2011 Inaugural Address By The Honorable Sebastian L. Anefal ...

high time that we have this new tax system in place so that our people andbusinesses can enjoy the resulting benefits. More importantly, the nation-widetax reform must be instituted in compliance with both the national and stateconstitutions, most especially the Yap State Constitution.Once again, I kindly seek the cooperative support of the Eight Legislature of theState of Yap in this area.Enhancing Economic Institution-Building CapacityIn addition to putting into place the necessary laws, regulations and programs toprovide our private sector with the ability to compete, we must also modernize asmuch as possible existing governmental institutions to meet minimum standardsand consequently enhance our ability to compete in the national, regional andinternational market place. We must remember that investment flows tojurisdictions that follow international rules in a timely fashion. Unfortunately,hesitation on these issues has continued to slow the process of meeting the needsof our people. And, in the end, we stand to pay the price for those delays.In the last four years, I must applaud the Seventh Legislature for passing manyessential pieces of legislation. Aside from annual budget appropriations andmany subsequent supplemental budget appropriation laws, the SeventhLegislature passed countless laws during this period, including the Yap State TrustFund Act, the Manta Ray Protection Act, and the Sea Cucumber harvesting lawand the User Fee law--just to name a few. Unfortunately, a good number oflegislative measures proposed by the Administration have died with the Seventh20