Seychelles modernises laws in case of oil find
If oil is ever discovered in the Seychelles Exclusive Economic Zone the country will already have in place the necessary laws and regulations to manage the operations of petroleum exploration companies and revenues generated through the activity.
This will be possible now that the National Assembly has approved a Bill which is seeking to amend the Seychelles Petroleum (Taxation) Act 2008.
The Minister for Finance Trade and Investment Pierre Laporte presented the Seychelles Petroleum (Taxation) Bill 2013 for approval during the Assembly’s last session for this term on Tuesday last week.
In his presentation Minister Laporte said with developments taking place in oil exploration in our waters, the government has found it necessary to modernise all institutional frameworks including the laws which covers various aspects of the petroleum sector to bring them up to date and to the required international standards and best practices.
“The amendments are expected to bring about more benefits for Seychelles and its people in the event that oil is discovered here. They are expected to also make Seychelles more attractive and competitive as a destination for investments in oil explorations,” said Minister Laporte.
“This would be through tax revenues that petroleum companies will have to pay to carry out oil explorations in our Exclusive Economic Zone,” he added.
The Bill is seeking to amend sections 3, 7, 8, 10, 14, 19 and 20 of the Seychelles Petroleum (Taxation) Act 2008 to introduce new provisions link to taxations operations, payment methods and financial reporting mechanisms among other aspects to manage the operations of petroleum exploration firms.
Members of the Assembly who intervened welcomed the amendments. Sebastien Pillay of the majority party for instance said Seychelles has taken steps in the right direction to avoid mistakes committed by many countries where oil has been discovered.
“In many cases oil discoveries have not brought any tangible benefits and social changes in the lives of many and instead of being a blessing it has become a curse which has resulted in conflicts and wars,” said Mr Pillay.
This will be possible now that the National Assembly has approved a Bill which is seeking to amend the Seychelles Petroleum (Taxation) Act 2008.
The Minister for Finance Trade and Investment Pierre Laporte presented the Seychelles Petroleum (Taxation) Bill 2013 for approval during the Assembly’s last session for this term on Tuesday last week.
In his presentation Minister Laporte said with developments taking place in oil exploration in our waters, the government has found it necessary to modernise all institutional frameworks including the laws which covers various aspects of the petroleum sector to bring them up to date and to the required international standards and best practices.
“The amendments are expected to bring about more benefits for Seychelles and its people in the event that oil is discovered here. They are expected to also make Seychelles more attractive and competitive as a destination for investments in oil explorations,” said Minister Laporte.
“This would be through tax revenues that petroleum companies will have to pay to carry out oil explorations in our Exclusive Economic Zone,” he added.
The Bill is seeking to amend sections 3, 7, 8, 10, 14, 19 and 20 of the Seychelles Petroleum (Taxation) Act 2008 to introduce new provisions link to taxations operations, payment methods and financial reporting mechanisms among other aspects to manage the operations of petroleum exploration firms.
Members of the Assembly who intervened welcomed the amendments. Sebastien Pillay of the majority party for instance said Seychelles has taken steps in the right direction to avoid mistakes committed by many countries where oil has been discovered.
“In many cases oil discoveries have not brought any tangible benefits and social changes in the lives of many and instead of being a blessing it has become a curse which has resulted in conflicts and wars,” said Mr Pillay.
Forrás: www.nation.sc