1. What is the SRC Tax Calculator?

The Seychelles Revenue Commission (SRC) Tax Calculator estimates your tax liability for the 2023-24 tax year based on your income and the applicable tax rate. It provides a quick assessment of how much tax you'll owe according to SRC guidelines.

2. How Does the Calculator Work?

The calculator uses the basic tax formula:

Where:

• \( Income \) — Your total taxable income in Seychelles Rupees (SCR)
• \( SRC\ Tax\ Rate \) — The applicable tax rate percentage as per SRC guidelines

Explanation: The equation calculates your tax liability by applying the tax rate percentage to your income.

3. Importance of Tax Calculation

Details: Accurate tax estimation is crucial for financial planning, ensuring compliance with Seychelles tax laws, and avoiding underpayment penalties or overpayment.

4. Using the Calculator

Tips: Enter your income in SCR and the applicable SRC tax rate percentage. All values must be valid (income > 0, tax rate between 0-100).

5. Frequently Asked Questions (FAQ)

Q1: What income should I include?
A: Include all taxable income as defined by SRC guidelines, including employment income, business profits, and other taxable earnings.

Q2: How do I know my SRC tax rate?
A: Tax rates vary based on income brackets and taxpayer category. Consult the latest SRC tax tables or your tax advisor.

Q3: Are there tax-free thresholds?
A: Seychelles may have tax-free thresholds or deductions. Check current SRC guidelines for personal allowances.

Q4: Does this include social security contributions?
A: No, this calculator only estimates income tax. Social security contributions are calculated separately.

Q5: When are taxes due in Seychelles?
A: Tax deadlines vary. Typically, provisional taxes are paid quarterly with final settlement by March 31 following the tax year.