Seychelles: Personal Taxation
Social Security Taxes
Until the end of June, 2010, employers and employees made social security contributions in the Seychelles; these also applied to directors' fees, payments in kind and royalties paid for services performed.
The employee paid 2.5% of salary; the employer paid 20%. The employer withheld both his and the employee's contributions and remitted them monthly to the tax authorities.
On 1 July, 2010 the social security tax was replaced by the Income & Non-Monetary Benefits Tax, which is paid on employment income by the employer and employee. Income tax is payable by the employee and Non-Monetary Benefits Tax is payable by the employer. Seychellois employees pay a rate of 15% (18.75% prior to 1 January 2011), non-Seychellois pay 15% (10% prior to 1 January 2011). The Non-Monetary Benefits Tax payable by the employer is 20%. The employer must remit the withheld tax monthly to the Seychelles Revenue Commission.