President Danny Faure chaired a scheduled meeting of the Cabinet on Wednesday 17th April, at which a number of legal and policy memoranda were considered.

Cabinet approved amendments to the SI 1 of 2015 Revenue Administration (Common Reporting Standard) Regulations. Amendments made to Schedules 4 and 5 of the Regulation will provide for an updated list of jurisdictions that are reportable to, to allow for proper due diligence to be done on non-resident account holders by the Seychelles Financial Institutions for reporting to the Seychelles Revenue Commission.

Cabinet gave approval for a review of the Business Tax Regime of Seychelles.  The review which will be undertaken by the OECD is in line with the Finance Minister’s announcement in the 2019 Budget Address.

Cabinet also approved the National Cybersecurity Policy and Strategy.  As the use of ICT and internet continue to expand nationally, this policy is necessary to provide direction in relation to cybersecurity in Seychelles.