In a series of parliamentary hearings on the budget announced for fiscal 2000, Vice-President and Finance Minister James Michel gave various details of Seychelles' economy and his fiscal plans. The total budget for 2000 would be SR 1.2bn, up 4% on 1999. He promised no tax increases, although also announcing a 6% sales tax on hotel and restaurant bills. The Government would continue to create incentives for tourism and for business generally. He expected interest rates to remain unchanged during the year.
The Government is planning to give more independence to the Central Bank, although this is a contentious move. The Minister was unhappy with the level of inflation, which was 5.2% to September 1999, and planned to attack Government costs in order to reduce spending. The Minister said that the Seychelles' application to join the WTO was continuing to progress. He also mentioned that a total of 3,000 companies had now registered under the Seychelles' various offshore regimes.'
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