The Falkland Islands could have a new port within the next two years. Three consortia have presented proposals to the Falkland Islands Government (FIG) for a new port confirmed Legislative Assembly Member Dr Barry Elsby in recent weeks.1 comment
The Falkland Islands retail price index (RPI) increased by 3% over the last 12 months, the Standing Finance Committee was told this week. The hike is principally down to an increase in the cost of fuel and power (excluding fuel for transport), which led to a 1.6% increase in the index, and food and non-alcoholic beverages, which further raised it by 1.1%.
The Falkland Islands Government operating surplus of £38 million for 2017/18 was driven primarily by favourable Corporation Tax receipts. The original budgeted deficit in my view led the former Legislative Assembly to be over cautious in their demands leading to unnecessary thrift in some areas, according to MLA Roger Spink, who is head of the Government Services Portfolio of the Assembly.
The Falkland Islands Government has set out its medium term plan for the Islands with an ambitious Budget designed to ensure that we have solid foundations for future economic, social and political development.
The Falkland Islands' total catch of the loligo squid, or Falklands' calamari, in the first season of 2018 was 43,085 tons, which compares very favorably to first-season catches over the last five years.
Members of the Falkland Islands Legislative Assembly recently reviewed the portfolio system, having now been in post for six months. The resulting changes are designed to provide greater clarity in the detail of each portfolio, as well as to ensure equity for each portfolio holder.
The Falkland Islands forecast operating budget surplus for the current financial year sits at £33m, Standing Finance Committee (SFC) was told on Wednesday. The surplus, up from the previous forecast of £27m, has been boosted by fishing company corporation tax payments, which have been “significantly higher than budget.”
Falkland Islands' Member of Legislative Assembly Roger Spink has expressed concern about the shortfall in achieving the objectives of the capital program for 17/18.
A lively exchange took place during the Falkland Islands March 12 public meeting in which the proposed second commercial flight to a third country with a stop in Argentina was considered. The public was particularly interested in knowing if any “red lines” had been established and wanted confirmation that one of the stop options was not to be Buenos Aires.
The Falkland Islands Government, FIG, has issued a public consultation document covering the taxation regime for oil companies operating in the Falkland Islands and their associated supply chain partners. This consultation will be open until Friday 6 April 2018 for responses from interested parties, which will be summarized and fed into final policy and legislative design later during 2018.