SEYCHELLES TAX REFORM

SEYCHELLES TAX REFORM

Maurice Lusto-Lalanne, Head of the Seychelles Ministry of Finance, announced preparations for financial reform. The government has already applied to the OECD for assistance in developing new rules.

What taxes were in Seychelles?
Maurice Lusto-Lalann said that tax rules in Seychelles are different for some areas of business. This makes the state system unfair to certain areas of the economy. That is why Seychelles decide to radically change their tax system.

What do they want to change?
Seychelles Secretary-General for Financial Affairs Damien Tisse said the republic plans to balance tax rates, rather than sharply raise them. For low-tax industries, an increase is possible, and vice versa.

Damien Tisse said that the OECD recommended lowering rates to 15% for income not exceeding 1 000 000 SCR, and setting the norm at 25% for companies whose income is above the established values. OECD proposes to expand the tax base, while increasing the list of trade benefits. The government is currently consulting with the OECD, after which the reform process will begin.

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