A Tax Amnesty Programme will start on 01st July
June 23, 2021
A Tax Amnesty Programme will be effected by the Seychelles Revenue Commission (SRC) as of 01st July 2021.
The programme has been made possible following approval of amendments to the Revenue Administration Act by the National Assembly on Tuesday 22nd June 2021.
The programme will allow taxpayers to sort out their tax payments with SRC and they will be given a waiver on their penalties and a percentage of interests accrued.
Conditions for the Tax Amnesty Program;
- Payment of any outstanding primary taxes should be made in full by the due dates mentioned to benefit from the proposed concessions:
- By 31st August 2021—75% waiver of interest / 100% penalties
- By 31st October 2021—50% waiver of interest/ 100% penalties
- By 31st December 2021– 25% waiver of interest /100% penalties
- No payment by instalments will be permitted under the Amnesty.
- Likewise, ALL returns outstanding should be lodged; and relevant taxes paid as per above timeline.
- Taxpayers should approach SRC well before the intended deadline if they are interested in the amnesty so they can be provided with relevant amounts owed.
- If the banks are considering credit facilities for the amnesty, it is preferable that payments are made directly to SRC.
When presenting the amendments before the National Assembly yesterday afternoon, Minister Naadir Hassan explained that such an amnesty is a tool used by many countries, to collect more revenue, in ‘exceptional times’ such as an economic crisis or a pandemic.
“The programme is meant to allow the Government to collect more revenue but at the same time provide a relief to taxpayers in difficult times and it will also allow taxpayers to regularize their tax affairs with SRC.”
The Tax Amnesty Programme will end on 31st December 2021.
To know more about the programme click on the link below.
http://www.finance.gov.sc/uploads/files/TAX%20AMNESTY%20LEAFLET.pdf