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Seychelles National Assembly amends Business Tax Act to comply with European Union tax obligations
Victoria, Seychelles | December 15, 2020, Tuesday @ 14:37 in Business | By: Sharon Ernesta | Views: 4338
According to Hassan the main reasons for the amendments were to meet European Union obligations concerning taxation and also to better protect the island nation.(401K 2012 Flickr) Photo License: CC BY SA
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(Seychelles News Agency) - In a move meant to comply with tax obligations of the European Union (EU), the National Assembly of Seychelles has approved amendments to the island nation s Business Tax Act.
Minister for Finance, Economic Planning and Trade Naadir Hassan presented the amendments to the
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Sub and transferences on part of the central government.
Types of Taxes
Income Taxation On Natural Persons
The basic legislation applicable to income tax is settled in the Income and Business Tax Act, and it’s supervised by the Income Tax Department.
The general income tax rate is 25%, plus a US$50 general deduction is applied to all taxpayers after the application of the rate.
Additionally, there´s the possibility of applying deductions when calculating the tax base such as:
Personal relief;
Education relief.
The deadline for taxpayers is March 31. Those earning less than US$13,000 in income per year are exempt from paying the income tax.