| Introduction of a Tax Amnesty Programme
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| | On Tuesday 22 June 2021, the National Assembly of Seychelles approved amendments to the Revenue Administration Act to introduce a Tax Amnesty Programme (the “Programme”), set to come into effect as from 1 July 2021. It will be carried out for a duration of 6 months until 31 December 2021.
With the COVID-19 pandemic causing this year to shape up as one of the most difficult ones for taxpayers and Governments alike, the Programme brings forth a mutually beneficial means for the Government of Seychelles to collect more revenue while providing some financial relief to taxpayers and allowing them to regularize their tax affairs with the Seychelles Revenue Commission (SRC).
The Programme will apply to the following:
- For Business Tax arrears: For debts owed for the tax year 2019 and prior years
- For Value-Added-Tax, Income-and-Non-Monetary-Benefits-Tax and other taxes in arrears: For payments due in the tax year 2020 and prior years
- Under-declared taxable income/assessable income for all tax types and issued from 1 October 2017
- Unfurnished Business-Tax-Returns, Presumptive-Tax-Returns and Value-Added-Tax Returns
The percentage of waiver of interest will depend on the date by which the taxes due are settled as tabled below: |
| | The Programme will operate under the following conditions:
- Payment of any outstanding primary taxes should be made in full by the due dates mentioned above to benefit from the proposed concessions;
- The Programme does not allow payment by instalments;
- ALL returns outstanding should be lodged and relevant taxes paid as per above timeline;
- Taxpayers interested in the Programme are required to contact the SRC well before the deadline(s) so they can be provided with the relevant amounts owed; and
- If banks are considering credit facilities for the amnesty, it is preferable that payments are made directly to SRC.
Should you require any other information or clarifications on the Tax Amnesty Programme, please feel free to get in touch with your usual contact person at Intercontinental Trust (Seychelles) Limited (ITSL). Alternatively, please write to Mr. Sebastien Levantard, General Manager at ITSL, on slevantard@intercontinentaltrust.sc |
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| DISCLAIMER The information in this e-newsletter was prepared by Intercontinental Trust (Seychelles) Limited to provide potential clients with a broad overview of the opportunities available in Seychelles. While all reasonable care has been taken in the preparation of this e-newsletter, Intercontinental Trust (Seychelles) Limited accepts no responsibility for any errors it may contain, whether caused by negligence or otherwise, or for any loss, however caused, sustained by any person that relies on it. Readers are advised to consult with appropriate, qualified professional advisors before taking action. Intercontinental Trust (Seychelles) Limited will be pleased to discuss any specific issues.
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