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Ms. Shari Boyce, Mr. Sergei Dodzin, Mr. Xuefei Bai, Ezequiel Cabezon, Mr. Fazurin Jamaludin, Mr. Yiqun Wu, and Ms. Rosanne Heller

strengthen the bargaining power of license-issuing countries and regional control to stop illegal fishing. The regional license scheme regulated only the maximum number of vessels eligible for access rights in the region. Under that scheme, PICs were not able to realize the full benefit of their fishing wealth; specifically, there was a large disproportion between the value of catches by foreign companies and revenues received by PICs. In 2007, Nauru Agreement members introduced a new mechanism, the vessel day scheme, to extract more rent and strengthen PICs’ bargaining

International Monetary Fund. Asia and Pacific Dept

revenue has increased significantly since the introduction of the Vessel Day Scheme benchmark price. Domestic tax revenue has also risen, and tax administration has been strengthened. The authorities are grateful for the technical assistance they have received on tax reform and would appreciate more of this, including lessons from other countries on the introduction of VAT. RMI greatly appreciates the support it receives from its international partners. It would value additional donor contributions to the CTF, as well as support for climate mitigation and adaption

Ding Ding, Samira Kalla, Mr. Manuel Rosales Torres, Abdoul Karim Sidibé, and Ms. Sònia Muñoz

companies under the Party to the Nauru Agreement (PNA). The Agreement, through the so-called Vessel Day Scheme, sets limits on the number of fishing days that can be auctioned off by each member country during a calendar year, as well as a minimum benchmark fee for a fishing day. The Scheme has led to increased revenue for its parties through the licensing fees, decreased catch to ensure sustainable fishing, and leveraged the PNA to be a stronger international negotiator than the parties would be individually ( Bernadett, 2014 ). 11 V. Conclusion 26. Tax

International Monetary Fund. Asia and Pacific Dept

global food and commodity prices, as well as trade diversification and increased retail competition, but prices rose on account of a weakening Australian dollar. 7. The balance of payments has been supported by large fishing-related receipts and official aid . Owing to the introduction of the Vessel Day Scheme and the establishment of fishing joint ventures with Asian companies, both fishing exports and fishing license fees have more than doubled in just a few years, with each accounting for about half of GDP now. 1 Foreign aid, including both budget support and off

Ding Ding, Samira Kalla, Mr. Manuel Rosales Torres, and Abdoul Karim Sidibé

of its Parts? Strengthening Caribbean Regional Integration ,” IMF Working Paper 2020/08 10.5089/9781513525860.001 Bénassy-Quéré , A. , Gobalraja , N. and A. Trannoy , 2007 , “ Tax and Public Goods Competition ,” Economic Policy , Vol. 22 , No. 50 Bernadett , L. , 2014 , “ The Parties to the Nauru Agreement’s Vessel Day Scheme: Accounting for the Rare Success of an International Agreement .” Chai , J. and Goyal , R. , 2008 , “ Tax Concessions and Foreign Direct Investment in the Eastern Caribbean Currency Union ,” IMF

International Monetary Fund. Asia and Pacific Dept

comprises imported items and the Australian dollar remains the legal tender. Fiscal revenue from the fisheries sector has been strong over the past several years. After lackluster performance in the late 2000s, fishing license revenue grew at an average rate of 65 percent during 2012–15. This was primarily a result of the 2012 implementation of the Vessel Day Scheme; and a stronger U.S. dollar during the same period. 2 Nonetheless, fishing revenue declined by over 20 percent in 2016 and is projected to remain around A $150 million in 2017. The baseline assumption is

International Monetary Fund. Asia and Pacific Dept

receipts grew at an average rate of 65 percent during 2012-15. This is partly due to the mid-2012 implementation of the Vessel Day Scheme and its proper management thereafter; and a stronger U.S. dollar recently. 1 In 2015, fishing revenue was around 97 percent of GDP, however, it is expected to decline to around 45 percent of GDP this year as the positive effects of the El Niño phenomenon have started to wane. Fishing revenue is assumed to normalize at around A$100 million in the medium to long term. While staff projections place fishing license fees at a stable level

International Monetary Fund. Asia and Pacific Dept

fees increased considerably in recent years, representing nearly 12 percent of fiscal revenues excluding grants in FY2012 . This growth was driven by the implementation of the Vessel Day Scheme (VDS) under the Partners to the Nauru Agreement (PNA). Going forward, although the minimum benchmark price for a fishing day is expected to raise, RMI’s benefits are likely to be subdued due to the lack of demand for fishing vessel-days in its Exclusive Economic Zone. The fishing sector is projected to continue growing in the medium term, but a number of factors challenge

International Monetary Fund. Asia and Pacific Dept

companies pay a flat fee per vessel per day with adjustment for the size of the vessel (VDS: Vessels Day Scheme). Minimum benchmark fees under the vessel day scheme (VDS) rose from $5,000 a day in FY2012 to $6,000 in FY2014 and most recently to $8,000 in FY2015 – a sign that the regional agreement has enhanced the bargaining powers of the signatory countries. While fishing license fee revenue has so far been increasing in tandem with the upward revision of the benchmark fees under the VDS, uncertainties loom ahead as the recent plunge in the price of tuna (from the peak

International Monetary Fund. Asia and Pacific Dept

volatile, fishing license fees have in recent years remained substantially above the historical average following the introduction of the regional Vessel Day Scheme (VDS) under the Nauru Agreement in mid-2012 that limits the total number of fishing days and vessels and charges higher minimum fees (see Annex 1 ). The recent above-average fishing license fee revenue has also been favorably affected by El Niño conditions, which attracted tuna fish migration into the warmer water in Tuvalu’s EEZ. Moreover, the depreciation of the Australian dollar positively impacted the