President Danny Faure chaired an extra ordinary meeting of the Cabinet this Saturday afternoon at State House, which discussed a number of legal and policy memoranda.

Cabinet approved proposals to amend the Seychelles Pension Fund Act aimed at modernising the law and giving guidance on the functions and appointment of the Board; policy on investment, record keeping and audits.  The amendments would also allow members of the Seychelles Pension Fund greater flexibility to retire at any age after 60.

When a member who has a medically certified dependent who cannot work, dies, provision would be made to allow the dependent to access 40% of the member’s or the surviving spouse pension.  It would allow for a backdate of pension where this is claimed within a year of the pension becoming due. 
Members who are certified as terminally ill may opt for a full refund of contributions made.

In the case of surviving spouses, the years of cohabitation to qualify for the surviving spouse pension will be increased from 3 to 7 years.

Upon reaching the age of 55, members would be able to access their voluntary contributions in accordance with regulations.

Cabinet approved policies relating to the Progressive Income Tax Law.  The aim of those policies are to simplify income tax collection.

Cabinet also approved the amendment to the Excise Tax Bill.  The amendments would harmonise the categories of business and persons entitled to fuel concessions under the Excise Tax Act 2009.

Cabinet also approved amendments to the Seychelles Revenue Commission Act to allow for the renaming of the posts of Revenue Commissioner and Deputy Revenue Commissioner to Commissioner General and Deputy Commissioner General.  The amendments would also allow for the creation of a Revenue Commission Board to which the Commissioner General would report.

Cabinet approved the review of the Customs Management Bill to change the post title of Assistant Commissioner of Customs to Commissioner for Customs.  This amendment is in line with the review of the Seychelles Revenue Commission Act.

Cabinet approved for the development of a special housing scheme for Seychellois working for long periods on outer islands.