Prior to an SRC online auction sale, the bidding time will be communicated in advance by SRC, in accordance to the auctioners terms. (3) There shall be a Deputy Revenue Commissioner appointed by the President. Ourcompany registration agents in Seychellescan offer more information on thetaxes applied to individuals and companiesoperating here. Call us now at +230 5252 6703 to set up an appointment with our business consultants in Victoria, Seychelles. Natural persons are only liable to tax on the income they derive from this jurisdiction, irrespective of their residence (whether or not they are a Seychelles resident). S.I. (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. She added that the focus is not on enforcement but on making it easier for people to comply. Trading Economics welcomes candidates from around the world. Also, the repatriation of profits derived from anoffshore company in Seychellesis free of taxfor foreign investors. About us | Contacts | Advert rates | Archive | Privacy policy. (g) to undertake other work related to revenue administration as required by the Government. 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. If you work 40 hours per week and you are working casual (should not be more than 3 months with the same employer), the calculations will be: 40 hours x R38.38 x 52 /12 = your salary should not be lower than R6,652.53 as from April 2016. 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. Seychelles Revenue Commission - Republic of Seychelles Mrs. Gayathri Andre, Director of Tax Payer Services, Seychelles Revenue Commission, Maison Collet, Victoria, Mahe, Seychelles, Phone 4293724, e-mail: gayathri.andre@src.gov.sc . Emergency Hotline & Service Risk & Disaster Management Disaster Incident Report On FaceBook. Download. You can also rely on us for more information ontaxation in Seychelles. The potential bidders must also not be a member of the governing board or a staff of the Seychelles Revenue Commission. Transfer of assets and liabilities of revenue bodies in respect of collection of revenue, 14. The winner for the name of the building was Verna Lesperance, who said that she was inspired by the abundance of mangroves found alongside Bois De Rose avenue where the SRC building will be built. Author: Sedrick Nicette Edited By: Betymie Bonnelame, Seychelles' fiscal performance in Q1 much better year-on-year, Seychelles' properties purchased in forex now subject to CBS exchange rates after valuation, Seychelles Revenue Commission collects $490 million in revenue in 2021, Seychelles announces changes to tax assessments, exchange rates for foreign property owners, Seychelles ask US for assistance on corruption investigations, revenue collection, Non-Seychellois property owners must register with government by Oct. 31 to avoid penalties, SRC's chairperson (right) presented a copy of thenew strategic plan to President Ramkalawan. (State House) Photo License:. (4) A delegation under this section does not prevent the exercise of a power or the performance of a function by the Commissioner. (2) The Commissioner may do all such acts as it may deem necessary and expedient for collecting, receiving and accounting for the revenue in the like manner as the Commissioner is authorised to do in relation to any other functions of the Commissioner. The sameBusiness Tax Act 2009provides information about the double taxation agreements signed by Seychelles with numerous countries worldwide that help companies avoid the double payment of taxes. One should know that the business tax allocated to a company on the market is payable by the date thebusiness tax returnin that year is drafted. I worked for SRC for five years from 2002 to 2006 and at the time I left I was the head of customs. The Chairperson of the Board of the Authority is Mr Chrystold Chetty. Please note that the next appointment issued by SRC is subject to availability. 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. 3 were here. Note: The sum to be entered here should be more than or equal to the quantity indicated near the item visible on the online auction page. The Trading Economics Application Programming Interface (API) provides direct access to our data. 28 . Created Date: 5/31/2023 5:36:01 PM . Users must then click on Auction Settings. Mr. 02. One of the best examples is theIBC formwhich benefits from a0% corporate tax and exemptions from the withholding tax on dividends. All successful bidders are informed that for now no bidding payments will done directly through the website itself. Even ifSeychellesis known as an offshore destination which is known for the tax exemptions available in many cases,taxationhere occurs the same way as in onshore jurisdictions where specific regulations apply when applying various levies. 15. (a) any officer or person from revealing any document or information relating to the income of any person or any confidential instructions in respect of the administration of this Act to any other such officer or person, so employed, in the course of that officers or persons duties or to any court or person for the purposes of this Act; (b) any officer from revealing any document or information referred to in paragraph (a) solely for revenue or statistical purposes to any person in the service of the Government in a revenue or statistical division where such document or information is needed for the purposes of the official duties of the person in that service and when the person in that service has made and subscribed a declaration of secrecy in relation to any information coming to that persons knowledge in the course of that persons official duties; (c) any officer from revealing any document or information referred to in paragraph (a) to the Director of Audit or to any authorised member of the Directors division or to an internal auditor in the Department of Finance, where such document or information is needed for the performance of their official duties; or. Employers should not deduct income tax on a salary of R5,050.00 or lower. The Commissioner is responsible to the Minister for the administration of this Act and revenue laws but the Commissioner shall act independently of ministerial control in exercising the powers vested in the Commissioner in regard to the liability to revenue of individuals and entities. Veronique Herminie is the new commissioner general of the Seychelles Revenue Commission and she received her instrument of appointment from President Danny Faure at State House, yesterday. (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. View Seychelles Revenue Commission org chart to access information on key employees and get valuable insights about Seychelles Revenue Commission organizational structure. There is no withholding tax on royalties and capital gains. 20. The SCR is making available on its website www.src.gov.sc an income tax calculator using the formula above. It is based on the Cost, Insurance and Freight (CIF) value of the goods. For general tax and customs related queries or to better understand your rights and obligations towards the Seychelles Revenue Commission, visit our Advisory Center located on second floor of Maison Colet in Victoria, contact us via email at advisory.center@src.gov.sc or call us on 4293737 to be assisted by our Provision of Advice Officers. In the event that a winner is unable to collect his/her bid, another person can be nominated in writing to collect the goods on their behalf. Taxationis one of the important aspects verified by foreign investors when seeking for a location to set up a business in. About us | Contacts | Advert rates | Archive | Privacy policy. . (7) Nothing in this section shall operate so as to prevent the disclosure of information in pursuance of a requirement under any other law to do so or for the purposes of any other law. Official versions of Seychelles legislation can only be obtained in hard copy from the Attorney-Generals Chambers, Department of Legal Affairs. (h) to exchange information in terms of any tax agreement or treaty. The Seychelles Revenue Commission (SRC) is the body responsible for the administration of revenue lawsin Seychelles, an archipelago in the western Indian Ocean. , Taxpayers can now access the new portal atwww.tms.gov.scto register theirbusinessesand obtain their tax identification number within 24 hours after their online registration. (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. SEYCHELLES REVENUE COMMISSION Tax Division P.O. 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. Among them, the excise and the presumptive tax, and the corporate and social responsibility tax (CSR) and the tourism marketing tax (TMT). If you want to open an IBC company in Seychelles which offers many tax benefits, please contact us. Tax rate = 0.15 {8,555.50 (Total Salary x 0.85)}. To view the photos bigger, bidders can simply click on the photos available on the page followed by hovering their cursor over the photo. SEYCHELLES REVENUE COMMISSION ACT [1st January, 2010] Act 26 of 2009. (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. (1) The Minister may appoint a person to act in the office of Revenue Commissioner. This means that a rate of 9.95% will be applicable on his or her gross salary and he or she will have to remit the following to the SRC: 9.95% x R9,500 = R945.25. (6) An officer shall, if and when required by the Commissioner to do so, make an oath in the manner and form prescribed by regulations and sign a confidentiality and secrecy declaration so prescribed, to maintain secrecy in accordance with this section. (3) A revenue officer who directly or indirectly asks for, or takes in connection with any of the officers duties, any payment or reward whatsoever, whether pecuniary or otherwise, or promise or security for any such payment or reward not being a payment or reward that the officer is lawfully entitled to receive, is guilty of an offence and on conviction is liable to a fine of not less than R100,000 and to imprisonment for not less than one month but not more than 60 months. (1) The Commissioner may, either generally or as otherwise provided by the instrument of delegation signed by the Commissioner, delegate to the Deputy Commissioner or any other person all or any of the Commissioners powers or functions under a revenue law or any other law, other than this power of delegation. If you prefer to file your comment on paper, mail your comment to the following address: Federal Trade Commission, Office of the Secretary, 600 Pennsylvania Avenue NW, Suite CC-5610 (Annex F), Washington, DC 20580. 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. (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. Official versions of Seychelles legislation can only be obtained in hard copy from the Attorney-General's Chambers, Department of Legal Affairs. , The Minister for Finance, National Planning and Trade, Naadir Hassan,said that the new strategic plan is the launching pad for a rebranding of SRCand is "aholistic approach in repositioning the organisation to better play its role in supporting the economic development of Seychelles.". This will lead you to the My Account page on this page complete the necessary registration fields (Please note: All fields denoted by an asterisk symbol (*) are mandatory fields that need to be completed. 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. The new minimum wage rates are as follows: For workers on continuous employment, the rate increased from R26.70 per hour to R33.30 per hour, and for casual workers it increased from R30.78 per hour to R38.38 per hour. Contact Us SRC website. This page provides . (b) requires the Commissioner to furnish to the Minister a report on the working of the revenue law during any period. LEGISLATION OF SEYCHELLES. sovos compliance llc. Praslin Grand Anse - Diamond Complex +248 4293666 Baie St Anne - Horizon Complex +248 2814393. The time indicated on the online auction page will be the system time of Seychelles Revenue Commission and no other time will be taken into account. Housing Application Form. I was a consultant with the Socit Seychelloise dInvestissement (SSI) and then I joined the Islands Development Company (IDC). Calculate your income tax in Seychelles, salary deductions in Seychelles and compare salary after tax for income earned in Seychelles in the 2023 tax year using the Seychelles salary after tax calculators. to enable the Commissioner to perform the Commissioners functions. concessions: in some industries, investors may benefit from concessions, such as those for farmers, fisheries, or in tourism (for the construction or renovation of a hotel). The report was presented to Seychelles' finance minister Naadir Hassan by SRC's commissioner general Veronique Herminie in a short ceremony at Liberty House in the capital Victoria. Mr Damien These Member, Ms Cillia Mangroo Member, Mr Charles Morin Member, Ms Ginny Elizabeth Member, Ms Zenabe Daman Member, Mr Serge Durup Member. Employers will have to continue to submit their payroll even if there is no income tax applicable on the salary of their employees. 17. White label accounts can distribute our data. Statutory instruments made under this Act: Seychelles Revenue Commission (Amendment of Schedule) Regulations, 2014, Seychelles Revenue Commission (Amendment of Schedule) Regulations, 2019, Seychelles Revenue Commission (Amendment) Act, 2014, Act 26 of 2009 Seychelles Revenue Commission Act.doc, Public Finances (Control and Management) Act, Seychelles Fishing Authority (Establishment) Act, Seychelles Public Transport Corporation Decree, Subsection (1) does not apply in relation to a provision of a revenue law that . Theimmovable property taxis the newest levy imposedin Seychelles. Mr. Antonio Lucas - Commissioner. TheSeychelleshas also signed variousdouble tax treatiesthrough which the corporate tax rate can be reduced. 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