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Immovable Property Tax

What is Immovable Property Tax?
The Immovable Property Tax Act 2019 came into effect as of January 2020. In Seychelles, the Immovable Property Tax is applicable to a Non– Seychellois who owns an Immovable Property for residential purpose.

The tax rate for Immovable Property Tax is 0.25% of the market value. The tax is payable to the Seychelles Revenue commission (SRC) on or before 31 December of every financial year.

The Non– Seychellois liable to Immovable Property Tax will have to go through the process of Registration at the Registrar General and Valuation of the Immovable Property, which is administered by the Ministry for Habitat, Infrastructure and Land Transport. Both office are situated at the Independence House.

How to calculate Immovable property Tax?
The tax rate for Immovable Property is 0.25 % of the market value (based on the evaluation) of the immovable property. The formula for Immovable Property Tax is as follows:

T = R x V

Where: T is the tax payable
R is the tax rate applicable to the valuation of the Immovable Property (0.25%)
X means multiple by
V is the valuation of the immovable property

For example
If the Immovable Property has a market value of SR 2,000,000, the Immovable Property Tax will be calculated as follows.
T = R x V
T = 0.25 x 2,000,000
T = 5,000

Can Immovable Property Tax be paid on a pro-rata basis?
The Immovable Property Tax Act, Section 11 & 12 make provision for payment on a pro-rata basis.

For instance, if the Non - Seychellois acquires the property in July, the tax payable will be apportioned to 6 months.

Example: Taxpayer x acquired a residential property valued and accepted by the chief valuation officer at SCR 5 million. The acquisition is done in July 2020.

Tax payable = (5,000,000 x 0.25% ) * 6/12
= (12,500) * 0.5
= SCR 6,250

Effecting Payment of Immovable Property Tax
  • All Immovable Taxes due should be remitted to the Seychelles Revenue Commission on or before 31 December of every year.
  • All payments should be accompanied by the Business Activity Statement (BAS), which is attached with the notice of Valuation provided by the Chief Valuation Officer.
  • Under the law all payments should be made in Seychelles Rupees
  • All bank transfers should be done in the Central Bank Account 1401. All transfers made in foreign currency will be converted- at the Central Bank Exchange rate of the day of the transfer. All cost of transfers should be bared by the Non– Seychellois.
  • Non– Seychellois making bank transfer, should make sure that upon doing transfers, the Tax Identification Number (TIN) given upon registration, their contact number and email address is featured on the transfer. In this case, SRC will complete the BAS on behalf of the Non- Seychellois.
  • Upon reconciliation of the transfer, SRC will send a receipt of payment in the email address provided by the Non– Seychellois upon making the bank transfer.
  • All payments made at Seychelles Revenue Commission with the cashiers, should be in Seychelles Rupees.
Immovable property
Includes commercial property, condominium unit, immovable property used for residential purposes, industrial property, land, lease, multi-purpose building and villa as defined under the Act.

Non-Seychellois
Has the same definition as ‘non-Seychellois’ in the Immovable Property (Transfer Restriction) Act. Please read full definition in the law.

Registration of Non-Seychellois Immovable Property Owners
In accordance with section 13(4) of the Immovable Property Tax Act, 2019, the Registrar General hereby gives notice that every non-Seychellois who owns immovable property in Seychelles shall submit an application to the Registrar General to be registered in the register of non-Seychellois immovable property owners.

An application shall be submitted to the Registrar General from 01 July 2020 to 31 October 2020.

A non-Seychellois who fails to submit an application to the Registrar General in accordance with the Act shall be liable to pay the Registrar General the following fine :

(a) SCR50, 000 in the case of commercial property, industrial property, multi-purpose buildings or villa; or

(b) SCR10, 000 in the case of immovable property not specified in paragraph (a).

Application Form
The application form is available in hard copy at the Registrar-General’s office, Independence House, Victoria, Mahe, and can also be made available through email upon request, by using the following email: regdiv@registry.gov.sc . Applicants can also click on the links below to download a softcopy of the form, the notice and other documents.

Download
The application form is available in hard copy at the Registrar-General’s office, Independence House, Victoria, Mahe, and can also be made available through email upon request, by using the following email: regdiv@registry.gov.sc . Applicants can also click on the links below to download a softcopy of the form and the notice.

Legislation and Related Statutory Instruments (SI)
Immovable Property Tax Act, 2019

SI 84 of 2020 - Immovable Property Tax (Amendment of Schedule 1) Regulations, 2020

SI 128 of 2020 - Immovable Property Tax (Amendment of Schedule 1) (No. 2) Regulations, 2020

SI 136 of 2020 - Immovable Property Tax (Registration of Taxpayers) (Temporary Measures) Regulations, 2020

Forms
Non-Seychellois Immovable Property Owner - Application Form

Immovable Property Tax Act - Valuation Form

Immovable Property - Exemption Form (MS Word)

Immovable Property - Tax Objection Form (PDF)

Immovable Property - Tax Objection Form (MS Word)

Educational Materials
Immovable Property Tax Booklet

Immovable Property Tax Process Flow

Immovable Property Tax Process Leaflet

Immovable Property Tax Brochure

Other Download
List of Accredited Valuers for Immovable Property Tax (Qualified Professionals) - 6th November 2020

Advisory Notice for Non-Seychellois Immovable Property owners - 2nd October 2020

Gazette No. 83 - 21st September 2020

Definition of “non-Seychellois” under the Immovable Property Tax Act 2019

Registration of Non-Seychellois Immovable Property Owners Notice - July 2020


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