Regulatory Alerts2019-01-08
Single Licensing Regime Guidelines 2019
The Central Bank of Seychelles issued the Single Licensing Regime Guidelines to establish a unified licensing framework allowing banks to conduct both onshore and offshore activities under one license. The guidelines mandate segmental accounting under IAS/IFRS, classifying operations into Segment 1 for foreign-sourced income and Segment 2 for domestic business, while introducing a tiered tax rate of 25 percent on the first SCR1,000,000 and 33 percent on remaining taxable income effective January 2019. Banks must implement compliant control systems, ensure Segment 1 liabilities exclusively fund corresponding assets, and submit consolidated regulatory returns as detailed in the annexed schedule.
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