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Capital:
Victoria
Form of government:
Presidential Republic
Area:
455 км2
Population:
90 024 thousand
Currency:
Seychelles Rupee

Taxation in the Seychelles

Tax system

The company is considered a tax resident if it is established in the Seychelles, or the company’s main management is carried out in the Seychelles, or if the right to vote belongs to the resident shareholders of the Seychelles. Resident companies as well as non-resident companies are subject to income tax earned from activities conducted in the Seychelles. The fiscal year is equal to the calendar year. Each company is obliged to submit tax reports by March 31 of the year following the reporting one. There is no provision for consolidated reporting. The date of determining the amount of taxation is not legally established.

The profits of enterprises that are subject to taxation are taxed at a rate of 25% for the first 1,000,000 Seychellois rupees, and profits that exceed this amount are taxed at a rate of 30%, with the exception of the profits of financial institutions, companies providing telephone services and producers of alcoholic beverages who are taxed at a rate of 33%. The international business of the company is exempt from paying corporate profit tax in the Seychelles. The companies which activities are subject to special licensing are taxed by corporate tax at a single rate of 1.5% on income earned from international activities.

Dividends from foreign investments are taxed according to the following scheme:

  • Dividends received by international business companies - 0% rate;
  • Dividends received by companies which activities are subject to special licensing - a rate of 1.5%;
  • Other companies - corporate tax is applied.

Dividends from local investments are taxed at a rate of 15%. The tax on dividends paid to foreign recipients is collected from the source, at a rate of 15%. International business companies and companies which activities are subject to special licensing are not subject to this tax. Dividends paid to resident recipients are also not subject to this tax.

The activities of branches and subsidiaries are taxed on the activities of enterprises. State duties are not collected in the Seychelles.

The value added tax is imposed on the supply of goods at a standard rate of 15%. The supply of goods by farmers or fishermen is taxed at a rate of 0%. Training, medical, financial services and the supply of relevant goods are exempt from VAT. Registration of a VAT payer is obligatory for persons with a turnover of at least 2 000 000 Seychellois rupees.