In exercise of the powers conferred by section 19(1) of the Income and Non-Monetary Benefits Tax Act (Cap 273) the Minister of Finance, National Planning and Trade makes the following regulations.
In line with S.I. 19 of 2024, businesses with employees must now use and submit the payroll withholding statement, simplified payroll withholding statement or the domestic worker payroll withholding statement, as prescribed, to the Seychelles Revenue Commission (SRC).
The payroll withholding statement available for use by businesses having more than 10 employees must also be used by employers with less than 10 employees paying the non-monetary benefits tax and any other emoluments; including those exempted from tax under the Income and Non-Monetary Benefits Tax Act.
Businesses having less than 10 employees not paying any exempt emoluments other than the 13th month pay, overtime allowance, and any non-monetary benefits, shall submit to SRC the simplified payroll withholding statement, whilst for those employing domestic workers, the domestic worker payroll withholding statement must be completed and submitted accordingly.
The payroll statements available in the download section of the SRC’s website at www.src.gov.sc must be submitted along with the income tax payment on or before the 21st of the following applicable month electronically in XML format with the appropriate tax identification number, month and year using the email pit@src.gov.sc until the Commission’s Tax Portal is live for online submission and payments.
In line with the law, employers having less than 10 employees or employing only one domestic worker the payroll can also be submitted in person at any SRC offices.
To note, an employer who fails to submit any of the payroll withholding statements within the aforementioned timeframe as specified under the Income and Non-Monetary Benefits Tax (Payroll) Regulations, 2024 will be liable to an amount of additional penalties, interest and charges as specified under section 42 of the Revenue Administration Act (Cap 308).