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Good and Services Tax (GST)

What is GST?
Goods and Services Tax (GST) is a tax levied on imported goods, specified manufacturers of goods produced in Seychelles and on specified service providers.

The Goods and Services Tax Act, 2001 commenced on 1st January 2002 and is administered by the Revenue Commissioner in terms of levying, assessing, charging, collecting and recovering payment of this tax.


Who is liable to pay GST?
The service provider is the one liable to pay GST as provided under GST Regulation 34.

Note: GST is paid to the Seychelles Revenue Commission. All cheques must be made out to “The Seychelles Revenue Commission” as the payee.


Registration
The owner or operator of a business listed in the Schedules below must register with the Revenue Commissioner within 15 days after the end of the month in which the business commences.

For example, if a business starts on 1 February 2009 then registration must be not later than 15 March 2009. Registration forms are available at the Revenue Commission or you may download the form.


What are the GST rates?
The rates are set out in the GST Regulations as follows:

When is GST due and payable?
GST is due and payable on or before the 21st day of the month following the month in which payments have been received or sales effected. For example, GST collected in January 2009 is due and payable on or before 21st February 2009.

Note: GST is paid to the Seychelles Revenue Commission. All cheques must be made out to “The Seychelles Revenue Commission” as the payee.


Monthly returns
All businesses liable to Goods and Services Tax must submit a return of income to the Commissioner each month. This return requires a full declaration of all payments received or gross sales and the rates of tax applicable. The return is in the form of the Business Activity Statement.
Business Activity Statement is available from SRC or may be downloaded

The return is a legal document and must therefore be correct and accurate in every detail. The owner or the operator of the business must always sign the return.


What happens if I do not derive any income in a particular month?
Where a business listed in the Schedules has not derived any income, a “Nil” return is still required to be forwarded to the Commissioner within the timeframe prescribed.


GST concessions
Generally anything that is manufactured locally for export purposes and other goods manufactured locally which are not listed in the Schedules, including services not listed in the Schedules, are exempt from GST.

Furthermore, there may be industry specific concessions. If in doubt, contact the Revenue Commission for more information.


Record retention
The Revenue Commission runs a highly intensive audit program. Although a person liable to Goods and Services Tax has effected payment every month, the Commissioner is still authorised by the Regulations to call upon that person to produce such records at any time within seven years after the returns have been lodged to check their accuracy.

Know more about
Exchange Of Information
Self-Assessment for Business Tax
The Self-Assessment System – Assessing your own tax liabilities
Value Added Tax
The Tax and Customs Agent Board (TACAB)
Lodgment of Partnership Business Tax Return
Read More>>
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