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Seychelles Confirms Penalties For Late Business Activity Statements

by Lorys Charalambous, Tax-News.com, Cyprus

30 May 2017


As of June 1, the Seychelles Revenue Commission is applying penalties for late submission of business activity statements (BAS).

Through the BAS, businesses must report and pay a number of taxes, such as goods and services tax, pay-as-you-go (PAYG) tax installments, PAYG withholding, excise tax for locally manufactured goods, and income and non-monetary benefits tax.

Following the entry into force of Statutory Instrument 1 of 2017, the following penalties apply from June 1:

  • SCR500 (USD36) in the case of a small business, plus SCR50 for each week or part of a week that the form is not furnished;
  • SCR1,000 for medium businesses, plus SCR100 for each week or part of a week; or
  • SCR5,000 in the case of a large business, plus SCR500 for each week or part of a week.

TAGS: tax | small business | business | value added tax (VAT) | goods and services tax (GST) | penalties | Seychelles | services | Tax

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