08.10.11

VAT to mark end of tax reforms

Posted in Business and Economy, Seychelles government at 8:08 am by Robert Klien

The tax reforms in Seychelles will end with the VAT (Value Added Tax) due to come into effect on July 1, 2012.

Vice-President Danny Faure said that VAT is seen as a more fair way to collect tax which will apply to businesses with an annual turnover above R5 million but voluntary for those earning less.

This was said in an interview attended by principal secretary for Finance Ahmed Afif, chief executive of the Seychelles Revenue Commission (SRC) Jeniffer Morel and assistant tax commissioner Marie-France Fanchette. Also, an experienced IMF expert who will be based in Seychelles to advise on the implementation of the tax was present.

Mr Faure said: “We in government believe that the final stage of the whole reform is very important and we will need to continue as we have been doing over the last two years, communicating, talking and getting questions from citizens and the business community which will be sent to the SRC for answers”.

Businesses earning less than R5 million a year can register under the VAT system.

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