05.25.11
Posted in Seychelles government at 6:09 pm by Robert Klien
Seychelles’ President James Michel has been successful in his bid for a 2nd full term after beating 3 opposition candidates. Michel is expected to continue the economic reforms that have been started over recent years. These will include floating the Seychelles rupee against major currencies and continuing an overhaul of the tax system.
Despite the fact that Michel’s main rival, Wavel Ramkalawan, an Anglican priest, accused the President of corruption, it was reported that voting was peaceful and orderly. The majority of the 70 000 registered voters participated in the elections on the 3 main islands, while those who live on more than 100 other islands cast their vote over a period of days prior to the final day of polling.
In his address to the nation immediately following the results, Michel vowed to press on with reforms in order to improve the offshore jurisdiction’s economy.
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05.20.11
Posted in Diplomatic missions, Seychelles government at 6:04 pm by Robert Klien
When welcoming the Seychelles’ overseas-based ambassadors at State House on May 17, President Michel heard that Seychelles is well-respected abroad and that other countries listen when this jurisdiction offers guidance or ideas towards global efforts.
The overseas based ambassadors present at the meeting yesterday were Claude Morel (France), Ronny Jumeau (USA), Dick Esparon (India), Vivianne Fock Tave (Belgium), Joseph Nourrice (South Africa). Also, 2 ambassadors based in Seychelles – Maurice Loustau-Lalanne and Marie-Pierre Lloyd – where present. Patrick Pillay (England) and Philippe Le Gall (China) were the ambassadors who could not attend the meeting.
Claude Morel, the longest-serving ambassador, said: “Our contribution at bilateral, multilateral and also at non-governmental organisations’ levels is appreciated”.
During the annual meeting, the ambassadors informed Michel on the efforts being made by them and progress they have achieved.
Foreign Affairs Minister Jean Paul Adam said as Head of State, President Michel leads all diplomatic efforts so the ambassadors meet him and share ideas on what strategies to adopt. According to him, the meeting focused on piracy, small island states’ issues and climate change.
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05.14.11
Posted in Seychelles government at 2:21 pm by Robert Klien
From May 19 to 21, all Seychellois aged at least 18 years who qualify as voters will have to vote to elect a President of Seychelles for the next 5 years.
The voters will make a choice between 4 candidates:
- Seychelles National Party (SNP) leader Wavel Ramkalawan,
- independent candidate Philippe Boullé,
- New Democratic Party (NDP) leader Ralph Volcère,
- incumbent President James Michel of the Parti Lepep.
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04.22.11
Posted in Business and Economy, Seychelles government at 1:10 pm by Robert Klien
China has agreed to let Seychelles pay the R321 million debt in 20 years, with a grace period of 10 years. This was announced by the Vice-President and the Minister for Finance and Trade Danny Faure on his return from China.
In China, Mr Faure led negotiations aimed to seek a rescheduling of the debts of Seychelles. During his visit to China, Faure was accompanied by his technical adviser Bertrand Belle and the director for public debt in the Ministry of Finance Brian Charlette.
Faure said that during the 10 years’ grace period Seychelles will need to pay 2% interest, which is about R500 000 a month (R6 million a year). He commented: “Within the next 24 months, the government will receive an injection of USD 3 million budget support from China as part of a package that is comparable to the treatment we have received as part of our negotiations with commercial banks, bond holders and countries belonging to the Paris Club group”.
On April 18, the agreements for the restructuring were signed in Beijing.
Faure said: “Even though China is the 2nd largest economy in the world, it remains a developing country and it has a principle to help other people in the world, and this is how we as a small nation are getting the money to invest in social infrastructure which help our country’s development from China”.
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04.15.11
Posted in Offshore Banking, Seychelles government at 7:02 pm by Robert Klien
As of April 20, 2011, people having accounts with the Seychelles Savings Bank (SSB) will be able to buy the government’s shares in this bank. This was announced by finance minister Danny Faure on April 14.
According to Mr Faure, during the 1st phase of the process, all applications will be processed from April 20. This will be over a period of 2 weeks and will close on May 5.
The sale of shares in the SSB was announced by President James Michel’s in his state-of-the-nation address in February 2011.
The government’s 40% share in the SSB amounts to 240 000 shares (equivalent to R24 million). Depending on the subscription received during the 1st phase, in the 2nd phase of the sale, the Ministry may offer for sale to the general public the remaining portion of the 240 000 shares.
The execution of the sale will be coordinated by the Ministry of Finance, the Central Bank of Seychelles and the Seychelles Savings Bank.
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03.19.11
Posted in Seychelles banking, Seychelles government at 3:44 pm by Robert Klien
The government of Seychelles has announced its intention to speed up the system of payments for goods and services by transferring the money it owes directly into suppliers’ bank accounts.
This move will be carried out by the government through the Ministry of Finance and in collaboration with the Central Bank of Seychelles. The introduction of the new method is part of its plan to modernise and improve on service delivery.
The new method is planned to be in operation by June 1. This move will do away with government cheques and their 3-day clearing process, as well as abolish the weekly payment schedule. With the new system in place, creditors will not have to queue at the Treasury in order to collect payments and remittance advices. It will apply to contractors, suppliers, businesses and individuals for services rendered or goods sold to a particular ministry, department or budget-dependent agency.
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03.06.11
Posted in Seychelles government at 12:12 pm by Robert Klien
On February 25, Seychelles’ President James Michel gave his his state-of-the-nation address.
He emphasized the fact that Seychelles’ successes are noticeable by the world and announced that the jurisdiction’s economic growth for 2010 was 6.2%, which surpassed the IMF forecast of 4%.
President James Michel noted that, with 47% of the territory designated as nature reserves, Seychelles is 1st in the world in conservation and environmental management. He also said that 3 missions were conducted to rescue those who had been taken hostage by Somali pirates. President mentioned that 5 tankers are flying Seychelles’ flag all over the world, which is great for a small country of 89 000 inhabitants that is developing its oil exploration industry.
As regards land ownership and future investment, Michel announced that the Seychelles EXPO 2020 exhibition will be the launch pad for his government’s vision of the future 10 years of development, including the opportunity for Seychellois entrepreneurs to invest in 5 reclaimed island projects, where 3 will be opportunities for 400 units for shops, restaurants, workshops for small businesses and new offices, up to 8 hotels and many small guesthouses.
As of March 1, income tax will not apply to gratuity payments that are less than R10,000, which applies to all Seychellois workers.
President announced that the government will be selling 40% of its Seychelles Savings Bank shares to clients and employees of the bank who would like to own shares, starting on April 15 this year.
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03.02.11
Posted in Seychelles government at 12:00 pm by Robert Klien
According to an election commissioner Hendrick Gappy, on May 19-21, the Seychelles archipelago will hold presidential elections.
The outer isles of the 115-island country will vote on May 19 and May 20, while the main islands of Mahe, Praslin and La Digue will vote on May 20. .
On April 27, nominations for candidates will be held. Campaigning will be carried out for 18 days starting from April 28.
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01.22.11
Posted in Seychelles government at 4:32 pm by Robert Klien
In 2011, the Electoral Commissioner’s Office will register voters in larger districts electronically. A pilot system will be used by the registration officers to make the procedure easier and quicker.
Commissioner Hendrick Gappy expects an increase in the number of people registering to vote in this year’s election because of the new system. Voters will have to show a national identity card to the registration officer and they will receicve the necessary information from them. As a result, a certificate will be produced more quickly than with the manual system.
The election date has not been announced yet, but it should be before the end of May 2011.
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01.14.11
Posted in International Organisations, Seychelles government, Seychelles legislation at 3:58 pm by Robert Klien
As a result of a substantial fiscal over-performance by the Seychelles in 2010 after 2 years of its stabilization programme, as well as taking into consideration a rapidly recovering economy on the tourist sector, has the International Monetary Fund (IMF) has issued a report with its recommendations to the jurisdiction. In its report, the IMF staff recommended completion of the Seychelles’ 3-year funding facility.
According to the International Monetary Fund, the strong and continued fiscal adjustment has restored the prospect of sustained medium-term growth and debt sustainability for the jurisdiction. The government revenues have created fiscal space for extra discretionary spending, and debt reduction accelerated. It is expected now that revenues exceed original budget projections by more than 4% of GDP in 2010, which would reflect mainly tax collections on turnover and imports that are stronger than predicted.
In the IMF’s view, tax reforms and improvements in revenue administration and expenditure management have helped Seychelles to sustain its credibility of the fiscal adjustment. The reform of the tax system that was launched at the beginning of 2010 has been continued, and its base has been broadened.
It was pointed out by the International Monetary Fund that the government of Seychelles is implementing comprehensive tax reforms with a view to further rationalize the tax system as well as to harmonize rates across sectors. The personal income tax rate was reduced from 18.75% to 15%, effective October 1, which is 3 months ahead of schedule. From January 1, 2011, there is one harmonized rate of personal income tax for all employees in all sectors, with the increase from 10% in the personal income tax rate paid by expatriates.
Preparatory work is underway for replacing goods and services tax (GST) with a value-added tax (VAT) in 2012. In accordance with the government of Seychelles, introducing the VAT is aimed to improve integration in the economy, broaden the base, eliminate cascading, as well as increase efficiency and fairness.
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