Tag: #Seychelles

The Seychelles Revenue Commission (SRC) has published the second and final Public Ruling of 2016, for provision of clarity concerning methodology, used the additional emergency tax deduction permitted for marketing and promotion of expenses for calculation. SRC confirmed that some entities in the Seychelles are resolved, in addition to their normal deduction on the business tax (i.e. their actual marketing and the helping expenses), special subtraction equals to five percent of their leviable tax from the business income or from their actual expenses during the marketing and promotion, depending on what income is smaller. The special deduction is allowed for farms; agricultural enterprises and exporters; boat owners; fishery entities; hotels, guest houses and organizations with own kitchen; cafe and restaurants; internal suppliers of air transport services; internal suppliers of ferry transportations; boats or charter companies of the yacht; companies of a car hire; divings and operators of water sports; travel agents, tour guides and/or guides; and gambling/casino operators. Author: Olena Kutova senior lawyer of the Finance Business Service company ...

The International Monetary Fund (IMF) concluded that the Seychelles will require additional measures to achieve its goal of debt reduction. The Government has committed itself to the IMF, which will reduce the ratio of the Seychelles debt to gross domestic product (GDP) to below 50 percent by 2020. According to the IMF, it is necessary that the proceeds of the Seychelles did not exceed the costs by at least three to four per cent, excluding the cost of interest payments on its debt. Employees Fund said that "thanks to the tourists, economic growth in 2016 is projected to reach about 4.5 per cent. With the economy works well, a primary budget surplus is expected to amount to three percent of GDP this year." The surplus will be achieved despite the impact of various tax initiatives announced in the State in February 2016, "including the personal income tax (PIT) rate and an increase in pensions and the minimum wage. While the IMF noted that "the growth forecast for 2017 remains positive, agreed with the authorities on the need to make more progress in reducing poverty and ensuring that the benefits of economic growth is shared by all," he stressed that such a policy should "to be...