Italy vs Seychelles

24

Standard business tax: 15% on the first SCR 1 million, 25% above. Telecom, banking, insurance, alcohol & tobacco manufacturers: 25% on the first SCR 1 million, 33% above. Small business presumptive tax: 1.5% on turnover (non-VAT registered, under SCR 1M turnover).

By the end of the 10th month after the end of the tax year.

The business tax return is due by 31 March, three months after the end of a calendar tax year, or within three months after the end of a substituted tax year.

The last day of the sixth month after the end of the tax year.

The business tax balance is paid with the return: by 31 March for a calendar tax year, or within three months after the end of a substituted tax year.

Advance payment: 1) Pay 40% on the last day of the sixth month after the end of the tax year, 2) Pay 60% at the end of the eleventh month after the end of the tax year. Taxpayers subject to the ISA reliability indices pay 50% in each instalment.

Business tax instalments are paid monthly under the SRC's Pay As You Go scheme, by the 21st day after the end of each month with a Business Activity Statement; the balance is paid with the return due by 31 March.

0-26/0-26/0-20

0/0-15/NA

26/26/30

15/15/15

22

15%

Capital gains are subject to the normal corporate income tax rate. A gain on a shareholding realised by a company is exempt as to 95% of its amount where four cumulative conditions are met: uninterrupted possession from the first day of the twelfth month before the disposal; classification among financial fixed assets in the first balance sheet closed during the holding period; the participated company not being resident or located in a preferential tax regime, that condition holding uninterruptedly for the period the statute requires; and the participated company carrying on a commercial enterprise, which is conclusively presumed absent where its assets consist mainly of property not used in its own business, and which must have been satisfied from the beginning of the third tax period before the disposal. The remaining 5% of the gain is taxed as business income.

Capital gains are not subject to tax in Seychelles.

21.18%

23.20%

-22.74%

17.33%