Seychelles accounting services

For each financial year, typically running from January 1 to December 31, businesses are required to prepare Annual Financial Statements. These statements must be filed annually with both the Seychelles Revenue Commission (SRC) and the Registrar of Companies. The submission deadline is set at 6 months after the end of the financial year, meaning they are due by June 30th each year.

Businesses are obligated to file their Corporate Income Tax returns annually by March 31st of the following year. It is possible to request extensions for this deadline, but such requests must be formally submitted to and approved by the Seychelles Revenue Commission (SRC).

Businesses in Seychelles with annual taxable supplies exceeding SCR 2 million are mandated to register for Value Added Tax (VAT). Businesses with supplies below this threshold may opt for voluntary registration. VAT reporting periods can be either monthly or quarterly, depending on the specific agreement established with the SRC. Regardless of the reporting period, VAT returns are due by the 21st of the month following the end of the agreed reporting period (monthly or quarterly). VAT returns must include comprehensive information such as total sales and taxable supplies within the reporting period, the amount of VAT collected on sales (output VAT), the VAT paid on eligible purchases and expenses (input VAT), and the calculated net VAT payable or refundable (Output VAT minus Input VAT). It is also crucial for businesses to maintain meticulous records, including all supporting documents like invoices, receipts, and transaction proofs, for a period of 7 years.