As a result of changes made to the Financial Laws (Amendment) Act, 2023 (Act 26 of 2023) in December 2023, the Seychelles Revenue Commission is herewith providing guidance on the amendments made to the laws related to revenues from the business tax act 2009, value added tax, 2010, tourism marketing tax, 2013 and the accommodation turnover tax, 2022 as follows:
- Business Tax Act 2009
- Following amendments made to Section 11, the Act now excludes revenue collected from the tourism environmental sustainability levy under the Environment Protection Act, 2016.
- Following amendments made to section 25, a new subsection (3A) has been added after subsection (3) for a person carrying the business of production and generation of solar, hydropower, wind, biomass or any renewable energy. If the business has a net loss for the previous tax year and the net loss is not wholly deducted under subsection (2), the amount not deducted is carried forward to the next following tax year and applied as specified in subsection (2) in that year, and so on until the loss is fully deducted, but the loss shall not be carried forward for more than ten tax years after the year in which the loss was incurred.
- Value Added Tax Act 2010 1. Section 3 of the Value Added Tax Act had been amended, resuming words to subsection (1) by inserting after the word “levies” the words “excluding revenue collected from the tourism environmental sustainability levy under the Environment Protection Act, 2016. 1. A new section, 50A, related to applicability of commission on VAT has been added of which a booking platform or any other person, on behalf of a business, shall not collect any amount as commission or otherwise over and above value added tax and any agreement for collection of any such amount shall be void.
- Tourism Marketing Tax Act 2013 and Accommodation Turnover Tax Act 2022 1. The definition of “turnover” in both acts has been repealed and substituted with a new definition as follows; “turnover” means the gross receipts from the carrying on of business, including the consideration received from the disposal of trading stock and the gross fees for the provision of services derived by a person from sources in Seychelles, excluding receipts from the tourism environmental sustainability levy under the Environment Protection Act, 2016”.
Taxpayers are advised to pay attention to the changes made to the aforementioned acts and to apply the new provisions accordingly. For additional information and for clarity in understanding the amended laws, taxpayers can contact the Provision of Advice Unit (POA) via email at advisory.center@src.gov.sc or by phoning 4293737.
Taxpayers are also welcome to visit the Seychelles Revenue Commission’s (SRC) Head Office at Maison Colet (3rd floor) to meet with a dedicated POA officer for further guidance. To note, the POA officers are also based at the Commission’s Providence office on every 20th and 21st of each month.