Amends business tax rates

The Minister of Finance, Economic Planning and Trade of Seychelles delivered the National Budget 2022 on 12 November 2021, which reduces business tax rates beginning in January 2022. The Budget provides for the top rate to decrease from 30% to 25% for business profits above SCR 1 million ($74,000). For profits below this threshold, the rate was reduced from 25% to 15%. Also, a higher top rate of 33% applies for certain sectors, including telecommunications, banking, and insurance. Further, the Budget ends preferential tax rates for sectors, such as international corporate service providers, businesses listed in Seychelles Securities Exchange, and businesses linked to medical services. Furthermore, it reduces the 145% accelerated depreciation rate for capital investments to 100%.

• Type:

  • Treatment and operation (Corporate taxation)
  • Promotion and facilitation (Investment incentives)

• Industry:

  • Not industry specific

• Sources:

  • Government Portal, Seychelles Budget speech 2022, http://www.finance.gov.sc/uploads/national_budget/BUDGET%20SPEECH%202022%20English%2012.11.2021%20.pdf, 12 Nov 2021
  • MNETax, Seychelles to amend business tax rates, expand transfer pricing capacity, https://mnetax.com/seychelles-to-amend-business-tax-rates-expand-transfer-pricing-capacity-46400, 09 Dec 2021