A total of 57 students from the School of Business Studies and Accounting (SBSA) recently had the opportunity to attend a session focused on the Value Added Tax (VAT), facilitated by the Seychelles Revenue Commission’s (SRC) Director for Taxpayers Services, Ms. Gayathri Chetty.
The dedicated session organized under the memorandum of understanding between SRC and SBSA signed a year ago, targeted the final year students of the institution studying the Diploma in Business Management course, which as part of their curriculum for their final year examination, the students will soon be submitting a business plan incorporating the VAT component.
The interactive forum allowed the students to gain a broad perspective about how VAT works, its mode of registration, the procedure in completing the VAT application form, the difference between taxable, exempt supplies and zero rated supplies, the implementation of input and output tax, the VAT threshold and its calculation, amongst others.
Hosted at the institutions premises in Anse Royale, the two-hour session also covered the basics application of presumptive tax, its rates, filing and lodgment of return, payment options and penalties.
Given that part of the students’ curriculum also teaches about one venturing in business or entrepreneurial activities, the platform was provided for questions and answers about the various services offered by SRC and the procedure to register a business.
SRC has since last year and to date delivered several awareness sessions as well as forums focused more in-depth on domestic taxes to both SBSA students and lecturers alike.
Similarly, last week, the Commission rewarded a group of SBSA’s lecturers with their certificate of participation for having successfully completed a customized course in taxation, aimed at providing the lecturers the practical knowledge and skills in domestic tax and customs of which they can impart with the students since they are being prepared to join the world of work.
As part of its strategy to strengthened tax education at grassroots level, SRC will continue to maintain the strong relationship build with SBSA to further enhance the collaboration established in academic exchange and human resource development opportunities.