- Seychelles, Mauritius Discuss Offshore Financial Services 22nd February 2018
A Government delegation from the Seychelles visited Mauritius recently to discuss how they can work together for the benefit of their international finance centers.
The Seychelles Investment Board said: “The capacity building and knowledge exchange visit forms part of the country’s efforts to improve the overall ease of doing business in Seychelles.”
“Mauritius continues to be one of the most competitive economies in Africa, with the highest ranking for ease of doing business.”
Due to its network of double tax treaties with many substantial economies, and most significantly with India, Mauritius is often chosen as a base by firms seeking to set up an offshore holding or investment company or trading subsidiary.
- Seychelles Lifts Import Duties On Certain Building Materials 11th January 2018
Effective January 1, 2018, import duty was removed in the Seychelles on dietary supplements, corrugated iron sheets, and various other building materials, including panels, tiles, and other similar materials.
VAT will still apply on the aforementioned items, at a 15 percent rate, the tax agency said.
The changes were included in Statutory Instrument 68 of 2017, Customs Management (Tariff and Classification of Goods) (Amendment) No 2 Regulations, 2017.
- Seychelles Approves Tax Law Changes 2nd 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.”