The Seychelles has been conducting a series of reforms aimed at increasing their standing as an international financial center. Personal income tax fell from 18.75% to 15% in October of last year, and debt has been almost halved from its previous high, now standing at 48.7% of GDP. A VAT should be introduced by the middle of 2012. An International Monetary Fund representative who visited the island last month announced that structural reforms to the country economy are so far on track.
The Island economy grew 6% last year, with inflation almost nothing.
