01.27.12
Posted in Business and Economy, Seychelles government, Seychelles infrastructure at 2:58 pm by Robert Klien
On January 23, 2012, President James Michel met members of the Seychelles2020 Presidential Commission with a view to discuss the progress of the projects showcased in the Seychelles2020 Expo in March 2011. It is worth noting that Seychelles2020 Presidential Commission was initially known as the National Project Monitoring Unit.
President Michel was briefed on the project implementation timeline and detailed plans for Ile Soleil and Ile Aurore in particular, as both projects are to start in 2012.
In June 2011, technical studies were made. They were followed by subdivision and demarcation of plots of land in October 2011 and an environment study in November 2011. Currently the Seychelles Investment Board (SIB) Seychelles 2020 sales office is being planned for installation into an area of the National Library building in March 2012. In July 2012, its construction is expected to start and be completed in several phases by 2015.
The commission outlined the plans for financing of the housing and commercial projects. It should be noted that these are expected to attract 100% private sourcing. Also, it was announced that the infrastructure including roads, water, electricity, and sewerage would be built by a public limited company that will be established by the government soon.
The meeting of the Commission was attended by secretary of state in the President’s Office, Ambassador Barry Faure who chairs of the commission, principal secretary (PS) for Presidential Affairs Lise Bastienne, the PS for Land Use and Housing Christian Lionnet, chief executive of the Public Utilities Corporation Philip Morin, chief executive of the Seychelles Investment Bureau (SIB) Sherin Renaud, chief executive of the Planning Authority Gerard Hoareau, architect Alain Hazan from the private sector, director for Project Implementation in the Department of Land Use Yves Choppy, and SIB’s director of Investment Promotion and Facilitation Sabrina Agathine.
The Seychelles2020 Presidential Commission is mandated to liaise with all agencies and persons in the country, public or private, and facilitate broad cross-agency coordination, monitor implementation. Also, it is to keep the President and the cabinet of ministers informed of the progress of the projects.
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01.17.12
Posted in Business and Economy, Foreign investments, Seychelles government at 6:48 pm by Robert Klien
On January 12, President James Michel chaired the 1st session of the National Economic Council that was established in December. The President said that it is the priority of his government to ensure that Seychelles continues on a path of economic growth that fairly benefits its population.
He said: “This is a goal that we must never lose sight of. Our economic cake must not only be bigger, but we must also ensure it is shared fairly”.
At the same time, he emphasized the need to stimulate more business activity and get more Seychellois involved in entrepreneurship. This can be done by making more credit available to them and on easier terms, so the banks would be playing an essential role. According to Michel, “the banks have to be proactive and reach out to all entrepreneurs, big and small.”
Mr Michel also said that it is necessary to go on encouraging foreign direct investment (FDI) in the jurisdiction. He said: “It is crucial to stimulating growth in all sectors. As crucial FDI is to our survival in a fiercely competitive and globalised world, we must not neglect investment in our country by Seychellois for Seychellois.”
He added: “We must do everything possible to encourage and promote investment and re-investment by Seychellois entrepreneurs. This includes creating the enabling environment, putting the right policies in place, empowering our entrepreneurs, removing all obstacles and hurdles in their way”.
Mr Michel noted that the jurisdiction’s economic development must take account of its specificities.
“We need an economy that reflects our democratic principles of social justice, and not one based on technical considerations alone. We need an economy that empowers and benefits our people and puts their interests first. My Government will continue to improve the policy framework that will enable all economic actors to feed the engines of productivity and economic growth.”
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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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12.09.11
Posted in Seychelles government, Seychelles legislation at 4:31 pm by Robert Klien
President James Michel has announced that a council which will have the function of advising government on the best economic policy for sustainable national growth and development has been established. The new body is called the National Economic Council. It will hold regularly meetings to discuss matters raised by its members, President James Michel or referred to it by the government of Seychelles.
The new council may commission and analyze data and information that may be required to advise government on suitable economic strategies and to detect whether existing national programmes meet strategic economic objectives.
When announcing the creation of the new body, the President noted that the world economy is becoming increasingly fragile, and therefore it is important to ensure that Seychelles’ national development strategy was founded on a thorough understanding of the economic environment and the dynamics of the emerging forces shaping the future of the global economy. He said: “Continued economic success depends on the cooperation of all stakeholders. Working for the benefit of Seychelles is paramount in every decision-making process. The National Economic Council will serve as a hub for information, debate and advice, in the process of developing sound national economic policy”.
The National Economic Council will be chaired by the President. The Vice-President and Minister responsible for Finance, Danny Faure, will be its vice-chair. The other members of the council will be Minister for Home Affairs, Environment, Transport and Energy, Joel Morgan; Governor of the Central Bank of Seychelles, Pierre Laporte; CEO of the Seychelles International Business Authority, Steve Fanny; CEO of the Seychelles Savings Bank, Michael Benstrong; CEO of the Seychelles Tourism Board, Alain St Ange; principal statistician, National Bureau of Statistics, Michel Mellie; and others.
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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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10.18.11
Posted in Business and Economy, International Organisations, Seychelles government at 2:59 pm by Robert Klien
On October 17, an International Monetary Fund (IMF) team led by its head to Seychelles, Jean Le Dem, visited President James Michel to appraise him on how they find the economic reform going. Also, Vice-President Danny Faure, who is also the Minister for Finance, Central Bank Governor Pierre Laporte and principal secretary for Finance and Trade Ahmed Afif were present during the meeting.
Mr Le Dem said that the programme’s performance was good and the jurisdiction has met all the quantitative criteria as at the end of June 2011. He said that the Fund will next review the structural reform programme and see where it is necessary to accelerate the programme. Also, it will discuss Seychelles Budget 2012 including the situation with Air Seychelles.
Mr Le Dem noted: “We also discussed the inflation issue which has risen a little to 3.3% in September and the chances for price increases but also how this can be mitigated through the social welfare agency”. He stated that the reforms have stabilised the economy of the offshore jurisdiction as well as stressed that it is needed to ensure the private sector continues to grow in order to support the economy.
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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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08.10.11
Posted in Business and Economy, Seychelles government at 8:08 am by Robert Klien
The tax reforms in Seychelles will end with the VAT (Value Added Tax) due to come into effect on July 1, 2012.
Vice-President Danny Faure said that VAT is seen as a more fair way to collect tax which will apply to businesses with an annual turnover above R5 million but voluntary for those earning less.
This was said in an interview attended by principal secretary for Finance Ahmed Afif, chief executive of the Seychelles Revenue Commission (SRC) Jeniffer Morel and assistant tax commissioner Marie-France Fanchette. Also, an experienced IMF expert who will be based in Seychelles to advise on the implementation of the tax was present.
Mr Faure said: “We in government believe that the final stage of the whole reform is very important and we will need to continue as we have been doing over the last two years, communicating, talking and getting questions from citizens and the business community which will be sent to the SRC for answers”.
Businesses earning less than R5 million a year can register under the VAT system.
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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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07.14.11
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.
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