The results of the vote were seven yes, three no and two abstaining.
Senate Bill 8-50 SD1, stemmed from a proposal made by the SOCSKSARGEN Federation of Fishing and Allied Industries, Inc., of the Philippines, who will be working with the Palau Fishing Association to develop handline and purse-seining fishing methods in Palau’s Exclusive Economic Zone.
Companies engaged in fishing under these permits would be able to use a transshipment port other than the Malakal Port.
The measure said , these operations would be exempt from Palau’s fish export tax for a period of three years while they work to cover their start-up costs.
Through this bill and the
the growth of this fishing method will allow Palau to better utilize its marine resources, which in turn will help Palau develop its economy and help the national government realize more local tax revenues.
The measure restricts the new fishing method to Palauan citizens and corporations wholly owned by Palauans.
The original exemption recommended was five years.
Alternative transshipment port by way of a fishing agreement is determined according to the following conditions: (1) the entity purchasing the fish from the Palauan fishing company pay the company immediately upon delivery of the fish to port; (2) the entity purchasing the fish pay all expenses associated with reporting and oversight requirements for commercial fishing activities within Palau’s Exclusive Economic Zone; and (3) the Palau fishing company continues to be required to pay taxes on its gross revenue, pursuant to 40 PNC § 1204.
The Senate believes these amendments will help protect against unsustainable fishing activities by restricting who may take advantage of these new fishing agreements.
