okedyulabeluu

FSM will not compromise sovereignty over money

According to Mori’s transmittal letter, “foreign financial assistance is to be disbursed, not by an FSM congressional appropriation, but by the terms or special nature of the assistance.” The “FSM has unequivocal obligation to conform to the provisions of the amended Compact and subsidiary agreements,” Mori said. “Hence, all laws in the FSM, including budget appropriation act, must be in harmony with the treaty,” his letter concluded.

But Figir said the FSM will not compromise its sovereignty for money. More here.

Tax incentives for NDBP financed projects in Babeldaob

Eligible for the tax incentives are loans made by the bank to individuals or organizations in developmental projects such as ;  retail shopping buildings,  office buildings,   industrial spaces and warehouse projects,  hospitality projects (including resorts, hotels, motels, and restaurants),  gas stations,  golf courses and other sports facilities,  multi-family housing of five units or more, and  healthcare facilities.

Bem Ermii Hamburger stand is a fixture in Palau

Here.

Baules wants NDBP probed

Here.

Senate approves open ship registry measure

Here.

'Investors invited to prove existence of oil'

Palau Pacific Exploration (PPX) has secured an option to farm into an approximate one million acre drilling concession on the North Block situated in the State of Kayangel in Palau. According to PPX it is inviting “investors to participate in a limited portion of the drilling program in an attempt to prove the existence of hydrocarbons in quantities that could potentially equal those of world-class giant oil fields.” According to Sun Herald.com  PPX is farming into a 75 percent Working Interest in the one million acre North Block. On completion of the farm-in, PPX and its shareholders will hold a 66 percent  Net Revenue Interest.  The drilling  is situated in approximately 130 feet of water, and drilling is expected to attain a total depth of 5,000 feet. It added that PPX is inviting investors to participate in a private placement to raise euro 30 million to fund the drilling program. Palau Pacific Exploration (PPX) is an oil and gas exploration company which wants to drill oil in Palau. Here.

HOD pass revamped FIB

The new law reduces the minimum investment in Palau from $500,000 to $250,000...Toribiong said Compact negotiator Joshua Koshiba would have wanted the measure passed before the Compact review begins.

 The measure will prescribe a new framework for foreign investment in Palau and to repeal the existing Foreign Investment Act...The measure will also require all other non-citizen investors to do business in Palau in the form of a corporation and it will not restrict non-citizens from conducting some business activities but will not totally exclude non-citizens as what the current law does. More. 

Open Thread LXXII

Serious problems relating to administration of Hatohobei State funds

The Office of Public Auditor...issued a report of Hatohobei State covering a period of seven years from October 1, 1999 to September 30, 2006 which found seventeen serious problems and deficiencies relatinf to the administration of state funds...The report found that Governor expended $11,807 of state funds for supplies and materials for a dispensary project from an off-island vendor without bidding and proper supporting documents. The governor also obtained obtained a loan from a private company to fund state programs without approval from the Congress and the state legislature.

Tourism continues its nosedive

The Palau Visitors Authority has recorded another decline in tourists for the month of April, making for straight month of decline. Last month's arrival was down 19 percent...PVA recorded a 10 percent decrease in January...February it was 20 percent decrease...March went down by 11 percent. (Tia Belau, May 18-24, 2009)

Proposed Reinvestment Act

The Senate approved another bill which will open the country to foreign investment...Senate Bill No. 8-42 establishes a procedure whereby certain tax revenues will be made available for reinvestment in certain qualified programs... The specified amount shall mean for any PRC that incurs tax liability in any one year in an amount greater than $-0-, but less than $3,000,000: 80% of taxes paid; for a PRC (Palau Registered Corporation) that pays taxes in any one year in an amount greater than $3,000,000 but less than $7,000,000: 85% of taxes paid; for a PRC that incurs tax liability in any one year in an amount greater than $7,000,000 but less than $15,000,000: 90% of taxes paid:; for a PRC that incurs tax liability in any one year in an amount greater than $15,000,000: 95%, The specified amount may change from year to year for a PRC depending on the level of taxes for the corresponding year. More here.

185 foom hotel ready for ground breaking

• PEA-172-07, Palau Ocean Resort Inc., involves construction and operation of a 185 room hotel consisting of 9 storey (135 rooms) main hotel building with one basement, 5 buildings (50 rooms) – two storey villas, spa/massage building, bar/snack building, marine shop, hilltop lounge and staff house.  This project covers a total area of 38,140.4m2 of land with a total building (footprint) area of 19,717 m2.  More here.

New tax scheme for corporations proposed

Senate Bill No. 8-41 requires corporations covered by the bill to pay a 26 percent tax on net income and will at the same time exempted from paying corporate taxes imposed by other provisions in the Palau National Code. The bill’s goal is to attract foreign investment in Palau. The current law levies a four percent tax on gross revenue of businesses. Here.

Remengesau: Toribiong "distorting the truth"

Sen. Remengesau said his administration accomplished and contributed progress towards the United States and Palau's Compact of Free Association review...Remengesau was reacting to President Toribiong's statement that very little has been accomplished towards the compact review during his time.

Diaz charged with Code of Ethics violation and Misconduct in Public Office

The Special Prosecutor has charged Sen. Alfonso Diaz with violation of the Code of Ethics and Misconduct in Public Office for using his position to harass a business competitor. SP Michael Copeland charged Diaz yesterday with four counts of violation of the code of ethics and four counts of misconduct in public office.

HOD approves Casino bill

Here.

Non-citizens barred from driving boats, bus, taxis and tour guide

Another proposed measure has been introduced disallowing non-citizens this time from driving tour boats, tour buses or taxis and from being employed as dive guide,  tour guide or airport greeter. Here.

TR and JT disagrees on numbers

President Toribiong: "The numbers don't lie"

Senator Remengesau: "I do not know how the information is being presented to President Toribiong"

Morocco to establish diplomatic ties with Palau

Here.

Delete/Ban Hammer

I love how this site has brought together some of the best minds and commenters on various issues that we hold near and dear to our lives and our community.  Okedyulabeluu has some of the best commenters around, but sometimes it can be a real pain to manage. So starting today, I'm taking out the delete/ban hammer and getting strict.

Worst baseball league in the world

Letter to the Editor

Dear Editor:

Has the Palau Major League gone mad?

In selecting 2009 baseball champion, they require the winner of the top two teams to play the winner of the bottom two teams.

This is unheard of and defies logic and common sense.  It is absurd and ridiculous.

This system makes the play-off series between the best two teams more competitive and exciting than the final championship series which pits the winner of the two top teams against the winner of the two worst teams.  How about the loser among the top two teams?  Obviously, omitted in favor either of the two worst teams.

Shame on you, Palau Major League.  This is a black mark on Palau's baseball history. Palau deserves better than that.

Baseball Fan

(Island Times, May 5, 2009)

Proposals just to legalize black markets

says Island Times editorial (Island Times, May 5, 2009)

Some of the legislation pending before the House of Delegates includes a bill to declare an open season on Kemedukl and Maml and one proposing that the basic government workday be between 6am and 6pm and it's up to the supervisors to teh decide the 8 hour schedule for his or her staff.

In the Senate there is a bill to allow 2-year vehicle regisrations and one to legalize Belochel hunting for a two month period at the end and the beginning of the year. None of them falls under the category of revenue generating measures all these folks promised they would prioritize during the campaign season...Collectively, how are these measures going to address our cash shortage problem? All these guys swore on the bible they would prioritize money making legislation but so far there has been a dire shortage of those.

Diaz wants Ombudsman fired

Ombudsman Moses Uludong has requested a copy of recording of the Senate session due to comments made about him by Sen. Diaz. Uludong in his letter to Senate President Mlib Tmetuchl said that in that session, Diaz has asked President Toribiong to fire him and has asked him to step down as an Ombudsman. Uludong in his letter said that Diaz took the recording of the session to his private television station MBTV and broadcasted it as a private program of his tv station. The Ombudsman also asked for a copy of a Senate rule or memo giving Diaz the exclusive power to control and edit any press release. (Palau Horizon, May 5-7, 2009)

Bill to charge non-citizens extra toward road maintenance

A bill has passed third reading in the Senate that proposed to charge an additional $20 fee to non-citizens for any vehicle they register. The fees shall be deposited in the National Treasury for the specific purpose of funding road maintenance. The bill’s intent seeks to increase revenue for the Republic of Palau in order to maintain the public roads in the Republic.  A report by the Senate Ways and Means & Financial Matters committee explains that, “In light of this increased expense, it is appropriate to collect funding for road maintenance from vehicle owners, who are primary users of this public infrastructure"..

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Senate Bill No. 8-36, SD1, was introduced by Senate President Mlib Tmetuchl. (Tia Belau, May 4-10, 2009)

TR pushes back against Toribiong

Former President and now Sen. Tommy Remengesau had been silent since he left office...finally spoke out for the first time last week after President Johnson Toribiong in his first report to the Congress on April 20 bared a rather bleak and precarious national state of financial affairs...Remengesau took on Toribiong on his report that his administration inherited a government with no current budget, massive financial shortfall, reduction in revenues, deficit of over $4 million and unpaid installment to banks and international bodies amounting to over $2M.

Compact Review Office is online

The Compact Review Office (formerly known as Compact Review Commission) has its office at the old Olbiil Era Kelulau (Senate Chamber) in Koror State.  Contact number for the office is (680) 488-4411 with e-mail address (crpalau@gmail.com) and fax (680) 488-6919.  The Compact Review Office welcomes any and all comments, ideas, proposals, and/or suggestions related to Compact issues through e-mail messages, telephones, faxes and post office number (P.O. Box 6051) through the office of the President of the Republic of Palau.  Please include your name, address and contact numbers. Here