As mentioned above, the personal income tax rate is 15%. Once on thewebsite, click on the top menu option entitled My Account. Answer: The bidding time refers to the exact opening and closing time that the auction will be open to the public for placing their bid(s). With the new platform coming into play, the SRC Public Auction Sale activity will now transition from its traditional form of being an in-house activity to an online based activity. Our local advisors can offer more information on theCSR tax in Seychelles. (2) A revenue officer who, in contravention of section 11 and without lawful excuse, reveals to any person any document or information which has come into the possession or knowledge of that person in the course of performing official duties, or permits any other person to have access to any document in the possession or custody of the Commissioner in that official capacity is guilty of an offence and on conviction is liable to a fine of not less than R10,000 and to imprisonment for not more than 1 month. However, Seychelles is also known for the tax advantages it offers especially to foreign investorssetting up offshore companieshere. (2) A person whose appointment is terminated under subsection (1) may appeal to the Supreme Court or to a review forum provided for by regulations made under this Act. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. Investment income derived from Seychelles is subject to income tax. TheIBCbenefits from a0% taxon dividends, interest, royalties, and other sources of income from outsideSeychelles. (3) While a person is acting in the office of Commissioner, the person has and may exercise all the powers, and shall perform all the duties, of the Commissioner under this Act or any other law. 1. Note: Should a registered bidder opt to display his/her name publicly; then he or she should tick the box next to the text Display your name publicly (Optional). (4) The exercise of a power or the performance of a function of the Commissioner under a revenue law by the Deputy Commissioner does not prevent the exercise of the power or the performance of the function by the Commissioner. (a) provides that the Commissioner has the exclusive administration of that revenue law; or. Please note that all details entered during the registration process will remain visible to SRC only. Seychelles Revenue Commission -Seychelles Nation 18. Copyright2023 All rights reserved. The new rate is 1.5% Answer: SRCs online public auction system will allow bidders to bid more than once for the same item, or/and on multiple items, until the end/close of the bidding time. Ourcompany registration agents in Seychellescan offer more information on thetaxes applied to individuals and companiesoperating here. Question: What information will I need to register for a user account? (1) The Minister may make regulations for giving effect to the provisions and principles of this Act. Our website uses cookies for statistical purposes. Employers who pay a salary that is lower than the minimum wage or deduct tax on a salary when it should not is committing an offence and may face prosecution. 11. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. Thetaxation system in Seychellesis made of up of the following main taxes: The owners of a partnership or a sole trader are subject to business tax if their taxable income is above the value of 150,000 SR for a tax year. youtube.com SRC ONLINE PUBLIC SALE -(KREOL VERSION) (2) The Revenue Commissioner shall be the Chief Executive Officer of the Commission responsible to the Minister for the management of the Commission and the administration of the revenue laws. (1) In this section, revenue officer includes any person employed or engaged by the Commissioner in any capacity, and includes a former officer or employee. (5) A delegation under this section may be made subject to a power of review and alteration of the acts, done in pursuance of the delegation, by the Commissioner within a period specified in the instrument of delegation. Seychelles International Business Authority. He added that the new portal should now facilitate the efficiency with which SRC delivers its services for optimum revenue collection and reduction in compliance costs of businesses. (1) The functions of the Commissioner shall be . At the event held at the Hilton Labriz Gastrolounge, SRC's new logo was also revealed along with a new tax registration platform called the Seychelles Tax Portal. Government Revenues in Seychelles averaged 1711.04 SCR Million from 2011 until 2023, reaching an all time high of 3016.00 SCR Million in the fourth quarter of 2021 and a record low of 442.00 SCR Million in the first quarter of 2016. Talking to the press after receiving her document of appointment, Mrs Herminie said she is aware of the many challenges attached to her new job. Section 11(8) inserted by s 2 of Act 30 of 2014 with effect from 19 January 2015. Copyright2023 All rights reserved. (2) For the purposes of this section, the Commissioners powers and functions include the powers and functions of the Registrar of the Seychelles Business Register conferred on the Commissioner. in 2016, the value of trade for domestic exports was 6,132.2 million SR, with the top destinations countries being France and the United Kingdom. Foreign nationals who are employed hereare under no obligation to file a tax return. Seychelles Tax Portal. In many cases, this is related to Seychelles double tax treaties. Emmaline Camille,director for corporate planning and research, gave a brief summary of the report, which showed an increase in revenue compared to 2020, where a total of $474 million (SCR6.3 billion) was collected. Also, our team can support foreign investorsset up companies in Seychelles. (g) to undertake other work related to revenue administration as required by the Government. Thebusiness taxis imposed on insurances, natural resources of the tax year, interests, royalties, and dividends registered by anon-resident company in Seychelles. There is no withholding tax on royalties and capital gains. who are qualified and experienced individuals who ensure that standards and expectations are met. Download. From this point of view,the Seychellesoffers many advantages, among which theoffshore company, also referred to as the IBC (international business company). LEGISLATION OF SEYCHELLES. Contact Phone +248 429 7951; Logo need white background Yes; About JOBO.sc. The foundation stone for the building was laid in a ceremony on June 29, Seychelles' National Day, close to the International Conference Centre (ICCS) on Bois de Rose Avenue. SRC's Online Public Sale - Seychelles Revenue Commission - Facebook (4) A delegation under this section does not prevent the exercise of a power or the performance of a function by the Commissioner. Ms. Thereza Dogley - Chief Executive Officer. Investment, Land Use and Industries. For the NIN section, enter only the NIN number without any dash (-) symbol). 19. Some of the specified businesses include building and labor contractors, carpenters, mechanics, welders, and others. (1) There shall be a Revenue Commissioner who shall be appointed by the President. The Seychelles Revenue Commission (SRC) has said that to ensure fairness for employees earning above R8,555.50 up to R10,065.29, a new formula to calculate the tax rate will be applicable. (4) The Revenue Commissioner and the Deputy Revenue Commissioner shall each be appointed for a term of three years and shall be eligible for reappointment. After inserting and checking all your entries, click on the tab entitled Register. The functions of the Seychelles Revenue Commission are to administer tax laws of Seychelles and to ensure the efficient collection of taxes. Seychelles Tax Portal Available E-Services. As mentioned before, the tax year is generally the calendar year, however, companies are allowed to select and implement a different period as per the Business Act, Section 58. 9. Application to Register as Importer for Non and Ozone Depleting Substances. Seychelles revenue commission form: Fill out & sign online - DocHub 6. (a) is convicted of an offence under a revenue law; (c) is insolvent or has been declared bankrupt whether in Seychelles or elsewhere or enters into an arrangement or composition with the persons creditors; (d) is mentally or physically incapable of carrying out the persons functions under this Act; (e) resigns the persons office by notice in writing to the President giving at least three months notice, or. 300 Questions on Seychelles Government Services. Beneficial Owner in a Company in Seychelles, Set Up a Charitable International Trust in Seychelles, Open an International Trust in Seychelles, The Benefits of the Seychelles International Trade Zone, Set up a Proprietary Company (LLC) in Seychelles, Establish a Cryptocurrency Company in Seychelles, Obtain Financial Services Licenses in Seychelles, Obtain Forex Trading Licenses in Seychelles, Restrictions for Name of the Seychelles Company, Issuance of Issue Bearer Shares in Seychelles, Board Meetings of a Company in Seychelles, Confidentiality related to a Company Set Up in Seychelles. The winner will need to tick the appropriate tab to confirm the bid. Government Initiatives. With more than a decade of experience in holding public auction sale, the Seychelles Revenue Commission is pleased to announce that very soon it will be launching its first ever online platform for its public auction sale. In terms of the breakdown of revenue collection, 69 percent of the total revenue collected was from domestic taxes, the main source of revenue, while the other 31 percent came from customsoperations. Meanwhile, the SRC has said the normal rate of 15% is applicable on the total salary for all other employees including part time and casual workers where the total salary is above R10,065.29. 5. 13. (2) The Government will provide further funding for the Commissioner to carry out special compliance activities or functions or to fully execute any additional project assigned to the Commissioner. Government of Seychelles | Sectors - Business and Industry SEYCHELLES REVENUE COMMISSION Tax Division P.O. Income derived from this country is charged with anincome tax of 30%, but it can also benefit from theprovisions of double tax treaties. National Information Services Agency, Workplaces share best practices to enhance productivity, Seychelles Pension Fund grabs 5 awards at Regional Social Security Forum, Minister Radegonde calls for meaningful negotiations at Russia-Africa Summit, DBS invites investors to apply for loans under Blue Investment Fund, Message from Arid on the occasion of World Day Against Trafficking In Persons, July 30, 2023, Institute of Early Childhood Development (IECD). Such details may be made available in the item description section seen under each lot of items when clicked upon. Therefore, the amount of revenue collected represents an increase of $28 million compared to the fiscal year 2020which amounts to a 9 percent increase. This is the assessable income once any deductions (if available) have been made. About us | Contacts | Advert rates | Archive | Privacy policy. Seychelles Revenue Commission |02 December 2020 Online public auction sale - Coming soon! Revenue Commissioner means the Revenue Commissioner appointed under section 4(1); revenue bodies means the Seychelles Revenue Commission, the Seychelles Licensing Authority in collecting licence fees, the Social Security Fund in administering and enforcing the collection of SSF contributions, the Seychelles Pension Fund in administering and enforcing the collection of SPF contributions and any other body that may be prescribed by regulation; revenue law means a law providing for revenue; tax agreement or treaty means a tax agreement or treaty defined under the Revenue Administration Act, 2009; Definition of tax agreement or treaty inserted by Act 15 of 2011. needs to be registered with the Seychelles Revenue Commission after it is incorporated, in order to be considered a registered taxpayer. (2) Subject to this section a person being an officer shall not, either directly or indirectly, except in the performance of any duty as an officer, and either while the person is or after the person ceases to be an officer, make a record of, or divulge or communicate to any other person any such information so acquired by the person. (c) appoint other officers and staff on such terms and conditions as the Commissioner deems fit. References in any written law or legal document. 22. Seychelles Investment Board. The new SRC commissioner general also boasts experience in legislative and policy reviews. Users must then click on Auction Settings. National Sports Council 56-62 10. Box 50, Maison Collet, Republic of Seychelles Telephone: 4293737, Fax: 4225565, E-Mail Address: [email protected] Certificate Application Form This form should be completed as a formal request for any of the certificate listed below. API users can feed a custom application. SRC is the body responsible for administration of Revenue Laws in Seychelles to enable the Commissioner to perform the Commissioners functions. Investors can also rely on this team for advice on newer investments sectors, such as the blockchain and ICO industries. In the event that a winning bidder does not respect the agreed collection appointment or does not pay or refuse to pay or collect the bid, the sworn Auctioneer and the Appraiser , reserves the right to offer the winning bid to the next highest bidder at his/her respective bidding offer. The Seychelles Revenue Commission (SRC) has said that to ensure fairness for employees earning above R8,555.50 up to R10,065.29, a new formula to calculate the tax rate will be applicable.