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Seychelles Rules On Marketing Expenses Deduction

by Lorys Charalambous, Tax-News.com, Cyprus

03 April 2015


The Seychelles Revenue Commission (SRC) has issued a public ruling to provide clarity regarding the methodology used to calculate the business tax deduction allowed for marketing and promotion expenditure.

The SRC confirmed that, under current legislation, the total amount of the deduction allowed for marketing and promotion expenses for a tax year is the lower amount between 200 percent of the actual expenditure incurred or 200 percent of the qualifying expenditure. For the purposes of this special deduction, qualifying expenditure is equal to five percent of the turnover of the business for that tax year.

The deduction is allowed for farming entities; agriculture processors and exporters; boat owners; fishery processors; hotels, guest houses or self-catering establishments; cafés or restaurants; domestic air transport service providers; domestic ferry service providers; boat or yacht charter companies; car hire companies; travel agents, tour and/or tourist guides; and gambling/casino operators.

TAGS: tax | business | revenue guidance | aviation | corporation tax | travel and tourism | food | gambling | tax breaks | Seychelles | services

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