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What are the obligations of a Registered Business?

All businesses should register with SRC within 14 days of commencing trade to become a Registered Taxpayer. This is in accordance with the Revenue Administrative Act 2010 section 4. Upon becoming a Registered Taxpayer you will have to fulfill your obligations in line with the laws and regulations established by the Seychelles Revenue Commission (SRC).

Find below a list of some of the obligations that businesses will need to carry out:

Lodging of Self-Assessed Business Tax Return
All businesses must lodge a complete business tax return at the end of each taxable year. Businesses are given a period of 3 months to complete and submit their returns after the completion of their financial year. This means, no later than 31st March of each taxable year. However, extensions can be granted upon a written application to the Revenue Commissioner provided it is requested before the due date of lodgment. 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. Lodgment of returns can be made either at the Advisory Centre Room 2 OceanGate House or to the Head Office Second Floor Orion Mall.
N.B: Penalties are applied for late lodgment of returns.

Record Keeping
Businesses are required to keep sufficient records so that assessable income and allowable deductions of the business tax can be readily identified. Without these records, a business cannot deduct any expenses from their assessable income to derive at a taxable income. Having no records to substantiate business expenses, or having incomplete records, will lead to a higher taxable income and therefore more business tax may be due. To avoid disallowing business deductions, business will be required to adhere to minimum record keeping standards.

Change in Business Life
If after registration, there are any changes that have occurred with your business, the Registry Section of SRC should be notified in writing of the details, whether it is your contact address, business name, or even partnership.

Cessation of Business
The Seychelles Revenue Commission should be informed if for any reason you choose to cease your business. This is because the Revenue Commissioner will need to close your account upon satisfaction that you have no existing liability with SRC.

Depending on the nature of your business, there are some other obligations that are more specific to your business to conform to. Listed below are some of these obligations:

Income and Non-Monetary Benefits Tax Obligation
  • You must register as an employer within 7 days of employing someone;
  • Provide full details of all your employees such as NIN, the post occupied and monthly salary/earning;
  • You need to maintain employees’ records to a minimum standard.
Value Added Tax (VAT) obligation
A VAT registered taxpayer has an obligation to meet the requirements and regulations set in the VAT Act 2010.
  • A VAT registered business must keep full and true records of all business transactions which are compelled with the liability to VAT. The records need to be detailed to enable accurate calculation of the tax liability or refund. All records and accounting documents must be preserved for a period of 7 years from the date of the latest tax period to which they refer to.
  • It is responsibility of a taxpayer to provide all kept records or any related documents when requested by the Revenue Commissioner or by an officer of the Seychelles Revenue Commission.
Relevant records that must be kept by a VAT registered business are:
  • Original or certified copy of VAT invoices, debit and credit notes where applicable
  • Documents related to import and export
  • Documents related to a specific service showing adequate information such as the nature of service; the quantity of service supplied; the time and place of the supply; the extent to which the supply has been used; and the consideration for the supply.
Provisional tax obligations
  • Provisional tax is a tax paid in advance on a monthly basis and the amount to be paid is calculated based on an estimate of the business’ taxable income;
  • If the total Provisional Tax paid in advance for any year exceeds the actual tax payable (as per the Business Tax Assessment issued by the business) the business is entitled to a refund of the difference.
Deduction At Source (DAS) (Provisional tax) obligations
  • DAS applies to a list of businesses known as Specified Businesses contained in the Sixth Schedule of the Business Tax Act ;
  • The liability for the payment of DAS arises at the time that the specified business receives its assessable income from the 'payer' business;
  • The 'payer' business is responsible to deduct the DAS on the engaged specified business and remit this DAS to the Seychelles Revenue Commission;
  • Payments by the 'payer' businesses to a specified business are required to be recorded in a DAS book;
  • The DAS book is issued to every specified business on the day the specified business is registered with Seychelles Revenue commission.
For more information
You can contact Seychelles Revenue Commission on 4293737 or email us at advisory.center@src.gov.sc
The Taxpayers Guide can be downloaded here

Website Published Date: 11th September 2013

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