Thursday, 27 November 2014

Extraordinary Meeting of the Council of Ministers from November 21st, 2014

Presidency of the Council of Ministers

V Constitutional Government
.............................................................................................................................
Dili, November 21st, 2014
Press Release
 
The Council of Ministers met extraordinarily this Friday, November 21st, 2014, in the Council of Ministers Meeting Room, at the Government Palace, in Dili, and approved two diplomas:
 
1. Government Resolution approving the Investment Agreement with Heineken Asia Pacific Pte. Ltd.
 
The Heineken Asia Pacific Pte. Ltd proposed project, for the construction of a beer factory in Timor-Leste, entails an investment exceeding forty million dollars.
Following the proposal evaluation by an Investment Commission comprised by several institutions, and whose results were presented to the Council of Ministers on the meeting of September 17th, the Government has decided to approve an Investment Agreement with Heineken, under which some tax benefits provided for in the Investment Law are conceded to the company.
 
2. Decree Law regulating the Special Development Fund
 
The Fund is aimed at financing, in an efficient, safe and transparent way, the implementation of a set of projects included in the development plan for the Special Administrative Region of Oe-Cusse Ambeno.
 
The Council of Ministers also analyzed four presentations:
 
1. Pelican Paradise Investment Project
 
The State Secretariat for the Support and Promotion of the Private Sector presented to the Council of Ministers the investment project from the international company Pelican Paradise Holdings Timor-Leste located in Singapore, for the construction and exploration of a five star hotel complex located between Díli and Tibar, with an investment of around 310 million dollars.
 
The project includes a hotel with 492 bedrooms, gym, restaurant, spa, convention center for one thousand and five-hundred people, golf course, commercial area and residential area.
 
During the construction stage of the hotel complex, the Investor estimates that one-thousand and five-hundred direct jobs may be created, 70% to 80% of which can be carried out by Timorese. Once the hotel complex is completed and operational, the investor foresees that 830 jobs will be established and maintained, 70% to 80% of which can be carried out by Timorese.
 
2. Arbitration Process and Maritime Boundaries Dispute
 
The Ministry of Petroleum and Mineral Resources presented, to the Council of Ministers, an current assessment of the Arbitration Process and Maritime Boundaries Dispute.
 
3. Timor GAP Activity Report
 
The Ministry of Petroleum and Mineral Resources, alongside the President for Timor GAP, E.P. has presented, to the Council of Ministers, the company’s Activity Report, for the years 2012 and 2013. The documents include detailed data on human resources, accomplished projects and projects to be developed, Timor-Leste Onshore prospecting studies, business and partnership opportunities, development of the National Oil industry, joint petroleum development area, amongst others.
 
4. Calendar of Activities during the Presidency of the CPLP
 
The Ministry of Foreign Affairs and Cooperation presented, to the Council of Ministers, the calendar of the activities scheduled to occur during the Rotating Presidency of the Community of Portuguese Language Countries (CPLC), by Timor-Leste (2014-2016), and of which the highlights are the high level ministerial meetings between ministers of several areas, from the nine countries belonging to this organization.

Xanana Expresses Discontent Scorn and Anger towards Australia

Written by Tempo Semanal
 

Governo aprova investimento da cervejeira Heineken em Timor-Leste

http://noticias.sapo.tl/portugues/info/artigo/1422783.html

26 de Novembro de 2014, 10:47

 
O Governo anunciou ontem a aprovação dum projeto da cervejeira Heineken para construir uma fábrica de cerveja no país, num investimento superior a 40 milhões de dólares, segundo comunicado divulgado à imprensa.
 
"Na sequência da avaliação da proposta, por uma Comissão de Investimento composta por várias instituições, cujos resultados foram apresentados ao Conselho de Ministros na reunião de 17 de setembro, o Governo decidiu aprovar um Acordo de Investimento com a Heineken, ao abrigo da qual lhe são concedidos alguns benefícios fiscais previstos na Lei de Investimento", refere em comunicado.
 
A Heineken Ásia, baseada em Singapura, tinha já anunciado intenção de investir 40 milhões de dólares (cerca de 31 milhões de euros) no país para construir uma fábrica e produzir cervejas e bebidas alcoólicas e não alcoólicas.
 
A empresa, que em Timor-Leste está registada como Heineken Timor, S.A, pretende criar 1000 postos de trabalho no país.
 
No mesmo comunicado, referente à reunião de Conselho de Ministros do passado dia 21, o Governo informa que analisou um projeto de investimento de uma empresa com sede em Singapura para a construção e exploração de um complexo hoteleiro de cinco estrelas entre Díli e Tíbar, onde deverá ser construído o novo porto do país.
 
Segundo o comunicado, o investimento ronda os 310 milhões de dólares e na fase inicial de construção deverá criar 1500 postos de trabalho diretos.
 
"Quando estiver concluído e em funcionamento, o investidor prevê que sejam criados e mantidos 830 postos de trabalho, sendo que 70% a 80% podem ser preenchidos por timorenses", refere o comunicado.

@Lusa

Wednesday, 26 November 2014

PF Q3 Report - "Incomes did not exceed expenses" is an unfair assessment

*Cosme da Costa Araujo
Lao Hamutuk and the Diplomat rightly pointed out that Petroleum Fund balance decreased in Q3, compared to Q2 balance. The decrease, as they mentioned, was due to foreign exchange losses and also transfer made to the State Budget.

But arguing that "FOR THE FIRST TIME, EAST TIMOR'S INCOME FROM OIL AND GAS OPERATIONS DID NOT EXCEED THE EXPENSES RELATED TO THE OIL FUND" is unfair.

It seems that their conclusion is based on the following calculation - petroleum revenues in Q3 ($522 mil) minus losses and transfers ($340+231), resulted in about negative $50 mil.

However, it is an unfair comparison in terms of the time period and not a true representation of the withdrawal. Ideally, the government should smooth the expenditure (withdrawal) over the year, by taking out $158 mil/quarter (of total ESI amount of $632 that is expected to be withdrawn in 2014).

The $340 mil amount mentioned here is the total amount the Government had withdrawn so far in 2014 from the Petroleum Fund, just half of the budgeted ESI amount. This amount happened to be a "lump sump" withdrawal in Q3 (as no withdrawals were made in Q1 & Q2). Q3 therefore is bearing the burden of the withdrawal.

To be fair, in term of period comparison, it is better to look at the-year-to-date (YTD) numbers. In doing so, we can see that even if the Government manages to withdraw total ESI amount ($632 mil) by the end of 2014, it is still less than the total revenue received for the year to date ($1,606 mil), not to mention revenues from investment return ($365 mil year to date).

The declining trend in revenue is something that the Government acknowledges publicly in its Annual Budget Book 1. According to that report revenues have peaked in 2012 and are expected to decline from 2013 onward until they cease in 2020 - 2022.


KOREKSAUN BA NOTÍSIA TIMOR POST - KONABA “INVESTIMENTU FUNDU PETROLÍFERU”

Iha loron Kuarta, dia 26 Novembru 2014, Jornal Timor Post fo sai notísia ida iha seksaun Ekonomia nian, pájina 11 ho títulu “Osan Mina Hamutuk US$ 2,579 Investe iha Nasaun 14”.
 
Notísia ida ne’e bazeia ba aprezentasaun ne’ebé Sr. Cosme da Costa Araujo, reprezentante husi Unidade Administrasaun Fundu Petrolíferu, Ministériu Finansas, ne’ebeé hetan konvite husi ONG Luta Hamutuk hodi halo aprezentasaun iha loron Tersa, dia 25 Novembru 2014 kona ba “Investimentu Fundu Petrolíferu Timor-Leste” iha sede Luta Hamutuk, Farol, Dili.  
 
Objetivu husi aprezentasaun ne’e maka “atu haforsa kapasidade média hodi halo kobertura ba notísia relasiona ho Fundu Petrolíferu no hasae partisipante sira nia konesimentu konaba Fundu Petrolíferu”.
 
Ami nota katak notísia ne’ebé fo sai balun ladun lós. Tan ne’e, liu husi koreksaun ida ne’e, ami hakarak hadiak fali salan hirak ne’e.
 
Leitores sira presiza tau iha neon katak dadus balun ne’ebeé uza ba aprezentasaun ne’e to’o deit iha fim  Juniu 2014. Nune’e informasaun balun seidauk “update” ho relatóriu ofisial sira ne’ebé fo sai tiha.
 
Aprezentasaun ba mídia sira ne’e hahú hodi hateten katak objetivu estabelese Fundu Petrolíferu maka hodi “maneija ho diak reseitas petrolíferas atu nune’e bele fo benefisiu ba jerasaun agora no mos jerasaun futuru”.
 
Wainhira Fundu Petrolíferu hahú investimentu iha 2005, ita adopta estratéjia investimentu ida simples, hodi investe hotu deit iha obrigasaun sira nivel a’as demoninadu iha dolar EUA. Iha tempu ne’ebá Lei Fundu Petrolíferu No.9/2005 permite mínimu 90% husi Fundu investe iha rendimento fixo  (bonds) demoninadu iha moedas EUA ho nivel a’as no 10% investe iha instrumentu finanseiru sira seluk.
 
Iha tempu ne’ebá estratéjia refere importante tebes hodi tulun Fundu evita espozisaun ba risku no volatilidade, no iha tempu hanesan mos hakbiit no hasae ita nia kapasidade. Maibe estratéjia refere la sustentável, tamba kada tinan ita hasai 3% Rendimentu Sustentável Estimativa (RSE) husi Fundu Petrolíferu, enkuantu investimentu husi Fundu refere fo deit retornu menus husi 2% real.
 
Tamba ne’e, razaun fundamental hodi halo mudansa ba Lei Fundu Petrolíferu maka hodi diversifika investimentu Fundu Petrolíferu liu husi halo investimentu ba iha klase ativu oin-oin, hodi nune’e ita bele hetan aliñamentu entre polítika investimentu ho polítika fiskal. Mudansa ba estratéjia investimentu ne’e haforsa liu tan diversifikasaun hodi ajuda Fundu Petrolíferu mantein prezervasaun kapital, no evita risku konsentrasaun iha klase ativu ida deit.
 
Lei Fundu Petrolíferu foun (Lei No.9/2005, amendada ho Lei No.12/2011) ne’ebé foi lalais ne’e hetan revizaun prevee katak Fundu Petrolíferu investe másimu 50% iha ações públicas, no mínimu 50% investe iha rendimento fixo no la liu husi 5% investe iha instrumentos alternativos. Ita espera katak ho estratéjia investimentu foun, 60% iha obrigasaun no 40% iha asaun, iha probabilidade razoável katak iha longu-prazu Fundu bele atinji retornu real 3%, hanesan ho 3% RSE, ne’ebé sai hanesan sasukat transferênsia anual ba orsamentu estadu.
 
Governu desidi iha tinan 2012 hodi hasae investimentu ba ações públicas, ho montante 0.83% kada fulan durante tinan rua nia laran to’o Juñu 2014 hanesan meius ida prudenti liu hodi atinji objetivu alokasaun 40% ba investimentu iha asaun. Hanesan investor longu-prazu, Fundu Petrolíferu prontu atu asumi risku hodi nune’e bele atinji média retornu longu-prazu ne’ebé a’as. Governu mos desidi iha tinan 2013 hodi diversifika liu tan karteira rendimento fixo hodi redúz konsentrasaun iha Tezouru EUA (Estadus Unidus Ámerika) . Espozisaun inísiu 10% aloka ba obrigasaun nasaun soberanu dezenvolvidu sira ex-EUA, ho limitasaun másimu 30% alokasaun ba Zonaeuro no másimu 10% iha nasaun ida.
 
Agora daundaun, Fundu Petrolíferu investe 60% in Tezouru EUA, 10% iha obrigasaun nasaun soberanu non-EUA no 40% iha asaun merkadu dezenvolvidu. Investimentu Fundu Petrolíferu jere husi BCTL (40%), BIS (10%), Jestor Interinu (5%), AllianceBernstein (5%), SSgA (18%), Blackrock (17%) no Schroders (5%). Fundu Petrolífefru investe iha mais de 2,579 títulus finanséirus, husi ne’ebé 70% investe iha EUA, no restu investe iha nasaun zona Europa, Japaun, Reinu Unidu, Kanadá, Austrália no nasaun dezenvolvidu sira seluk hanesan Dinamarka, Hong Kong, Israel, Nova Zelândia, Noruega, Cingapura, Suécia, no Suísa.
 
Desde Fundu estabelese iha tinan 2005, total reseitas petrolíferas ne’ebé hetan husi esplorasaun kampu rua – Bayu Undan no Kitan, hamutuk $19 billoens. Husi montante ne’e, $5,2 biloens transfere ona ba orsamentu estadu. Total retornu investimentu ita hetan desde inisíu hamutuk 4.4% ou reseitas investimentu akumuladu hamutuk 2.4 biloens. Total Fundu nia balansu iha fim Juniu 2014 hamutuk $16.6 biloens.
 
Tinan 2013 sai hanesan tinan ida diak tebes ba merkadu asaun iha ekonomia nasaun dezenvolvidu sira, enkuantu merkadu obrigasaun la fo retornu ne’ebé diak iha tinan ne’ebá. Iha tinan 2013 deit retornu investimentu husi asaun a’as tebes ho 27%. Maibe retornu asaun tinan ida ne’ebá ita konsidera hanesan eksepsaun ida, tamba sei susar tebes ba merkadau asaun hodi fo rezultadu hanesan iha tinan 2014.
 
Diferensia iha dezenpeñu entre asaun no obrigasaun hatudu mai ita importansia husi diversifikasaun. Wainhira ita investe iha klase ativu oin-oin, ne’ebé dala barak iha mudansa la hanesan, maka Fundu sei hetan protesaun husi impaktu temporáriu retornu negativu entre klase ativu sira ne’e ida.
 
Governu agora daundaun hanoin hela atu hadiak liu tan karteria investimentu obrigasaun no asaun hodi investe iha sub-klase ativu sira seluk atu bele hadiak karaterístika risku no retornu Fundu Petrolíferu.
 

Tuesday, 25 November 2014

Timor-Leste most tax competitive country in Portuguese-speaking world

November 24th, 2014  
 
 
Timor-Leste (East Timor) is the highest rated among the Portuguese-speaking countries in the list of most competitive nations in the world in terms of tax burden, according to the “Paying Taxes 2015″ study by PricewaterhouseCoopers, published recently.

The study puts Timor-Leste in 55th place, ahead of Portugal in 64th and at a great distance from the other Portuguese-speaking countries – Angola (144th), Brazil (177th), Cabo Verde (91st), Guinea-Bissau ( 150th) Mozambique (123rd) and Sao Tome and Principe.

This list is drawn up based on a set of indicators such as the tax burden for businesses, the number of hours spent dealing with tax issues and the number of annual payments.

In the case of Timor-Leste, the tax applied to companies is at a rate of 11 percent, the number of hours needed to deal with tax matters is 276 and the number of annual payments is 18.

In the case of Portugal the corporate tax burden is 42.4 percent, the number of hours is 275 and the number of payments is only eight.

This study by PricewaterhouseCoopers comparing the tax burden of 189 world economies and drawn up in cooperation with the World Bank, shows that on average companies make eight annual tax payments (a number that has remained constant) and spend 275 hours dealing with tax matters. (macauhub/AO/BR/CV/GW/MZ/PT/ST/TL)

“Juíz Timor oan hetan ameasa” – sé lós mak bosok iha ne’e?

*Cosme da Costa Araujo

 Foin lalais ne’e, mídia internasional, liu-liu sira ne’ebé iha Portugal, no “copy paste” tutan husi mídia lokal balun no naklekar makás lós iha mídia sosial hanesan Facebook, hateten “juiz Timor oan sira hetan ameasa”. 
 
Notísia surpresa ida ne’e mosu, hafoin prokuradora portuguêsa, Sra Glória Alves, ne’ebé hetan espulsaun iha semana hirak liuba, hateten ba Lusa katak nia hetan email ida husi nia kolega juíz Timor oan ida ne’ebé hateten ba nia katak “sira nia moris iha perigu” nia laran. Prokuradora ne’e akresenta katak iha email ne’e juíz timor oan sira husu atu nia kolegas juíz portuguêsa sira husu tulun ba komunidade internasional hodi tulun sira nia siguransa no moris. 
 
Iha loron 12 Novembru, koinsidente ho komemorasaun loron Masakre Santa Krus, Micael Pereira no Rui Gustavo relata ba jornal Expresso no nia versaun Inglês distribuidu mos iha ETAN, hateten katak “juiz Guilermino da Silva, Presidente Tribunal Rekursu no SCM, telefone ba Antonio Piçarra, vice presidente CSM Portugal nian hodi husu ajuda ba situsaun ne’ebé juíz timor oan sira hasoru”. Jornalista nain-rua ne’e mos hatutan tan katak “juiz Guilermino da Silva xave-an iha kuartu ida ho nia kolega nain rua tamba tauk lakon sira nia moris”. 
 
Iha loron tuir mai dia 13 Novembru, mídia barak inklui mos SAPO TL hatoo fali notísia kontradiktória ida mezmu husi fontes de informação hanesan. Ba Lusa juíz Guilhermino rasik desmente notísia ida ne’e. Nia rasik dehan “desconhese” ameasas ba juíz sira. Nia hatutan tan “hau la hatene konaba ida ne’e. To’o agora hau seidauk direitamente haré ameasa ne’e”. 
 
Hafoin mídia lokal sira mos buka tuir no konfirma rasik ho Presidente Tribunal Dili, Sr. Duarte Tilman, iha ne’ebé nia desmente notísia ne’e no konsidera hanesan “rumoris”.
 
Pergunta maka ne’e, sé lós maka la koalia lia-lós iha ne’e, alias bosok.
 
Iha senáriu rua, primeiru - fontes de informação, juíz sira maka bosok ou sigundu – ida ne’ebé fo sai informasaun ou rumoris ne’e uluk maka bosok. 
 
Integridade no kredibilidade husi juíz Guilermino no nia kolegas sira “é uma questão inquestionável”. Katak imposível ba juíz sira ne’e atu ohin koalia buat ida no aban koalia buat seluk. Ba ema sira ne’e, ne’ebé okupa fatin importante iha nasaun ida ne’e hodi tesi lia-lós, laiha dúvida katak ema hirak ne’e koalia deit maka lia-lós. 
 
Se nune’e lia-lós maka ne’e, ida ne’ebé fo sai notísia ne’e maka la koalia lia-lós alias bosok. Notísia kona ba “juíz Timor oan hetan ameasa” ne’e laiha faktus no meramente “rumoris” ida, ne’ebé mídia sira ejajera. Ita lamenta tebes ho hahalok Sra. Prokuradora nian ne’ebé la koalia lia-lós no mos hahalok mídia sira nian ne’ebé tolan tomak Sra. Prokuradora nia sokar-lia, seim halo konfirmasaun direita ho fontes de informação orijinal.
 
Ita kompriende katak ema idak-idak iha reasaun oin-oin ba insidente espulsaun juíz internasional sira foin lalais ne’e. Buat ita husu maka ne’e “para reduzir um bacandinho de emoção quando se expressam”.

 

BARRIERS TO LONG-TERM FINANCING AT AFFORDABLE RATES: INTRODUCING A NATIONAL DEVELOPMENT BANK TO SUPPORT TIMOR-LESTE PRIVATE SECTOR DEVELOPMENT

BARRIERS TO LONG-TERM FINANCING AT AFFORDABLE RATES: INTRODUCING A NATIONAL DEVELOPMENT BANK TO SUPPORT TIMOR-LESTE PRIVATE SECTOR DEVEL...