Business Tax Act, 1987 - Seychelles Revenue Commission

(b) the business of insurance shall be liable to furnish returns, and to pay tax, in
accordance with the succeeding provisions of this section, as agent for all
non-residents with whom it so reinsures.
(3) Where a business of insurance which is operating in Seychelles makes an election
under subsection (2), it shall, subject to subsection (5), be assessed and liable to pay tax
as agent, on an amount equal to fifteen per centum of the sum of the gross amounts of the
premiums paid or credited by it in the tax year (being a tax year to which the election
applies) to non-residents in respect of all such reinsurances, as if that amount were the
taxable income of a non-resident company not carrying on business in Seychelles by
means either of a principal office or a branch.
(4) A business of insurance operating in Seychelles which has made an election under
this section shall, as agent, furnish to the Commissioner, within the prescribed time, or
within such further time as the Commissioner allows, in respect of every tax year to
which the election applies -
(a) a return showing the gross amounts of the premiums paid or credited by it
to non-residents in respect of all such reinsurances; or
(b) two returns, of which -
(i) one shall show the gross amounts of such premiums paid or credited by
it to non-residents which are companies; and
(ii) the other shall show the gross amounts of such premiums paid or
credited by it to non-residents who are not companies.
(5) Where returns are furnished by a business of insurance operating in Seychelles in
accordance with paragraph (b) of subsection (4), there shall be excluded from the amount
on which that business shall be assessed and liable to pay tax as agent in pursuance of
subsection (3) an amount equal to fifteen per centum of the sum of the gross premiums
properly shown in the return specified in sub-paragraph (ii) of that paragraph, and that
business shall, in addition to any other tax which he is liable under this section to pay as
agent, be assessed and liable to pay tax as agent on the amount so excluded as if it were
the taxable income of a non-resident company not carrying on business in Seychelles by
means either of a principal office or a branch.
(6) An election for the purposes of this section shall -
(a) be made in writing;
(b) be signed by a person authorised under this Act to sign on behalf of a
business;
(c) be delivered to the Commissioner on or before the last day for the
furnishing of the return of income of the business for the tax year in respect
of which the election is first to apply, or within such further time as the
Commissioner allows;
(d) first apply in respect of a tax year which shall be specified in the election;
and