SANKEN GETS ALL THE JUICE WHILST LOCAL BUILDING CONTRACTORS GET PEANUTS!

Last week we published an article detailing out all the various concessions this government is granting to Corvina Investment Co Ltd for the Ephelia Project. The shareholders of Corvina are all well connected individuals and certain directors the likes of Glenny Savy and Guy Adam holds powerful position within this establishment. They are well placed to influence the system positively in their favour of course. All this when you and us are struggling to make ends meet. This week we bring you part of the report on Sanken Overseas (PVT) Ltd.


Letter addressed to Daniel Farra, Project Manager, Sanken Overseas (PVT) Ltd, dated 26th November 2007:

Re: Ephelia Resort – Tourism (Incentives) Certificates Number: 2007/AC/317

Reference is made to the above.

We would like to bring to your attention the concessions granted to your company during the construction phase of your project under the Tourism (Incentives) Act.

Main Contractor

i.          Capital Equipment and Construction Materials

0% Trades Tax, 0% GST

(Bill of Entry has to be certified by the designated Project Manager)

ii.         Royalties:

Royalties paid to non resident shall be exempt from withholding tax.

iii.        Social Security:

Employer’s Contribution                                                             Employee’s Contribution

Non Seychellois

0% provided that an acceptable health insurance                    Applicable Rate

policy is taken for all expatriate employees

Seychellois  50% of the applicable rate                                       Applicable Rate

iv.        GOP allowance and fees

1601 non-Seychellois at GOP fee of SR 500 per person per month

v.         Fuel (diesel only)

(Trades Tax exemption on fuel used by plant and equipment and provided on construction site the amount used to be endorsed by the designated project manager)

Please note that motor vehicles are not eligible for Trades Tax and GST concession during construction phase.

Please note that you will have to register with the Office of Tax and Social Security Fund.

Thanking you for your usual co-operation.

Yours sincerely,

Ronald Cafrine
Director General
FOR PRINCIPAL SECRETARY


Editor’s Note: This is the kind of give away by this government whilst the ordinary citizens are paying the full price on everything we buy from the shops or even from government. Foreigners are getting most things duty free. Just on the GOP fees alone the company is making a saving of SR31,217,899 (31.2 million rupees) per annum. That is enough money to build over 100 houses for homeless people or enough money to put medicines in our hospitals or enough money to put educational materials in our schools. This is hardly the way to run a country with an economic crisis on its hands. We hope the European Union, the IMF, World Bank and the African Development Bank are watching this development very closely. “Pou lanmour Sesel”

September 12, 2008
Copyright 2007: Seychelles Weekly, Victoria, Mahe, Seychelles