Tax in Seychelles

Who is the tax authority and where do filings live?

Seychelles's Seychelles Revenue Commission (SRC) administers Seychelles's tax system [SC1]. Substantive law: Business Tax Act 2009 (as amended by Business Tax (Amendment) Act 2018 and 2020), Income Tax Act 1995, VAT Act 2010, International Business Companies Act 2016, and successive amendments. Seychelles is a SADC, COMESA, IOC, and AfCFTA member.

What is the tax year and when are returns due?

Individual tax year is the calendar year. PAYE withheld monthly. Corporate annual returns due 31 March for prior fiscal year [SC1]. VAT monthly returns. Provisional CIT through quarterly installments.

Who is a Seychellois tax resident?

Under Income Tax Act, an individual is tax resident if (a) ordinarily resident in Seychelles, OR (b) physically present 183+ days in tax year [SC2]. Residents taxed on Seychellois-source income (territorial framework predominantly).

What are the personal income tax rates?

Four brackets: 0 percent up to SCR 8,555.50 monthly; 15 percent on SCR 8,556-10,000; 20 percent on SCR 10,001-83,000; 30 percent above [SC1]. Personal allowance applies.

How does Seychelles's corporate tax work?

Business Tax 25 percent on first SCR 1,000,000 of taxable income; 30 percent above [SC2]. International Business Companies (IBC) framework: post-2018 reform requires Economic Substance and removed prior 0-percent IBC framework to comply with EU Code of Conduct. Withholding on dividends to non-residents 15 percent. Pillar Two not yet transposed. Tax losses 7 years.

What about VAT?

VAT 15 percent under VAT Act 2010 [SC3]. Zero-rated on exports.

How are cryptoassets taxed?

Financial Services Authority advisory: VASP framework progressing under post-2024 reform [SC2]. Where declared, gains under existing income-tax categories.

What is the treaty network and what are the audit triggers?

Seychelles has approximately 28 active double tax treaties [SC4]. MLI ratified effective 1 May 2018. SADC/COMESA frameworks. Standard SOL 7 years; extended for fraud or for IBC-framework matters.

What are the common penalties and pitfalls for foreigners?

Penalty framework: late filings, failure to file, incorrect declarations [SC5]. Common pitfalls: (1) post-2018 IBC framework reform requiring Economic Substance and removing prior 0-percent IBC framework critical for offshore-structuring relevance; (2) Business Tax (Amendment) Act 2018 and 2020 progressive harmonisation with EU Code of Conduct; (3) significant offshore-financial-centre relevance — substance requirements and economic-substance criteria critical post-2018; (4) Pillar Two not yet transposed; (5) substantial treaty network (28 DTCs); (6) MLI ratified effective 1 May 2018; (7) anglophone tradition; (8) AfCFTA member; (9) parallel SADC/COMESA/IOC framework membership; (10) SCR-denominated tax base; (11) tourism and fisheries-export economy concentration; (12) FSA-licensed VASP framework progressing post-2024.