The Seychelles Revenue Commission (SRC) has issued its final Public Ruling 2016-2 to provide clarity regarding the methodology used to calculate the additional special business tax deduction allowed for marketing and promotion expenditure.
The SRC confirmed that certain businesses in the Seychelles are allowed, in addition to their normal business tax deduction (i.e. their actual marketing and promotion expenditure), a special deduction equal to five percent of their taxable business income or their actual expenditure on marketing and promotion, whichever is the lower.
The special deduction is allowed for farming entities; agriculture processors and exporters; boat owners; fishery processors; hotels, guest houses and self-catering establishments; cafes and restaurants; domestic air transport service providers; domestic ferry service providers; boat or yacht charter companies; car hire companies; underwater dive and water sports operators; travel agents, tour and/or tourist guides; and gambling/casino operators.
IMPORTANT NOTICE: Wolters Kluwer TAA Limited has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
All rights reserved. © 2017 Wolters Kluwer