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Self-Assessment System

What is Self-Assessment?
Self-Assessment is the manner in which the taxpayer must show all assessable income and deductions he is entitled to on the annual Business Tax Return.


Why the move to a Self-Assessment system?
The traditional way in which a taxpayer was assessed has changed over time. These changes are aimed at:
  • Giving the taxpayer greater equity and fairness
  • Increasing certainty
  • Simplicity
The Self-Assessment system also places greater responsibility on the taxpayer to assess his own tax debt or refund. Previously taxpayers lodged a business tax return containing information from which Seychelles Revenue Commission used to prepare an assessment of the taxpayer’s taxable income and tax payable. The assessment was made by making any necessary adjustments to the taxpayer’s calculation of taxable income. A notice of assessment was issued indicating the tax refund or the amount of tax payable and the due date for payment.

With the Self-Assessment system, Seychelles Revenue Commission is aiming to move from processing forms to providing taxpayer services to help them understand the application of the tax law to their circumstances.


How will the Self-Assessment system work?
Under the self-assessment system, the claims a taxpayer makes in his return are accepted by the Seychelles Revenue Commission, usually without adjustment, and an assessment notice is issued. Even though we may initially accept the tax return, the return may still be subject to further review. To ensure integrity of the tax system, the law provides SRC with a period where it may review a return and make sure all income has been included and may increase or decrease the amount of tax payable. Where anti-avoidance provisions apply, we can amend a return within 4 years of the date the Revenue Commissioner has served the taxpayer with a notice of the assessment. Where avoidance is due to fraud or evasion, there is no time limit on amending the assessment.


What will happen if you lodge an incorrect tax return?
Seychelles Revenue Commission treats taxpayers as being honest in their tax affairs, but mistakes can occur.

The Seychelles Revenue Commission is responsible for verifying the accuracy of the information in the tax returns, for example checking for missing or wrong information. Our audit program is aimed at detecting where taxpayers have not declared all of their assessable income or incorrectly claimed tax deductions.

Where errors are detected, we may issue an amended assessment adjusting assessable income or disallowing deductions thereby rendering the taxpayer liable to repay the tax owing together with interest and/or penalties as prescribed by law.


What are my responsibilities as a taxpayer under the Self-Assessment system?
When you sign your tax return, you are taking responsibility for the claims you are making. We assume you have completed your tax return correctly. If you become aware that your tax return is incorrect, you must contact the Seychelles Revenue Commission as soon as possible to correct the error.

Remember, even if someone else – including a registered tax agent – helps you to prepare your tax return, you are still legally responsible for the accuracy of the information.

The Seychelles Revenue Commission has introduced additional help desks at the Advisory Centre at Oceangate House to assist taxpayers with queries arising from the Self-Assessment System. Please do not hesitate to drop in at any time during working hours or telephone 293741, 293742 or 293743.


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