Act 26 2023 - Act 26 - 2023 - Financial Laws (Amendment) Act 2023

[22nd Decemb e r 2 0 2 3 ] F inancial Laws (Amendment) Act 685 REPUBLIC OF SEYCHELLES SUPPLEMENT TO OFFICIAL GAZETTE ACT FINANCIAL LAWS (AMENDMENT) ACT, 2023 (Act 26 of 2023) ARRANGEMENT OF SECTIONS PART I PRELIMINARY SECTION 1. Short title PART II BUSINESS TAX ACT 2. Amendment of section 11 3. Amendment of section 25 PART III VALUE ADDED TAX ACT 4. Amendment of section 3 5. Insertion of new section 50A PART IV TOURISM MARKETING TAX ACT 6. Amendment of section 2 PART V ACCOMMODATION TURNOVER TAX ACT 7. Amendment of section 3 [22nd Decemb e r 2 0 2 3 ] F inancial Laws (Amendment) Act 686 REPUBLIC OF SEYCHELLES SUPPLEMENT TO OFFICIAL GAZETTE ACT FINANCIAL LAWS (AMENDMENT) ACT, 2023 (Act 26 of 2023) I assent Wavel Ramkalawan President 19th December, 2023 AN ACT TO AMEND LAWS RELATED TO REVENUES AND PUBLIC FUNDS OF SEYCHELLES NAMELY THE BUSINESS TAX ACT, 2009, VALUE ADDED TAX, 2010, TOURISM MARKETING TAX 2013 AND THE ACCOMMODATION TURNOVER TAX, 2022 AND TO PROVIDE FOR OTHER CONNECTED OR INCIDENTAL MATTERS. ENACTED by the President and the National Assembly. PART I PRELIMINARY Short title 1. This Act may be cited as the Financial Laws (Amendment) Act, 2023. [22nd Decemb e r 2 0 2 3 ] F inancial Laws (Amendment) Act 687 REPUBLIC OF SEYCHELLES SUPPLEMENT TO OFFICIAL GAZETTE ACT PART II BUSINESS TAX ACT Amendment of section 11 2. The Business Tax Act, 2009 is amended in section 11 in the chapeau by inserting after the phrase “subsection (2)” the words “, excluding revenue collected from the tourism environmental sustainability levy under the Environment Protection Act, 2016,”. Amendment of section 25 3. The Business Tax Act, 2009 is amended in section 25 by inserting immediately after subsection (3), a new subsection (3A) as follows — “(3A) If a person carries on the business of production and generation of solar, hydropower, wind, biomass or any renewable energy and the business has a net loss for the previous tax year and the net loss is not wholly deducted under subsection (2), the amount not deducted is carried forward to the next following tax year and applied as specified in subsection (2) in that year, and so on until the loss is fully deducted, but the loss shall not be carried forward for more than ten tax years after the year in which the loss was incurred.”. PART III VALUE ADDED TAX ACT Amendment of section 3 4. The Value Added Tax Act, 2010 is amended in section 3, in the resuming words to subsection (1) by inserting after the word “levies” the words “excluding revenue collected from the tourism environmental sustainability levy under the Environment Protection Act, 2016,”. Insertion of new Section 50A 5. The Value Added Tax Act, 2010 is amended by inserting immediately after section 50, a new section 50A as follows — [22nd Decemb e r 2 0 2 3 ] F inancial Laws (Amendment) Act 688 REPUBLIC OF SEYCHELLES SUPPLEMENT TO OFFICIAL GAZETTE ACT “Applicability of commission on VAT 50A. A booking platform or any other person, on behalf of a business, shall not collect any amount as commission or otherwise over and above value added tax and any agreement for collection of any such amount shall be void.”. PART IV TOURISM MARKETING TAX ACT Amendment of section 2 6. The Tourism Marketing Tax Act, 2013 is amended in section (2) by repealing paragraph (g) and substituting it as follows — “(g) “turnover” means the gross receipts from the carrying on of business, including the consideration received from the disposal of trading stock and the gross fees for the provision of services derived by a person from sources in Seychelles, excluding receipts from the tourism environmental sustainability levy under the Environment Protection Act, 2016”. PART V ACCOMMODATION TURNOVER TAX ACT Amendment of section 3 7. The Accommodation Turnover Tax Act, 2022 is amended in section 3 by repealing the definition of “turnover” and substituting it as follows — “ “turnover” means the gross receipts from the carrying on of business, including the consideration received from the disposal of trading stock and the gross fees for the provision of services derived by a person from sources in Seychelles, excluding receipts from the tourism environmental sustainability levy under the Environment Protection Act, 2016.”. [22nd Decemb e r 2 0 2 3 ] F inancial Laws (Amendment) Act 689 REPUBLIC OF SEYCHELLES SUPPLEMENT TO OFFICIAL GAZETTE ACT I certify that this is a correct copy of the Bill which was passed by the National Assembly on 6th December, 2023. Mrs. Tania Isaac Clerk to the National Assembly