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Everything you need to know about a VAT Return

As a consumption tax borne ultimately by the final consumer, VAT is collected by registered businesses, on behalf of Seychelles Revenue Commission (SRC), and has to be remitted to SRC.

The VAT return is a form with the aim of determining what amount needs to be remitted to SRC, bearing in mind that the VAT paid to suppliers and/or customs by the VAT taxpayer (input tax) will be offset against those collected from its customers (output tax). In other words, only the excess will have to be remitted to SRC (see details below).

The VAT registered businesses will be personally responsible for all information stated on a VAT return. As such they have to ensure that all the information on a VAT return is accurate.

What should be reported on the VAT return?
The following information should be reported on a VAT return:
  • Business Information: all VAT registered businesses should enter their key business information such as their name and Taxpayer Identification Number (TIN).

  • Taxable Period: the month or quarter in which the VAT transactions occurred.

  • Output Tax: This is the VAT collected on the sale of goods and services supplied by a VAT registered business during the corresponding taxable period (month or quarter), plus or less adjustments, if any.

  • Input Tax: this is the VAT paid on imported and locally purchased goods and services used for the purpose of the business plus the locally purchased goods or services plus or less adjustments, if any.

  • VAT Liability: this is the amount of VAT to be remitted to SRC resulting from the difference between output tax and input tax, when output tax is greater than input tax.

    When the input tax is greater than output tax the VAT return reflects a credit.

    This credit is generally carried forward to the next return but can be reimbursed under certain conditions, notably: when the VAT registered taxpayer principally makes zero-rated supplies (this is the case for an exporter); when the credit exceeds an amount prescribed by the Revenue Commissioner, and; for all the others when the credit has been carried forward for 3 consecutive months without being off-set.

  • Declaration: the person completing the VAT return on behalf of the business must always sign the VAT return, before submission to SRC, to declare that the information stated on the VAT return is accurate
Who will need to complete and submit a VAT return?
Only VAT registered businesses will be liable to submit a VAT return. VAT returns will be due 21 days following the taxable period, unless stated otherwise.

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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