Cabinet Business - First draft of 2018 budget considered |14 September 2017

The first draft of the budget for 2018 was considered during yesterday morning’s extra-ordinary meeting of the Cabinet chaired by President Danny Faure at State House.

The meeting also discussed a number of legal and policy memoranda, while the final version of the budget for 2018 will be presented to Cabinet on September 27, 2017.

Cabinet also considered the 2017 mid-year economic and fiscal outlook of the country.

Cabinet approved for the setting up of a staffing and recruitment committee that would coordinate and monitor recruitment within the public service.

Cabinet approved for parastatal organisations to pay a graduate housing allowance to returning graduates employed with them.

Cabinet approved to extend the delegated authority attributed to budget dependent agencies. The framework for the delegation of authority will be communicated to the agencies in October this year for implementation in January 2018.

In reiterating the importance of keeping high standards within public service, Cabinet also approved for the setting up of mechanisms to ensure improvement and maintenance of standards within ministries.

Cabinet considered and approved the policy on the introduction of a property tax.  Consultations will be initiated as part of the law making process.  Further details will be announced in the 2018 budget address.

Cabinet also approved for the review of incentive agreements and benefits of companies to align all incentives and benefits with the scope of regulations which govern concessions and incentives.

Cabinet also approved amendments to the International Trade Zone Act (ITZ Act, 1995) to put it in line with practices in small island states.  A white paper process will be undertaken on the draft amendments.

Cabinet approved amendments to Excise Tax and Custom Duty for a number of products.

Cabinet also approved to amend the Business Tax Act, 2009 to allow for the implementation of a simpler tax system.

Cabinet approved a proposal to restructure the Seychelles Revenue Commission to improve efficiency and effectiveness.

Cabinet also approved for Seychelles accession to the Madrid Convention which will allow for the protection of trademarks belonging to legal entities in Seychelles and foreign entities with industrial and commercial interests in Seychelles.