During the recent 12
th State of Nation Address to the Seychelles National Assembly, Seychelles President James Alix Michel presented several Government decisions and priorities for the year. One of the changes announced was the confirmation of changes to the personal income tax system in order to make it more equitable and fair.
The change applies to low-income earners and is set to make the personal income tax system more progressive. According to the new measure, persons earning up to SCR 8,555.50 per month will not be subject to pay any income tax.
Moreover, the President announced that a progressive income tax system for other tiers of salary would be introduces in January 2017.
He also announced that his Government, as part of the fiscal framework agreed with the International Monetary Fund (IMF) to stabilise the Government’s finances and reduce public debt, will undertake a review of the tax system in order to determine how the Government can maximize its revenues and reduce tax evasion in certain economic sectors.
Source: AllAfrica.com 16 February 2016