OECD Tax Policy Reviews: Seychelles 2020

Annex A. Additional tables and graphs

Table A.1. Backward-looking effective tax rates and related indicators by sector

	Tax payable / Taxable income	Tax payable / EBIT	Tax payable / EBITDA	Tax payable / Turnover
Tourism (*)	12%	11%	8%	3%
Accommodation & Food services	13%	12%	9%	3%
Agriculture, forestry & fishing	15%	15%	14%	3%
Arts, entertainment & recreation	15%	14%	11%	3%
Human health & social work activities	15%	15%	11%	2%
Administrative & support services	19%	16%	11%	3%
Real estate activities	23%	21%	17%	7%
Manufacturing	24%	21%	16%	9%
Professional & technical activities	25%	24%	17%	4%
Wholesale & retail trade	25%	24%	18%	5%
Construction	26%	23%	19%	2%
Transportation & storage	26%	24%	15%	2%
Other service activities	27%	26%	18%	6%
Financial & insurance activities	27%	24%	22%	8%
Information & communication	27%	23%	15%	5%
Water supply & sewerage	28%	27%	25%	9%
Mining & quarrying	30%	30%	24%	8%
Total	23%	21%	16%	4%

Note: Only corporations with positive tax liability are included. Excludes Corporate Service Providers, Companies with Special Licences, exempt companies and non-resident aircraft and ship owners.

EBIT: Earnings before interest and taxes.

EBITDA: Earnings before interest, tax, depreciation and amortisation.

Tourism defined in line with Business Tax Act.

Source: Business Tax microdata.

Table A.2. Treaty Withholding Rates

	Dividends[1]	Interest	Royalties
Bahrain	0	0	5
Barbados	5	5	5
Belgium	15	5/10[2]	5
Bermuda	0[3]	0/5[4]	5
Botswana	10	7.5	10
China	5	10	10
Cyprus	0	0	5
Eswatini	10	7.5	10
Ethiopia	5	5	5
Guernsey	0	0	5
Indonesia	10	10	10
Isle of Man	0	0	5
Jersey	0	0	0
Kenya	5	10	10
Luxembourg	10	5	5
Malaysia	10	10	10
Mauritius	0	0	0
Monaco	7.5	5	10
Oman	5	5	10
Qatar	0	0	5
San Marino	0	0/5[5]	0
Singapore	0	12	8
South Africa	10	0	0
Sri Lanka	10	10	10
Thailand	10	10/15[6]	15
United Arab Emirates	0	0	5
Vietnam	10	10	10
Zambia	10	5	10

Note: Many treaties provide for an exemption for certain types of interest, e.g. interest paid to the Government, including local authorities thereof, a political subdivision, the Central Bank or any financial institution controlled by the Government. Such exemptions are not considered in the interest column.

1. Cases in which the recipient company holds at least 25% of the capital or the voting power of the paying company are excluded.

2. The rate of 5% applies to commercial debt-claims resulting from deferred payments for goods, merchandise or services supplied by an enterprise and 10% otherwise.

3. If the recipient is not a company, the domestic rate applies.

4. The 0% applies to Interest received by any financial institution where the beneficial recipient is a non-resident financial institution.

5. The 0% rate applies to interest on debt-claims or loans paid to banks and financial institutions and on deposits made with banking or financial institution; the 5% rate applies in all other cases.

6. Interest paid to financial institutions (including insurance companies) is subject to a withholding at the rate of 10%.

Source: IBFD.

Figure A.1. Breakdown of business tax revenue from top thirty corporations by sector (SCR million)

Note: Level 2: ISIC Division.

Number of companies in brackets.

Source: Business tax microdata.

Figure A.2. Breakdown of business tax revenue by tax regime

Note: (*) First SCR million taxable income taxed at 25%, remainder 30%.

(**) Telecommunications service providers, banks, insurance companies, alcohol and tobacco manufacturers.

(***) Includes Corporate Service Providers, non-resident aircraft and ship owners, medical service providers, agriculture and fisheries, residential and commercial rent and companies listed on the Seychelles Securities Exchange.

Source: Business tax and presumptive tax microdata.

Figure A.3. Share of corporations under the regular business tax by tax liability status and sector

Note: Excludes Companies with Special Licenses, Corporate Service Providers, non-resident aircraft and ship owners and exempt companies.

(*) Defined in line with the Business Tax Act.

Source: Business tax microdata.

Figure A.4. Number of sole traders and partnerships under the regular business tax by tax liability status and sector

Note: Excludes exempt entities.

Source: Business tax microdata.

Figure A.5. Share of sole traders and partnerships under the regular business tax by tax liability status and sector

Note: Excludes exempt entities.

Source: Business tax microdata.

Figure A.6. Depreciation deductions in the tourism sector as a percentage of turnover by turnover levels

Note: Tourism is defined in line with Business Tax Act.

Source: Business tax microdata.

Figure A.7. Other operating expenses in the tourism sector as a percentage of turnover by turnover level

Note: Tourism is defined in line with Business Tax Act.

Excludes TIN 89, 381, 439, 744, 1071 and 1391 because of extreme values.

Source: Business Tax microdata.

Figure A.8. Other operating expenses in the financial sector as a percentage of turnover by turnover level

Note: Excludes Corporate Service Providers, Companies with Special Licenses and exempt companies.

Excludes TIN 658 because of extreme values.

Source: Business tax microdata.

Figure A.9. Corporations by taxable income and turnover levels

Note: Excludes Corporate Service Providers, Companies with Special Licenses, exempt companies and non-resident aircraft and ship owners.

Excludes TIN 1189 to allow for a better visualization of companies with lower turnover levels.

Source: Business tax microdata.

Figure A.10. Corporations in the tourism sector by taxable income and turnover levels

Note: Tourism defined in line with Business Tax Act.

Source: Business Tax microdata.

Figure A.11. Effective tax rates by turnover levels

Note: Only corporations with positive tax liabilities. To facilitate visualisation the chart excludes a corporation with extremely high turnover (turnover SCR 5 041 million and a 30% effective tax rate).

Source: Business tax microdata.