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Archive - Archive 2004 - July 2013

Seychelles Revenue Commission: tax reform update-Seychelles Business Number and Taxpayer Identification Number |26 March 2010

SBN and the new GST system in 2012
The government of Seychelles is committed to introducing a new goods and services tax (GST) system on January 1, 2012. This new system will be akin to the value-added tax (VAT) in countries such as the UK.

The SBN will be an important part of this new tax system and this is why the government decided to introduce it early. This will give taxpayers the chance and the time to familiarise themselves with the SBN and register their business in preparation.

Those businesses that will be part of the new GST system in 2012 will have to have an SBN in order to claim GST credits.

It is therefore important to register either online – at www.src.gov.sc – or by completing the SBN registration form available from Oceangate House.

What has changed with the SBN?
In terms of the registration to obtain an SBN, nothing has changed.  However, in his state-of-the-nation address on February 26, 2010, President James Michel announced a phasing-in of the SBN and how this relates to the use of a valid tax invoice.

The system of valid tax invoices forms part of the move towards the new GST system in 2012. For now, there is no requirement to have an SBN but the revenue commission encourages taxpayers to register in preparation for 2012.

This will give businesses time to incorporate their SBN on their stationery, such as their invoices, letterheads and business cards.

SBN and withholding
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. This obligation is no longer in place and the change is effective from January 1, 2010.

Requirement for DAS book holders (PAYG specified businesses)
It is important for all specified businesses using deduction-at-source (DAS) books to register for an SBN.  This number must be quoted on all DAS certificates used.

Taxpayer Identification Number
In addition to the SBN, the revenue commission has also introduced a Tax Identification Number (TIN) as part of the tax reform programme.  The TIN will replace several different numbers now in place, such as the old Business Tax ID and Social Security number.

The TIN is different from the Seychelles Business Number. It is an internal reference number between you (the taxpayer) and the Seychelles Revenue Commission, not unlike a bank account number you have with your bank.

Like a bank account number, you do not advertise or distribute it but rather keep it confidential. Your TIN will increase our service level as we will be able to identify you easily in our client management system and provide you with the information you require.

Your TIN should be kept private as it is your account number with the revenue commission. When you are dealing with us over the telephone, we may request that you provide us with your TIN (along with other information) as part of our “proof of identity” check. This is to ensure that your private information is safeguarded from being provided to the wrong person.

We encourage you to display your TIN on all correspondences you have with the Seychelles Revenue Commission so we can reply to your enquiries more effectively.

More information
For clarification or more information, you may visit our Advisory Centre – Room 2 on the ground floor of Oceangate House in Victoria or contact the Seychelles Revenue Commission on 293737.

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