03.30.10
Seychelles Revenue Commission introduces tax reform update
As from January 1, 2010, the Seychelles Revenue Commission introduced a Seychelles Business Number (SBN) and a Taxpayer Identification Number (TIN).
According to the Commission, SBN and the new GST system will be introduced by the government of Seychelles in 2012. A new goods and services tax (GST) system will be introduced on January 1, 2012 and will be akin to the value-added tax (VAT) in countries such as the United Kingdom. The SBN will be an important part of this new tax system that will give taxpayers the opportunity and the time to familiarize themselves with the SBN as well as to register their business in preparation.
It should be noted that, as regards the registration to obtain an SBN, nothing has changed. However, in the state-of-the-nation address on February 26, 2010, President James Michel said anounced a phasing-in of the SBN.
From January 1, 2010, there was a withholding obligation where a business sold goods or services without quoting their SBN on invoices over R5,000. However, this is no longer in place. This change is effective from January 1, 2010.
In addition to the SBN, the Seychelles Revenue Commission has introduced a Tax Identification Number (TIN) as part of the tax reform programme. The TIN will replace the old Business Tax ID and Social Security number.