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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01.06.11
Posted in Seychelles government at 3:11 pm by Robert Klien
According to Vice-President and Minister for Finance Danny Faure, financial controllers, accountants and all others in charge of government spending play a key role where the country’s budget is concerned.
Faure was speaking at the meeting held by the Ministry of Finance with the officers at the beginning of each year.
Faure said that these gatherings are held with a view to let financial officers know that their work to ensure there is no over-spending is very significant. Also, he told them about new developments in their field of work.
When meeting in the Seychelles Trading Company’s conference room, Vice-President Faure and comptroller general Sitna Cesar signed the general warrant to disburse the new budget in January 2011.
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01.02.11
Posted in Seychelles government, Seychelles legislation at 4:30 pm by Robert Klien
On July 1, 2010, the Income and Non-Monetary Benefits Tax Act 2010 became effective. It introduced a tax levied on both employees and employers.
For the period July 1 to September 30, 2010, all Seychellois employees were liable to an income tax rate of 18.75% on their gross pay. From October 1, the rate of income tax applicable on the total earnings of Seychellois employees was reduced from 18.75% to 15%. So, all Seychellois employees saw an increase of 3.75% in their salary from October onwards.
It should be noted that all the other applicable rates under the Act remain as follows:
- income tax for non-Seychellois employees – 10%;
- non-monetary benefits tax payable by an employer – 20%;
- domestic worker – R50;
- daycare worker – either R100 or 10% of total emolument, whichever is lower;
- an person employed by a farming company or a boat owner (as defined under the Agriculture and Fisheries Incentives Act 2005) – R100.
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12.23.10
Posted in Business and Economy, Seychelles government at 7:43 pm by Robert Klien
About USD 289 million of foreign direct investment (FDI) has come into Seychelles in 2010. President James Michel said that this amount is very substantial as the world is still in a financial crisis.
When speaking about the benefits of FDI during the last En Moman Avek Prezidan programme for 2010 on December 20, President Michel said that Seychelles has managed to attract this large foreign investment because investors have confidence in this jurisdiction.
The President explained that “This will create infrastructure such as at the airport, port and other places to allow them to increase economic activity”. Also, he noted that investment in the population is important, so building more schools and hospitals is necessary.
He said that Seychelles had to take out loans, so there are debts that were needed to improve infrastructure to create the economic space for the country’s development. While the government has sometimes been criticised for taking loans, the loans have gone into economic and social development.
Michel emphasized that FDI brings wealth, gives employment as well as creates downstream economic activity.
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12.20.10
Posted in Business and Economy, Seychelles government at 2:53 pm by Robert Klien
President James Michel has said that, as a small country, Seychelles has achieved much during the year 2010. However, as a nation, Seychelles is to step up its capacity to face further challenges.
When speaking during the last En Moman Avek Prezidan programme of 2010, Michel noted the excellent work of Seychelles’ defence forces to rescue fishermen from Somali pirates. According to the President, this incident proved the need for defence forces, as no one can now doubt this need.
Another event highlighted by Michel was the opening of the University of Seychelles. He added that many people said the country is too small to have its own university, but the official opening in November 2010 proved them wrong.
Michel spoke of the success of the economic reforms started in 2008. He noted that this year the nation have seen the results, and the international community has been impressed by the jurisdiction’s performance, good work and progress. He said that Seychelles extends its thanks to the creditors who have substantially written off the country’s debts. According to Michel, economic growth is 6%, and the country has been able to cut its debts as a result of the established credibility.
Mr Michel said that Seychelles’ success lies in the new business environment as there are about 600 new small businesses today, thanks to loans from government and concessionary credit from banks.
“The economic reform has brought many challenges and sacrifices for our people, but things are getting better,” he said. One of the main challenges is sustaining the reform and making the remaining changes work without a negative effect on people.
Today there are more resources in the country, and people have realised that much has been done, Mr Michel said.
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09.17.10
Posted in Business and Economy, International relations, Seychelles government, Tourism industry at 11:25 am by Robert Klien
President of Seychelles James Michel made an official visit to Spain at the invitation of HE Mr. José Luis Rodríguez Zapatero, President of the Government of the Kingdom of Spain. During his two-day official visit, the President of Seychelles was accompanied by the Minister for Home Affairs, Environment, and Transport, Mr. Joel Morgan; the Secretary of State in the Office of the President, Mr. Barry Faure; the Chief Executive Officer of the Seychelles Tourism Board, Mr. Alain St. Ange; and the Chief Executive Officer of the Seychelles Hospitality and Tourism Association, Ms. Jenifer Sinon.
Seychelles President James Michel has met with the President of Spain, Vice Presidents, and members of the Confederation of Employers and Industries of Spain. With the members of Confederation, President Michel discussed the potential for the territory to become a business hub for Africa. By words of the President, this meeting will deepen the relations with the private sector in Spain.
The President spoke to Prime Minister Zapatero about opportunities for Spanish investment in fisheries and tourism projects in Seychelles. Spain’s technical mission in Seychelles will study possibilities of the use of solar power on the islands.
During the visit, it was announced that Seychelles Tourism Board would be opening a tourist office in Madrid, which will be engaged in many promotional activities in Spain.
President James Michel also had an audience with His Majesty King Juan Carlos I of Spain. Following this meeting he said that during the audience they discussed many issues of mutual cooperation, the special friendship between the Republic of Seychelles and the Kingdom of Spain.
Seychelles and Spain signed Memorandum of Understanding on Defense Cooperation, the second MOU on Fisheries Cooperation, and the Declaration of Intentions in the Fight Against Piracy. The agreements were signed by Seychelles Minister for Home Affairs, Environment and Transport Mr. Joël Morgan and the Spanish Minister for Defense Mrs. Carmen Chacón.
By words of President Michel, Spain is prime partner of Seychelles, and these agreements will help to consolidate their partnership and extend the collaboration between the countries.
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