SRC presents its 2020 Annual Report to the Minister
June 10, 2021
The Seychelles Revenue Commission (SRC) has presented its 2020 annual report to the Minister for Finance, Economic Planning and Trade.
The presentation took place this morning at the Ministry’s HQ, Liberty House. The Commissioner General of SRC, Mrs. Veronique Herminie, presented the report to the Minister.
Accepting the report, Minister Naadir Hassan has commended the Board, Management and Staff of SRC for the job they are doing to ensure that tax is collected in order to finance the services offered by the Government to the public.
“The year 2020 has indeed been a difficult year, not only in terms of tax collection for SRC but also for its workflow, taking into account the impact of the COVID-19 pandemic. But the staff of SRC has worked as much as possible to collect revenue.”
Minister Hassan noted that this year, there are several initiatives the SRC will be undertaking to ensure more efficiency and compliance.
“We want to modernise the tax regimes, become more efficient in tax collection by adopting technology, enhance tax compliance, in sectors where we know it is more complicated to collect tax and build the capacity of the staff.”
All of the initiatives above were announced during the Minister’s Budget speech presented before the National Assembly on 16th February.
A look at the figures from the annual report shows that in 2020, SRC collected R6.104 billion from its main tax line, which include; income tax, VAT, GST, Excise Tax, Presumptive Tax, CSR Tax, Tourism Marketing Tax and Business Tax and Customs Duties.
The Value Added Tax (VAT), contributes up to 35% of the total tax collection, followed by Excise Tax with 21% and Business Tax with 20%.
Domestic Taxes are the main contributor of revenue collected by SRC, accounting for 63% of the total amount.
Mahe is the main contributor of taxes collected by SRC, amounting to 97.01% of all taxes, whereas Praslin contributes to only 2.57% and La Digue a mere 0.42%.
The Seychelles Revenue Commission falls under the purview of the Ministry of Finance, Economic Planning and Trade.
The report is found in the link below.
http://www.finance.gov.sc/uploads/files/SRC%20Annual%20Report%201.jpg
http://www.finance.gov.sc/uploads/files/SRC%20Annual%20Report%202020.pdf