Tax Amnesty Program enters its second phase
September 02, 2021
The Tax Amnesty Program has entered in its second phase.
The second phase allows taxpayers to benefit from a 50% waiver on interests and 100% waiver on penalties accumulated on unpaid taxes owed to Seychelles Revenue Commission (SRC).
The program was introduced on 01st July, with the objective of encouraging taxpayers whose taxes were not in order to sort out the matter with SRC. At the same time, the Government would collect more revenue.
The different phases allow for taxpayers to benefit more if they settle their tax dues as early as possible.
The first phase covered the period between 01st July to 31st August 2021.
During that period, taxpayers benefitted from a 75% waiver on interest and 100% waiver on penalties, accumulated.
This second phase of the Tax Amnesty Program will last up to 31st October 2021, when the third and last phase of the program will get underway.
The last phase will cover the period 1st of November to 31st December, where taxpayers will benefit from only 25% waiver on interest and 100% waiver on penalties.
Speaking to the media at the launch of the program, earlier this year, the Minister for Finance, Economic Planning and Trade, Naadir Hassan, explained that such a program is a common practice worldwide, especially in times of economic hardships.
“The tax amnesty program is to encourage taxpayers who have defaulted on their payments to come pay their tax owed, as they will benefit from a reduction on interest and penalties.”
The Tax Amnesty Program is a six-month program and will end by 31st December.
Click on the link below to know more on the program.