Registered fishermen and farmers will not pay business tax | 20 September 2019
Government has approved for the provision of an exempt order for registered fishermen and farmers not to pay business tax with immediate effect.
This approval will serve to maintain the current practice where individuals who are farmers or fishermen do not pay tax.
Giving more details on the decision yesterday morning the principal secretary for finance, Damien Thesee, said the decision comes after farmers and fishermen strongly voiced out the challenges they face in view of the volatility of these two sectors for them and called on government to consider exempting the two groups from paying taxes.
This, he said, came out during a series of consultative meetings organised last month by the Ministry of Finance, Trade, Investment and Economic Planning and the Seychelles Revenue Commission (SRC) to educate different stakeholders including fishermen and farmers on their tax obligations.
PS Thesee noted however that the decision will not apply for fishermen and farmers who operate under a company as they will continue to pay business tax at a rate of 15% on their profits.
PS Thesee went on to point out that the decision is expected to encourage more investments in the two sectors and push for the revival of the agricultural sector and more local production.