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Seychelles Approves Tax Law Changes

by Lorys Charalambous,, Cyprus

01 January 2018

At an extraordinary meeting of the Seychelles Cabinet in December, a number of legal and tax policy proposals were approved, continuing the jurisdiction's progress in reforming its tax regime and bolstering its economy.

According to a Ministry of Finance statement released following the meeting: "Cabinet approved policies relating to the Progressive Income Tax Law. The aim of these policies are to simplify income tax collection. Cabinet also approved the amendment to the Excise Tax Bill. The amendments would harmonize the categories of business and persons entitled to fuel concessions under the Excise Tax Act 2009."

Administrative changes were also approved to the Seychelles Revenue Commission Act and the Customs Management Bill to allow for the renaming of certain posts, and to allow for the creation of a Revenue Commission Board.

Then, on December 13, the Executive Board of the International Monetary Fund (IMF) approved a new Policy Coordination Instrument (PCI) for Seychelles. The three-year arrangement with the IMF will allow the Government of the Seychelles to receive intensive support with regard to developing and implementing pro-growth economic policies.

In a previous review of the economy, concluded in October 2017, the IMF had observed that while the Seychelles has made "remarkable progress" on strengthening its economy and finances, it "...still faces vulnerabilities and pressures, as a small island economy in a challenging global economic environment."

TAGS: Finance | tax | business | law | International Monetary Fund (IMF) | legislation | Seychelles | Tax

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