Taxes

The Seychelles Revenue Commission operating under the umbrella of the Ministry of Finance, Trade and Investment is responsible for the administration and collection of all taxes levied under various fiscal legislations on behalf of the Government of Seychelles:

Business Tax

All businesses need to register with the The Seychelles Revenue Commission within 14 days after the date on which the business commences. Each year a business is required to lodge a Business Tax return setting out the trading position (profit/loss) of the business. The net profit as determined by a business (tax payer) is subject to review by the Taxation Office through the examination of the business accounts provided and based on certain standard criteria and additional information obtained.

Business Tax is payable in three ways:

Provisional Tax – Monthly
Business tax paid in advance at a fixed monthly instalment and designed to relieve taxpayers from the burden of a large tax bill at the end of the tax year;
Provisional Tax – Deduction at Source
Collected on a pay as you earn (P.A.Y.E.) basis and applicable mostly to businesses in construction;
Per annum following the assessment of Business Tax returns.
The rates of Business Tax are as follows:

Sole Traders and Partnerships

Income threshold (SR)
Rate
The first 150,000
0%
From 151,000 to 1m
15%
Above 1m
30%


Companies and Trusts

Income threshold (SR)
Rate
The first 1m
25%
Above 1m
30%


Withholding Tax
Withholding Tax affects certain category of payments to non-resident including:

  • Dividends at 15%
  • Royalties at 15%
  • Interest rates on :
Fixed Deposit (In Seychelles Rupees or any other foreign currency)
5%
Fixed Deposit (In Seychelles Rupees or any other foreign currency)
0%
Call deposit
5%
Bearer Bonds
30%
Interest payment by a person being a non-financial institution to a person not being a financial institution
15%
Treasury Bills (where the recipient is not a resident or non-resident financial institution as defined in the Financial Institutions Act, 2004 or carry on the business
5%

 

Customs Tax on Imports
Customs Tax is levied on goods imported in Seychelles and is applicable at various set rates as laid down in the Customs Management Act. To view the Customs Tax levied on the different goods imported in Seychelles please visit Seychelles Revenue and Commision website www.src.gov.sc

VAT applies on goods and supplies at the rate of 15%.

Personal Income Tax
Income taxes in Seychelles are levied on all income, including that of domestic and foreign individuals and companies working in Seychelles. The tax is a flat rate of 15% for both employers and employees.

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