Regulatory Alerts2022-01-01
Circular No. 2 of 2022 - Clarifications on Tax Treatment for Compensations and Overtime Pay in the International Trade Zone
The Financial Services Authority issued Circular No. 2 of 2022 to clarify tax treatment for compensations and overtime pay granted to International Trade Zone employees. The amendments redefine compensation eligibility and calculation rates while exempting qualifying ITZ compensation amounts and overtime pay from income tax, aligning them with standard employment regulations. With retrospective effect from January 1, 2021, the circular entitles affected ITZ workers to claim tax refunds through their employers by submitting case-specific requests to the Seychelles Revenue Commission.
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