Regulatory Alerts2020-01-01
Applicability of Taxes Under the Income and Non-Monetary Benefit Tax Act to ITZ Operators
The Financial Services Authority issued Circular 4 of 2020 to clarify that ITZ licensees must pay income tax on employee emoluments and non-monetary benefit tax on provided benefits, as the INMBT Act replaced the repealed Social Security Act and remains excluded from the ITZ non-applicability schedule. While the INMBT Act grants concessions and exemptions for certain benefits based on their value, licensees must comply with these updated tax obligations. The Seychelles Revenue Commission and the FSA will jointly identify licensees with outstanding liabilities, liaise to settle debts, and establish repayment plans where necessary.
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