended a 2-day conference. The event was held in Prague on November 10-11, 2011.
The event was organized by the SIC Corporation based in the Czech Republic with the support of the Seychelles Investment Board (SIB). The conference targeted mainly Russian investors interested in investing.
The delegation was led by Investment, Natural Resources and Industry Minister Peter Sinon. Also, there were members of the delegation from the SIB, the Central Bank of Seychelles, the Seychelles International Business Authority (SIBA), and several domestic private financial services sector companies.
This conference aimed to tell investors about various emerging opportunities and possibilities for investment in Seychelles. Also, the event was used as an occasion to formally nominate the partners of SIC Corporation as candidates for the Trade and Investment Representatives’ of Seychelles in Russia and the Commonwealth of Independent (CIS) countries.
In his opening speech, Sinon emphasized that Seychelles is a well-positioned jurisdiction and that there is an increase in trade and investment potentials between Africa and the growing emerging markets of the Far East. He stressed that the jurisdiction is a politically stable, open, welcoming, multi-cultural and idyllic destination in the middle of the Indian Ocean that is a potential powerful platform for offering financial solutions and related services.
Seychelles has maintained a good relationship with Russia and the CIS countries. Investment from this part of the world has significantly contributed to the figures for foreign direct investment (FDI) in Seychelles.
It should be noted that, in accordance with the data revealed by the UN Conference on Trade and Development (UNCTAD), the Russian Federation is the largest outward investing emerging economy surpassed only by Hong Kong. Russia stands ahead of Brazil, China and India. This is the motivation for trying to get to know specific and interested investors in what Seychelles has to offer.
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11.22.11
Posted in Double Taxation Agreements, International relations, Seychelles government, Seychelles legislation at 2:21 pm by Robert Klien
An agreement aimed at avoiding double taxation and preventing fiscal evasion with respect to taxes on income has been signed between Seychelles and Sri Lanka.
The double tax treaty was signed in Colombo by the commissioner general of Sri Lanka, K.M.S. Kandegedara and Jennifer Morel from the Seychelles Revenue Commission.
It should be reminded that communications on double tax avoidance were initiated in May 2008 by Seychelles authorities and acknowledged in July 2008 by Sri Lanka. The two countries agreed to have the 1st round of negotiation in Seychelles on December 15-19, 2008 whereby agreement was reached on all articles. So, the document was initialed on December 19, 2008.
When ratified by both parties, the signing of this DTA brings Seychelles’ double taxation agreement number to a total of 17.
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10.02.11
Posted in International Organisations, International relations, Seychelles government at 2:52 pm by Robert Klien
Seychelles and Guernsey are to sign a Tax Information Exchange Agreement (TIEA).
Guernsey has announced that it will conclude 6 bilateral Tax Information Exchange Agreements (TIEAs) negotiated with members of the Southern African Development Community (SADC), in line with the Organization for Economic Co-operation and Development’s (OECD) priority of working closely on tax issues with developing countries. The tax treaty between Guernsey will be signed. Also, Guernsey is to sign the agreements on sharing tax information with Botswana, Lesotho, Malawi, Swaziland and Zambia.
Ron van der Merwe, Chair of the Tax Agreements Working Group of the SADC, said: “The multi-party TIEA negotiations between 6 SADC member states and Guernsey is considered to be a major step forward in creating a basis for exchange of information for SADC members. This was a first opportunity for SADC and it is hoped that it will be the start of an ongoing programme in the negotiation of TIEAs by member states.”
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08.27.11
Posted in Business and Economy, International relations at 3:28 pm by Robert Klien
Seychellois officials received training on how to manage offshore oil and gas resources as oil has been discovered in Seychelles’ waters.
The representatives of the jurisdiction learned how to manage the above-mentioned resources through a 3-day workshop. The event was run by the US Department of the Interior’s Bureau of Ocean Energy Management (BOEMRE), in collaboration with the Seychelles Petroleum Company (Sepec).
The workshop that opened on August 23 was aimed at officials involved in petroleum engineering, environment, regulatory formulation, revenue management and legal affairs. The opening of the workshop took place in the presence of the Vice-President and Minister for Finance Danny Faure and finance principal secretary Ahmed Afif.
It should be mentioned that this is the 3rd visit to Seychelles by the US Department of the Interior since 2010. It comes at a time when 2 foreign companies are active in exploring a total area of about 36,000 sq km of Seychelles’ exclusive economic zone. Both companies are committed to drill wells in 2012.
The workshop included discussions on how issues relevant to Seychelles’ oil and gas sectors are handled in the US. The issues under discussion include tendering, licencing, geologic and economic modelling, managing transactions and revenue and environmental review and compliance.
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08.24.11
Posted in Diplomatic missions, International relations at 3:32 pm by Robert Klien
On August 23, 2011, President James Michel and the Governor-General of Australia, Quentin Bryce, met in Canberra to hold talks. The meeting was focused on trade, education, and conservation.
On the 2nd day of his state visit to Australia, President Michel was greeted in the Australian capital by Mrs Bryce. Following his arrival, the President visited the Australian War Memorial and laid a wreath on the tomb of the Unknown Australian Soldier as well as observed the President inspecting a Guard of Honour minute of silence.
Governor-General Bryce and Seychelles’ President Michel discussed cooperation between Seychelles and Australia, in the fields of trade, education, and conservation. Mr Michel said that the traditional ties between Seychelles and Australia are strong; particularly as many Seychellois reside in Australia and contribute positively to society. Also, Seychelles and Australia are partners in ensuring better governance of their environmental assets and acting on climate change.
The meeting was attended by the Minister for Foreign Affairs, Jean-Paul Adam, the chief executive officer of the Seychelles Tourism Board, Alain St Ange, the vice-chancellor of the University of Seychelles, Rolph Payet, and the Seychelles high commissioner to India, Dick Esparon, who is accredited to Australia.
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08.06.11
Posted in Business and Economy, International relations, Seychelles government at 8:01 am by Robert Klien
On August 4, Maldivian President and Seychellois President discussed various issues including challenges faced by small island states such as economic development, climate change and the threats of piracy as well as maritime and fisheries cooperation.
Besides President Michel, Maldivian President Nasheed held talks with Vice-President Danny Faure and the Minister for Foreign Affairs Jean-Paul Adam.
Mr Michel welcomed Mr Nasheed saying: “We are very happy to welcome you in our islands, to develop closer relations and consider the challenges of small island states together”.
The 2 presidents witnessed the signing of a memorandum of understanding on fisheries cooperation as well as a protocol on cooperation to combat piracy and other maritime security threats in the Indian Ocean. These documents were signed by Minister Adam and his Maldivian counterpart Ahmed Naseem.
Also, to encourage trade between Seychelles and the Maldives, the presidents agreed that a shipping line between the jurisdictions is needed to be developed. By means of that, economic cooperation and exchange will be enhanced.
President Michel said: “We must do more to improve our regional trade and share our expertise, especially as we are both focused on fisheries and tourism, and in this way develop sustainable solutions to regional challenges”.
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07.22.11
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.
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