The Ministry of Finance, the Central Bank of Seychelles and the National Bureau of Statistics have worked very closely with the International Monetary Fund, the World Bank, the African Development Bank, the European Commission, the Paris Club, the Arab Bank for Development in Africa, the OPEC Fund for International Development and the European Investment Bank. Thanks to the credibility of our economic program, we have received technical support which will help us improve the technical and professional capacity of our staff so they can improve the management of our institutions. The financial support we have received has been in the form of debt reduction, grants and concessional lending. I would like to take this opportunity to thank all our international partners for this relationship that we have developed and support that we have received. 15. New Measures and Policies cc) Tax reforms Our Tax Reforms continue. A new VAT (Value Added Tax) will replace the current GST (Goods and Services Tax) from the 1st July 2012. I am happy to note that public opinion and feedback we received from consultations have allowed us to review our draft law to arrive at a piece of legislation which we believe is suited for Seychelles. dd) Income Tax for Foreigners The rate of income tax for non Seychellois will increase to 15% from 10% from January 2011. ee) Reduction of Business Tax on Sole Traders and Partnerships With the view to encourage more business, as we move on with tax reforms, the business tax rate for sole traders and partnerships will reduce from January 2011 and will be 15% on taxable income in excess of SR150 thousand but less than SR1m per annum.
The Ministry of Finance, the Central Bank of Seychelles and the National Bureau of Statistics have worked very closely with the International Monetary Fund, the World Bank, the African Development Bank, the European Commission, the Paris Club, the Arab Bank for Development in Africa, the OPEC Fund for International Development and the European Investment Bank. Thanks to the credibility of our economic program, we have received technical support which will help us improve the technical and professional capacity of our staff so they can improve the management of our institutions. The financial support we have received has been in the form of debt reduction, grants and concessional lending. I would like to take this opportunity to thank all our international partners for this relationship that we have developed and support that we have received. 15. New Measures and Policies cc) Tax reforms Our Tax Reforms continue. A new VAT (Value Added Tax) will replace the current GST (Goods and Services Tax) from the 1st July 2012. I am happy to note that public opinion and feedback we received from consultations have allowed us to review our draft law to arrive at a piece of legislation which we believe is suited for Seychelles. dd) Income Tax for Foreigners The rate of income tax for non Seychellois will increase to 15% from 10% from January 2011. ee) Reduction of Business Tax on Sole Traders and Partnerships With the view to encourage more business, as we move on with tax reforms, the business tax rate for sole traders and partnerships will reduce from January 2011 and will be 15% on taxable income in excess of SR150 thousand but less than SR1m per annum.