President Dr Patrick Herminie chaired a scheduled meeting of the Cabinet on Wednesday
8th July, during which a number of legal and policy memoranda were approved.
Cabinet approved amendments to the Stamp Duty Act (Cap. 227) to modernise stamp duty
administration, improve efficiency, strengthen revenue collection, and enhance legal
certainty. The reforms introduce automatic exemptions for transfers between spouses and
between parents and children, extend exemptions to transfers involving companies with at
least 90% common ownership, and allow independent property valuations to be considered.
Cabinet approved the establishment of the Seychelles Sovereign Investment Fund (SSIF) as
a national investment institution to support strategic investments, strengthen fiscal
resilience, and build long-term savings for future generations. The Fund will be established
under a dedicated Act and governed in accordance with international best practices to
ensure transparency, accountability, and sound financial management.
Cabinet approved the integration of disability-inclusive provisions into the ongoing review of
the Employment Act to strengthen the protection and promotion of the employment rights
of persons with disabilities. The approved measures include enhanced anti-discrimination
protections, the introduction of a definition of disability, provisions for reasonable
accommodation, improved workplace accessibility, stronger monitoring and enforcement
mechanisms, and better collection of disability-disaggregated employment data.
Cabinet approved the development of a comprehensive policy framework to strengthen
inclusive employment opportunities for persons with disabilities in Seychelles. The
approved policy directions include exploring public sector employment targets, incentives
for private sector employers, supported employment programmes, enhanced vocational
training and skills development opportunities, workplace accessibility and accommodation
support, and a review of disability benefit arrangements to remove disincentives to
employment.
Cabinet approved the implementation of the July 2026 Fuel Cost Adjustment, ensuring that
no tariff increase will apply to the first 400 kWh of monthly electricity consumption for all
domestic customers. The cost of this measure will be recovered through a modest
adjustment to electricity consumption above 400 kWh for domestic customers, as well as
through revised tariffs for commercial and Government consumers. This approach provides
broad-based protection for households while maintaining the financial sustainability of the
PUC.
Cabinet approved amendments to the International Business Companies Act to strengthen
corporate transparency and enhance Seychelles' compliance with international anti-money
laundering and counter-terrorism financing standards ahead of the 2027 ESAAMLG Mutual
Evaluation. The amendments will provide public access to information on current company
directors, require the appointment of first directors within 30 days of incorporation, and
introduce new disclosure requirements for nominee directors, reinforcing Seychelles'
commitment to maintaining a transparent, credible and internationally compliant financial
services sector.
Cabinet approved the proposed policy amendments to the Trusts Act, 2021, and the drafting
of the Trusts (Amendment) Bill, 2026, to strengthen Seychelles' anti-money laundering and
counter-terrorist financing framework. The amendments will enhance the transparency of
trust arrangements, improve access to beneficial ownership information for regulatory and
compliance purposes, address recommendations made by the Eastern and Southern Africa
Anti-Money Laundering Group (ESAAMLG), and reinforce Seychelles' compliance with
international standards ahead of the 2027 Mutual Evaluation.
Cabinet approved the establishment of the African Continental Free Trade Area (AfCFTA)
Digital Trade Corridor headquarters in Seychelles, positioning the country as the
administrative and operational hub for a continent-wide digital trade ecosystem. The
initiative aims to strengthen Seychelles' role as a regional centre for digital trade, logistics
and innovation by facilitating cross-border commerce, supporting the Africa Commodities
Exchange, enhancing supply chain connectivity, and creating new opportunities for
investment, skilled employment and economic diversification.
Cabinet approved the proposed administrative process for the Government's consideration
of the recommendations contained in the Final Report of the Commission of Inquiry into the
Lease and Development of Assomption Island. Cabinet further approved the referral of the
relevant recommendations to the respective Ministries, Departments, constitutional bodies
and statutory authorities for examination and the submission of their observations within
thirty days.
END