Central Bank moves to strengthen rupee
25.05.2009
From June 1, all domestic taxes and other contributions to the government must be paid in Seychelles rupees, the Ministry of Finance has announced.
This policy is designed to ease the management of money reserves and strengthen the status of the rupee, helping to make it fully convertible.
The decision has been taken by the Central Bank as part of the current economic reform programme.
Payments include those made in relation to business tax, goods and services tax (GST), trades tax and social security contributions.
Only businesses now making domestic tax and contribution payments in foreign exchange will be affected by this change. All of these are foreign currency earners, mostly in the tourism industry with a few in manufacturing or offshore businesses.