SRC presents its 2021 Annual Report to Minister Hassan

June 23, 2022

The Seychelles Revenue Commission (SRC), has presented its 2021 annual report to the Minister for Finance, National Planning and Trade, Naadir Hassan.

The report shows that in 2021, SRC collected R6.5 billion in revenue. A figure which is better than in 2020 when the total revenue collected was R6.3 billion. However, the 2021 figure is lower than the 2019 figure (pre covid 19), when the total revenue collected by SRC was R7.2 billion.

The report also shows tax collection represents 80% of the total national budget.

Speaking to the media, following the presentation, Minister Hassan expressed his appreciation to SRC, for the work done to continue to collect revenue on behalf of the government.

“This function is one which is very important, there’s been improvement in tax collection and it is that money which finances all obligations of government.”

Minister Hassan said the government is continuing to support and strengthen SRC.

“The Ministry of Finance is giving a lot of support to SRC. We have given them additional resources for recruitment, training, and soon they will get their new headquarters. There is a lot being done to strengthen SRC to ensure effectiveness in collection of revenue to finance the national budget.”

Minister Hassan, once again reiterated on the importance of having a balance budget, and that is why also the role of SRC is significant.

“At every opportunity I have had, I have always put emphasis on the importance to have a balance budget. I have often heard people arguing the government needs to decrease taxes, but at the same time to increase spending. Like every home, one can only spend what it collects, so it only makes sense if the government is to spend more on for example, infrastructure, increase salary, increase support for the vulnerable groups, then is has to collect money to finance such expenditures. And this is the important role that SRC has.”

While acknowledging the progress made in recent years, by SRC, he said there’s still work to be done.

“We have seen a lot of progress being made in SRC, but there are still a lot to be done, such as compliant, audit, reducing leakages, thus the Ministry of Finance will continue to support SRC in its important function of collecting tax on behalf of the government.”

The Seychelles Revenue Commission falls under the aegis of the Ministry of Finance, National Planning and Trade.

Click on the link below to access an overview of the figures from SRC’s 2021 Annual Report.

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