Amendment to allow flexibility in payment of CRS tax |27 April 2013

The ministry said it took the decision following discussions with private sector operators and internally within government.

Unlike the first three months of 2013 when businesses had to pay the full 0.5 percent in cash to the Seychelles Revenue Commission (SRC), as from May businesses will have two options for payment of their CSR liability to the SRC. This will include payment of the CSR for the month of April 2013 onwards.

The first option is businesses will be required to pay only half of their CSR liability (i.e. 0.25 percent of the turnover) in cash to the SRC on a monthly basis. The remaining 0.25 percent can be by way of a donation, or sponsorship in cash or in kind, to an approved fund, organisation or financing of a project in a sector or area as per guidelines to be issued shortly.

The second option is businesses pay the full 0.5 per cent of turnover in cash to the SRC on a monthly basis.

As previously announced, a committee comprising government and private sector representatives is being established which will guide the MFTI on spending of the CSR tax collected by the SRC. The committee will also make available guidelines of projects and sectors that could be considered for the CSR.