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Business Tax Rates

First Schedule of the Business Tax Act 2009 ( Sections 1 to 9)

The rates of business tax payable by the owner of a business in respect of the taxable income of a business under section 6 are as specified below:

1. (a) In the case of an entity (Company), government body or a trustee

i. 25% on the first SR1 000 000 of taxable income

ii. 33% on the remainder

1. (b) In the case of any other person, other than an entity or government body (sole trader and individual partners in a partnership)

* Individual partners in a partnership business are taxed based on their percentage share of the profit. The partnership business is not taxed.

*1 The rate specified applies from January 2011.
Prior to January 2011, the rate was SR18.75% between SR150 001 and SR1 000 000.

i. 0% on the first SR150 000 of taxable income

*1 ii. 15% between SR150 001 and SR1 000 000

iii. 33% on the remainder.

2.( a) In respect of Commission paid to sellers of lottery and games of chance tickets

10%

2. (b) In respect of interest paid to holders of 2007 bonds issued by the Republic of Seychelles

0%

3. A non-resident operating a ship or aircraft under Section 7

3% of the gross amount in respect to passengers, livestock, mail, merchandise or goods embarked from the Seychelles

4.(a) In respect of a gross amount of dividend, royalty, natural resource amount, or technical services fee under Section 8

15%

4. (b) In the case of an insurance premium under Section 8

5%

4. (c) In the case of interest under Section 8

Current Account –

5%
Fixed Deposit (In Seychelles Rupees or any other currency –

5%
Savings Account –

0%
Call Deposit –

5%
Bearer Bonds –

33%

Bank to Bank –

0%
Non-Resident Bank Interest –

0%
2006 Government Bonds –

0%
2007 Government Bonds –

0%
8% Seychelles Stock –

0%
CBS Bonds Series FXM -

0%
CBS Bonds Series FEX –

0%
By a non-financial institution to a non-financial institutional –

15%
Treasury Bills (where the recipient is not a resident or a non-resident financial institution as defined in the Financial Institutions Act, 2004 or carrying on the business as an insurer as regulated under Insurances Act, 2008 –

5%
Treasury Bills (where the recipient is a resident or a non-resident financial institution as defined in the Financial Institutions Act, 2004 or carrying on the business as an insurer as regulated under the Insurances Act, 2008 – 0%


5. The owner of a business of a casino under Section 44

0%

6. (I) The rate of withholding tax on dividends under Section 62 is as follows:

a) In respect of dividend paid by a resident incorporated entity to a resident incorporated entity

0%

b) In respect of dividend paid by a resident incorporated entity to a resident unincorporated entity

0%

6. (II) The rate of withholding tax on interest under Section 63 is as follows:

Current account -

5%

Fixed Deposit (In Seychelles Rupees or any other currency) –

5%

Savings Account -

0%

Call deposit –

5%

Bearer bonds –

33%

Bank to bank –

0%

Non-Resident Bank Interest –

0%

2006 Government bonds –

0%

2007 Government bonds –

0%

8% Seychelles Stock -

0%

CBS bonds series FXM –

0%

CBS bonds series FEX –

0%

By a non-financial institution to a non-financial institutional –

15%

Treasury Bills (where the recipient is not a resident or a non-resident financial institution as defined in the Financial Institutions Act, 2004 or carrying on the business as an insurer as regulated under Insurances Act, 2008 –

5%

Treasury Bills (where the recipient is a resident or a non-resident financial institution as defined in the Financial Institutions Act, 2004 or carrying on the business as an insurer as regulated under the Insurances Act, 2008 –

0%

7. The rate of withholding from the gross payment made to a specified business listed in the Fourth Schedule

5%

8. The rate of withholding tax under Section 65 when a valid tax invoice is not provided

33%

9. (II) In respect of a promoter, agent, or similar person under Section 66:

Paying remuneration to a non-resident entertainer or sports person in respect of a performance in sporting event in Seychelles

15%
Responsible for collecting the gross receipts from performance or sporting event in Seychelles by a theatrical, musical, or other group of non-resident entertainers or sports persons

(a) In the case of a dividend, interest, royalty, natural resource amount, or technical service fee

15%
(b) In the case of an insurance premium 5%



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