Impostos in the Seychelles

Impostos a les Seychelles

Tax Rates

Consumption Taxes

Nature of the Tax

Value Added Tax (VAT)

Tax Rate

15% (standard rate).
Exports are zero-rated.

Reduced Tax Rate

0% standard rating for goods and services consumed in Seychelles
Exempt supplies include goods such as pharmaceutical products, infant formulae, pampers and certain basic necessities (e.g. rice, lentils, etc.) and services such as education, health and financial services.

Other Consumption Taxes

Stamp duty may also be payable on certain other transactions.
Excise taxes are levied on several items.

Corporate Taxes

Company Tax

Tax Rate For Foreign Companies

Foreign companies are taxed at the same rates as national ones.

In Seychelles, profits earned by Seychelles companies through permanent establishments located overseas are not subject to taxation. However, profits earned through foreign activities that do not establish a permanent presence abroad are taxable in Seychelles.

If a Seychelles company has sufficient economic substance in the country, it can receive tax exemption on passive income sourced from foreign countries. Nevertheless, income generated from IP rights originating from foreign sources will be taxable in Seychelles, with the exception of income derived from patents (or similar rights) linked to research and development (R&D) conducted within Seychelles.

Capital Gains Taxation

Capital gains are not subject to tax in Seychelles.

Main Allowable Deductions and Tax Credits

Deductions are available for losses and outgoings; repairs; loss on property acquired for profit making; depreciation; bad debts; payment to shareholders, directors, associated persons and relatives; subscriptions to associations; contributions to the Seychelles Pension Scheme; gifts etc.
Training costs incurred by a business for its employees can be deducted at a rate of 200% of the expense; and a 125% deduction applies to salaries of employees that graduated from professional centres.
The rates of depreciation allowable on capital investments, other than buildings, for farming and fisheries and for tourism operators (hotels, restaurants, transport, tour operators, travel agents, etc.) are set as follows:

30% in year 1
25% in year 2
20% in year 3
15% in year 4
10% in year 5.

Other Corporate Taxes

Foreigners who own residential immovable property are liable to an annual immovable property tax at the rate of 0.25% of the market value of such property.
Residents buying immovable property pay stamp duty at the rate of 5% of the transaction amount, while special rules apply for non-residents. Stamp duty may also be payable on certain other transactions.
A corporate social responsibility tax is charged to companies with a turnover of at least CSR 1 million, payable monthly at the rate of 0.5% of the revenues.
A Tourism Marketing Tax (TMT) was introduced in January 2013, at varying rates.
The social security contribution rate payable by the employer is 6% of the employee's monthly gross earnings. The employer is required to deduct this amount from the employee's salary and remit it to the Seychelles Pension Fund.

Other Domestic Resources

Seychelles Revenue Commission

Country Comparison For Corporate Taxation

	Seychelles	Sub-Saharan Africa	United States	Germany
Number of Payments of Taxes per Year	29.0	36.6	10.6	9.0
Time Taken For Administrative Formalities (Hours)	85.0	284.8	175.0	218.0
Total Share of Taxes (% of Profit)	30.1	47.3	36.6	48.8

Source: Doing Business, Latest available data.

Individual Taxes

Tax Rate

Personal income tax	Monthly bracket - Citizen employee
SCR 0 to 8,555.50	0%
SCR 8,555.51 to 10,000	15%
SCR 10,000 to 83,000	20%
Above SCR 83,000	30%
	Monthly bracket - Non-citizen employee
SCR 0 to 10,000	15%
SCR 10,000 to 83,000	20%
Above SCR 83,000	30%
Non-monetary benefits	20%

Allowable Deductions and Tax Credits: The first SCR 8,555.5 per month are zero-rated for citizen employees.
Special Expatriate Tax Regime: Foreign individuals do not enjoy the tax-free bracket available for citizens (SCR 0 to 8,555.50).

Double Taxation Treaties

Countries With Whom a Double Taxation Treaty Have Been Signed: Seychelles Revenue Commission
Withholding Taxes: Dividend, interest, royalty, natural resource amount, or technical ‎services fee paid to a non-resident: 15%
Dividends paid by a resident incorporated entity to a resident incorporated entity‎ or paid by a resident incorporated entity to a resident unincorporated entity: 0%
Bilateral Agreement: Seychelles and Spain are not bound by a Double Taxation Agreement.

Sources of Fiscal Information

Tax Authorities: Seychelles Revenue Commission
Other Domestic Resources: Seychelles Investment Board

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