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Today’s Top Headlines

Seychelles Issues Business Tax Guide

by Lorys Charalambous,, Cyprus

12 June 2015

The Seychelles Revenue Commission (SRC) has issued a 2015 Business Tax Guide to support companies to complete their self-assessment business tax return.

The Guide points out that, on January 1, 2010, the Seychelles tax system moved to self-assessment for business tax returns, in line with the Business Tax Act 2009. That was a move away from the previous administration assessment system, under which it had been the responsibility of the SRC, and previously the Tax Division, to issue assessments to taxpayers.

Under the self-assessment system, the taxpayer is required to declare the basis of their assessment (e.g. taxable income), to submit a calculation of the tax due, and to pay any amount that is due. The role of the SRC is to check that taxpayers correctly disclose income.

Any person engaged in a business must complete a business tax return at the end of each year, unless they fall under the presumptive tax regime (with a rate of 1.5 percent of turnover), which was introduced in 2013. That regime is automatically available for businesses with an annual turnover below SCR1m (USD76,300).

Upon prior request from the taxpayer and subsequent authorization from the Revenue Commissioner, small businesses can still opt to remain in the former business tax system whereby they will be liable to the normal rate of tax of 15 percent if their taxable income exceeds SCR150,000 and is less than SCR1m. They will need to arrange pay-as-you-go tax installments on a monthly basis based on forecast revenue each year, and they will be required to lodge a self-assessed business tax return by March 31 each year, together with a profit and loss account.

Employees who have their income deducted at the source are not required to complete a return, unless they are engaged in another form of business.

TAGS: individuals | compliance | tax | small business | business | tax compliance | revenue guidance | law | employees | corporation tax | legislation | Seychelles | Tax

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