The Seychelles Revenue Commission’s Tax Amnesty Program, will come to an end on 31st December, 2021.
The six-month program got underway on 01st July, 2021.
Under the program, taxpayers benefited from various percentages of waivers on interests accumulated on tax arrears.
The program was conducted in three phases, in which during the first two months (July/August), the percentage of waivers on interests (75%) and while the waiver on penalties remained at 100% at all times.
During the second phase (September/October), the waiver on the percentage on interest, decreased to 50%, while in the third and last phase (November/December), the waiver was 25%.
It should be noted that throughout the six months tax amnesty program, the waiver on penalties was 100%.
The Tax Amnesty program was introduced 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.
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.”