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How to Complete the VAT Registration form?

Value Added Tax (VAT) will replace the goods and Services Tax (GST) on July 1 2012, and as such the Seychelles Revenue Commission (SRC) has started the process of registering businesses for VAT. All businesses making taxable supplies can register for VAT (refer to the leaflet Who needs to register for VAT for more information).

How does a business register for VAT?
As of last week, SRC has sent a letter and a VAT registration form to existing businesses registered with the Commission asking them to confirm their annual sales turnover for the year 2011 and provide an estimation of their 2012 annual sales turnover on the VAT registration form.

How to Complete a VAT Registration form?
Step 1: Business Details
State the name and physical address of your business, your Taxpayer Identification Number (TIN), the telephone number of your business and e-mail address, if any.

It is important that your business details are clearly and correctly stated on the form as SRC will be unable to register your business if the information provided is incorrect. Note that incomplete forms will not be accepted by SRC.

Step 2: Taxable supplies
Tick YES if your business makes taxable supplies; or NO if your business does not make taxable supplies. A taxable supply is the sale of goods and services that are VAT chargeable (refer to the leaflet What is VAT?). If the goods and services made by your business are not exempted under the Value Added Tax Act, 2010, then the supply made by your business is taxable. The Value Added Tax Act, 2010 is available here for download.
Note that any business, association, charity or any other organisation making a taxable supply but is not registered with SRC, should contact SRC to enquire if it should be registered for VAT or not.

Step 3: 2011 Annual Sales Turnover of the business
Tick YES to confirm that your business’ annual sales turnover for the year 2011 is equal to or exceeds the VAT threshold of SR 5 million; or Tick NO if your business’ annual sales turnover does not exceed the VAT threshold.

Based on the 2011 annual sales turnover of your business, SRC can determine whether or not your business should be VAT registered.
  • If it exceeds or is equal to the VAT threshold then your business will most likely be VAT registered.
  • If it does not exceed the VAT threshold, there is a possibility that your business will not be VAT registered on a compulsory basis.
Step 4: 2012 expected Annual Sale Turnover of the business
Tick YES if you expect the annual sales turnover of your business to exceed the VAT threshold of SR 5 million for the year 2012; or NO if you do not expect to exceed the VAT threshold.

The final factor to determine whether or not your business has exceeded the VAT threshold is the business’ expected annual sales turnover for the year 2012. If your business is not expected to exceed the VAT threshold for 2012, your business will not be registered for VAT. However if your business has been making an annual sales turnover exceeding SR 5 million for the past subsequent years, including 2011, then the Revenue Commissioner will register your business UNLESS you can provide justifiable reasons to show that for 2012 your annual sales turnover will not exceed the VAT threshold.

Step 5: Voluntary Registration
Tick YES if you do not expect the annual sales turnover of your business to exceed the VAT threshold but wish to be considered for VAT registered on a voluntary basis; or NO if you do not wish to be considered for voluntary registration.

You can register for VAT on a voluntary basis only if in addition to being below the VAT threshold your business meets the criteria set in the Value Added Tax Act 2010. The criteria are as follow: making taxable supplies; keeping proper records; and having a good compliance history with other revenue laws.

Step 6: Declaration and signature
Sign the form and state the date of signing. If you are the owner of a sole trading business, you are the sole person responsible to sign the form. If you are the senior partner of a partnership business, you are the sole person responsible for signing the form. If you are the public officer of a company, you are the sole person responsible for signing the form. Once you have signed the form, SRC will hold you personally responsible for the information you declare on the form. If you are unsure about anything, you should contact SRC before completing and signing the form.

You must ensure that the information you state on the form is true and correct.

All VAT registration forms should be submitted to SRC by February 29 2012 so that all concerned can benefit from the focused workshops that will be organised from March 2012.

For more information
You can contact Seychelles Revenue Commission on 4293737 or email us at advisory.center@src.gov.sc.
The Value Added Tax Act, 2010 is available here.


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