A new GST (Goods and Services Tax) levied at 12% has been introduced in the Seychelles as part of a package of economic reforms designed to turn around a 16% budget deficit.
The tax will be imposed on all imported goods, though certain essential products imported by the government-run Seychelles Marketing Board such as rice, sugar, oil, lentils, butter, margarine, salt, juice fruit and vegetables will be exempted from GST.
The existing system of sales taxes is being phased out over the next three years to comply with the requirements of the WTO (World Trade Organisation) and the South African Development Community (SADC).
The government is hoping to transform a 16% budget deficit in 2002 into a 7% surplus this year and subsequent surpluses of 15% to 17% after that until 2006.
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