The amendment will allow for the write-off of debts that cannot be collected for reasons including serious hardship such as bankruptcy, serious illness and the death of the tax payer.Ĭabinet approved for the signing of an Agreement between Seychelles and Unesco on the Establishment of the Institute for Early Childhood Development as a Category II Institution under Auspices of Unesco. Schedule 5 on the other hand lists the reportable jurisdictions and has been amended to include Costa Rica, Curacao and Grenada.Ĭabinet also approved amendments to the Revenue Administration Act, to enable the Commissioner General to write-off outstanding tax debts, subject to the approval of the Minister responsible for Finance. The new jurisdictions which have been added to the list of participating jurisdictions are North Caledonia and Peru. The Regulations would be reviewed to include new jurisdictions participating within the framework of this reporting requirement. Under these regulations, financial institutions are required to submit certain information to the Seychelles Revenue Commission in respect of accounts held by non-residents. President Wavel Ramkalawan on Wednesday chaired a virtual meeting of the cabinet at which a number of legal and policy memoranda were considered.Ĭabinet approved amendments to Schedules 4 and 5 of SI 1 of 2015 Revenue Administration (Common Reporting Standard) Regulations. Domestic Cabinet considers several legal and policy memoranda |
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