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Seychelles Again Delays Individual Income Tax Changes

by Lorys Charalambous, Tax-News.com, Cyprus

17 February 2017

In his State of the Nation Address on February 14, President Seychelles' Danny Faure announced that the implementation of a progressive personal income tax regime will be delayed to January 1, 2018.

Under the new regime, a SCR8,555.50 (USD630) tax-exempt threshold will be introduced, but will not be available to expatriates. Income tax above that threshold will be subject to progressive rates of either 15 percent, 20 percent, or 30 percent.

Its introduction had already been delayed to July 1, 2017, rather than January 1, 2017, in the 2017 Budget announced last December. The further six-month delay, according to the President, is down to "more preparation" being necessary.

He also disclosed that, within its continuing policy to reduce the cost of living in Seychelles, the Government will revise the list of goods which will not be subject to value-added tax. The revised list, which will include new products, will be published as from March 1 this year.

TAGS: individuals | expatriates | tax | value added tax (VAT) | tax thresholds | tax rates | tax breaks | individual income tax | Seychelles

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