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Finance Business Service

Seychelles planning considerable tax changes in 2017

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Seychelles

The Seychelles will finish considerable reforms on the main taxes in 2017.

Since July 1, 2017 the new assessed tax on the land property in the Seychelles will be imposed, it will be levied only for foreigners, and purchases of the private land by foreigners will also attract the high state fee.

Also, the government suggests to change the law on taxes for entrepreneurs. The limit taxable for the separate entities, such as individual dealers or partners, will remain in SCR150,000. Besides, the government offers that the expected rate of a tax was changed further. The rate of a tax on the entities with turnover to SCR0.5m shall remain at the level of 1,5 percent, but the tax on three percent will be imposed on the entities with turnover from SCR0.5m. Professional taxpayers, such as accountants and engineers, will pay a rate of five percent.

The government will exempt the entities with an annual gross income to SCR1m from the tax discharge in the first year of operation to help small and medium scale enterprises. Larose told that at the moment the purpose is "to turn Seychelles into the capital of small and medium business of the Indian Ocean".

Larose also announced an additional fare for foreign guests who land at the international airport of Seychelles. Since July 1, 2017, the Seychelles civil aviation will enter the additional charge in the amount of USD10 for servicing of passengers. This money will be a contribution for the country, for supporting of high level of the airport.

Author: Olena Kutova

senior lawyer of the Finance Business Service company

Сергей Панов
Author
managing partner
Finance Business Service