CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Seychelles Issues Corporate Social Responsibility Tax Guide

Seychelles Issues Corporate Social Responsibility Tax Guide

by Lorys Charalambous, Tax-News.com, Cyprus

20 January 2017


The Seychelles Revenue Commission (SRC) has issued a draft public ruling to provide guidance on the definition of "turnover" for the calculation of liability to the Corporate Social Responsibility Tax (CSRT).

The 0.5 percent CSRT is imposed on businesses with an annual turnover equal to or exceeding the liability threshold of SCR1,000,000 (USD75,100). Funds raised through the tax mostly fund community projects.

In the legislation that established the CSRT, turnover is defined as "the gross receipts from carrying on of business." However, the meaning of "gross receipts" is not therein defined.

The SRC therefore indicated that "gross receipts" should be taken to mean "the total revenue of a business, regardless of the sources or forms such revenue takes, and will include all active income (i.e. operating income, derived from its core business activity), all passive income (i.e. non-operating income, derived from secondary sources), and all amounts derived by a business which is beneficially held."

The SCR further noted that the definition of turnover it has adopted for CSRT purposes does include, for example, capital revenue (proceeds from the sale of tangible or intangible assets), dividends received by a taxpayer from shares held in other companies, realized foreign exchange gains, and grants and donations received from third parties.

On the other hand, amounts held on trust, and deposits or currencies held by banks and money changers, are included in items that the SRC does not consider to be revenue, and therefore not to be considered as turnover for CSRT purposes.

It is emphasized that this definition of turnover is specific to the CSRT, and may not apply to turnover as referred to in any other revenue laws, such as the Business Tax Act.

TAGS: compliance | tax | business | tax compliance | revenue guidance | law | legislation | Seychelles | Tax

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 






Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »