Seychelles Pension Fund (SPF) and the Seychelles Revenue Commission (SRC) signed a Memorandum of Understanding, witnessed by Miss Cillia Mangroo, the Executive Director from the Ministry of Finance, National Planning and Trade in a ceremony at the Liberty House on Friday 29th July 2022.
The MOU is geared towards the exchange of information, experiences and provide for technical support between the two organisations in the discharge of their respective functions. The two organizations are confident that the new agreement will facilitate the sharing of information and intelligence which will help to ensure improved compliance to reduce breaches of relevant pension and tax laws. Further to imparting of collaborating information, the MOU makes provision for regular consultations, implementation of joint projects and educational programs for respective customer bases.
To reiterate, SPF is a statutory body operating as a cost sharing retirement system established under the Seychelles Pension Fund Act, 2005. It collects pension contributions from employers and employees which includes optionally self-employed worker which provides for prescribed retirement benefits and other benefits to its members and /or beneficiaries upon attaining of qualifying conditions. SRC on the other hand was established under the Seychelles Revenue Commission Act 2009 and amendments thereof mandated assess, collect, administer all government revenues. It role also extends to administering all revenue laws by advising, improving of standard and quality of service, counteract revenue evasion, monitoring ad control the cost of revenue collection and exchange of information in terms of any tax agreement or treaty.
It is expected that the relationship will be further enhanced with the introduction of the common payroll which is being finalized.