FREQUENTLY ASKED QUESTIONS
Domestic Taxation
All new businesses must register with the Seychelles Revenue Commission (SRC) within 14 days of trading. For new businesses with employees, the business must register all its employees within 7 days of employment.
- National identification card or passport.
- Copy of license issued by respective authorities (e.g. Seychelles Licensing Authority, Financial Services Authority Seychelles and others as applicable
- Copy of partnership or company registration certificate as issued by the Registrar of Companies.
- Details of Tax Agent (if any).
Effective January 2022, the business tax rates applicable for sole traders, partnerships and companies are as follows:
| Category | Tax Rate |
|---|---|
| Sole Trader and Partnership |
|
| Company |
|
All business tax returns must be remitted to the Seychelles Revenue Commission as follows:
Immovable Property Exempted from Tax PaymentTax shall not be paid on immovable property:
- Business and presumptive tax return – 31st March of every following applicable year.
- Income and non-monetary benefits tax and ‘Pay As You Go’ scheme – 21st of every following applicable month.
- Value added tax return for compulsory registered businesses – 21st of every following applicable month.
- Value added tax return for voluntary registered businesses – 21st of every applicable quarter.
All businesses are required to lodge a business tax return by 31st March of the following applicable year, irrespective of any liability or loss.
The income tax payable by an employed person who is a citizen or a non-citizen of Seychelles in respect of emoluments received from each source of employment in a month are as follows:
| BRACKET | GROSS MONTHLY INCOME (SCR) | RATES | ||
| FROM | TO | CITIZEN | NON-CITIZEN | |
| Bracket 1 | SCR 0 | SCR 8,555.50 | 0% | 0% |
| Bracket 2 | SCR 8,555.51 | SCR 10,000.00 | 15% of the amount in excess of SCR 8,555.50 | 15% of the amount not exceeding SCR 10,000.00 |
| Bracket 3 | SCR 10,000.01 | SCR 83,333.00 | SCR 216 plus 20% of the amount in excess of SCR 10,000.00 | SCR 1,500 plus 20% of the amount in excess of SCR 10,000.00 |
| Bracket 4 | > 83,333 | SCR 14,883.28 + 30% of the amount in excess of SCR 83,333.00 | SCR 16,166.60 plus 30% of the amount in excess of SCR 83,333.00 | |
All businesses are required to lodge a business tax return by 31st March of the following applicable year, irrespective of any liability or loss.
Customs
Non-Seychellois can pay immovable property tax in Dollars ($), Euros (€) or Pound Sterling (£) only through bank transfer. The amount paid will then be converted by the Seychelles Revenue Commission (SRC) using the Central Bank of Seychelles mid-exchange rate of the day, on the date that the payment is received.
Taxpayers must hold sufficient amount of funds when conducting payments through bank transfers to cater for possible fluctuations in the rate of foreign exchange. Any surplus in the payment received to SRC will be carried forward as a credit onto the taxpayers account with SRC into the following year.
Yes, concessions are available on the importation of specific goods for certain industries.
For example, a rebate of 50% of the applicable rate of import duty is applicable for farmers and fishermen on importation of commercial motor vehicles whilst a rebate of 5% of the applicable rate of import duty is available on importation of inputs and minor operating equipment by persons recognized by the Ministry responsible for Agriculture and Fisheries.
VAT on imported goods is applied on the value of import (customs value) which is the CIF (cost, insurance, and freight) + customs duties (excise tax where applicable).
For example:
- Customs value (C.I.F) = SCR 2,000
- Custom duties (excise) = SCR 600
- VAT base = (R2,000 + R600) = SCR 2,600
- Customs value + Customs Duties and other applicable taxes x 15% =SCR 390
VAT on importation assessed by the Customs Division of the Seychelles Revenue Commission is paid together with customs duties at the point of entry at the Seychelles Revenue Commission Customs Offices located at seaport, airport or post office.
Goods imported by post should be accompanied by a customs declaration form to enable the Customs Officers to know the description of the goods, its value and uses (personal or commercial). The declaration form will also enable Customs Officers to determine the amount of duty and taxes payable if the goods imported are dutiable.