The Seychelles Revenue Commission (SRC) has launched a Voluntary Disclosure Programme (VDP) designed to encourage taxpayers to come forward and correct errors or omissions in their tax affairs. The programme offers eligible participants relief from penalties and prosecution, provided they make a full and voluntary disclosure before any audit or investigation commences. The VDP covers all tax types administered by the SRC and aims to enhance overall compliance and revenue collection.
Key Takeaways
- Penalty Relief: Qualifying disclosures will benefit from a waiver of penalties and interest, and immunity from criminal prosecution for the disclosed matters.
- Eligibility Criteria: The disclosure must be voluntary, complete, and made before the SRC initiates any compliance action. The programme is open to all taxpayers, including individuals and businesses.
Disclaimer: This article is compiled and summarized by the AI based on publicly available information and is for general information purposes only. It does not constitute any form of formal tax advice, legal opinion, or basis for performance. Please consult a qualified professional tax advisor or legal counsel for tax advice.
Source: Read Official Announcement