The Seychelles Revenue Commission (SRC) published the Business Tax (Amendment of Schedules) Regulations, 2021 on 31 December 2021, which highlights the following updates with regard to business tax concessions:

• The First Schedule of the Business Tax Act has been amended to remove Item 1(d) (Company listed on the Seychelles Securities Exchange) and Item 4 (Owner of a Casino Business).
• Item 2 (International Corporate Service Providers) and Item 8 (Companies listed on the Seychelles Securities Exchange) have both been removed from the Business Tax Act's Seventh Schedule.

The above amendments entail that starting 1 January 2022, Companies listed on the Seychelles Securities Exchange, Casino Operators and International Corporate Service Providers (“ICSPs") no longer benefit from concessional rates of Business Tax and now fall under the Normal Business Tax Regime, which is levied on the annual taxable income.

With regard to tax payment, ICSPs will now be required to settle their liabilities directly with the SRC.