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Home | November 2013 Please tell us what you think of this article. Tell a friend Print Friendly

St Helena : St Helena: EXCO REPORT - 19 NOVEMBER 2013
Submitted by Saint Helena Herald (Public Relations Information Office) 30.11.2013 (Article Archived on 28.12.2013)

Executive Council met today, Tuesday 19 November 2013, to discuss one item on the open agenda.

EXCO REPORT - 19 NOVEMBER 2013

Executive Council met today, Tuesday 19 November 2013, to discuss one item on the open agenda.

There was one member of the media present in the public gallery for this item - the Revoking of Customs Exemption for Sure South Atlantic Ltd.

ExCo agreed to remove the exemption relating to Sure South Atlantic Ltd as there is no economic evidence to support such an exemption. The removal of the exemption will ensure that all large commercial businesses are treated in the same manner with Customs Duty being paid by all. The exemption will be removed once a Legal Notice is issued and will be in place before the return of the RMS St Helena on 25 November.

The first item of the closed agenda was the Treasury Management Strategy. This was to allow the Crown Agents to actively manage the SHG surplus fund. The Management Strategy would remain a conservative one, but it is likely to improve the rate of return on SHG funds. As current interest rates on deposits remain low, the present strategy does not represent a good enough return and ExCo therefore agreed to approve the amended strategy.

The next item was an application for exemption of Customs duty for a local business to import a multipurpose vessel which would offer a wide variety of marine based activities to local residents and visitors to the Island. ExCo were very supportive of this venture as it showed a commitment from Saints to take advantage of new opportunities for tourism and leisure activities. It was felt that this was a very positive step in the Island’s economic development and ExCo endorsed the application to exempt import duties on this vessel.

In a similar vein, there was an application from the Management Board of the St Helena Fisheries Corporation to exempt Customs duty for the offshore fishing vessel, the MFV Extractor. There has been considerable publicity surrounding the purchase of this vessel and ExCo was again fully supportive of the exemption of Customs duties. The MFV Extractor represents a ‘game changer’ for the local fishing industry as the vessel will have the capability of being able to fish the sea mounts and protect our local waters. The potential for increased fish sales internationally through the airport means that there could be considerable economic benefit to the Island in the future. ExCo endorsed the application to exempt import duties on this vessel.
Deputy Governor, Owen O’Sullivan, informed ExCo that the Governor had arrived safely on Tristan da Cunha earlier today.
This was a very positive meeting and it was pleasing to see developments in local investment being presented.
The meeting concluded at 10.30 am.
ExCo
19 November 2013

 

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