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Self-Assessment for Business Tax
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Upon setting up a business, either as a sole trader, partnership or company, all businesses in Seychelles need to
register with Seychelles Revenue Commission (SRC) to become a registered taxpayer.
In 2010, SRC moved from the traditional way taxpayers was assessed (Business Tax Assessment) to a more modernized,
simple and fair manner of assessing their return. This was done by introducing the Self-Assessed Tax system allowing
all taxpayers to make their own assessment of their business and reporting their taxable income for the relevant tax
period covered by their business, with permitted deductions and exemptions and calculations for their tax liability
payable or net loss for the year.
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Who needs to submit a self assessment Business Tax Return?
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Everyone engaged in a business and registered as a taxpayer, must lodge a self assessed Business Tax return at
the end of each tax year.
If a business has been inactive during the course of a taxable year and has not yet ceased to trade, the business
will still need to lodge a business tax return by completing page 1 of the tax return, with the relevant information
and signing the tax declaration. Attached to the tax return, should be a letter stating the reason why the business
does not have a tax liability for the year.
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When to submit the self assessed Business Tax Return?
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SRC allows a period of three months after the end of each tax year for businesses to submit their Business Tax
Return. This means that by the 31st March of every tax year, unless otherwise approved by the Revenue Commissioner,
as stated in the Business Tax Act 2009, Section 26, all Business Tax Returns should have reached the Seychelles
Revenue Commission’s office.
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What does SRC do when the return is received?
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When SRC receives your Business Tax Return, we will acknowledge receipt of the return and issue a tax notification
based on the self declaration. We will then process your figures and record the amount you have shown in the return
as the tax due for this period.
If you need to amend the return, you can do so within 4 years of the date of service of the tax notification. We
can also amend the return to correct obvious errors or omissions (whether errors of principle, arithmetical mistakes
or otherwise). SRC can also amend anything where we have reason to believe is incorrect in the light of information
available.
We may enquire into a business tax return lodged, only after giving you notice of our intention to do so.
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For more information
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You can contact Seychelles Revenue Commission on 4293737 or email us at advisory.center@src.gov.sc.
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