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Value Added Tax (Refunds) Regulation, 2013 (Statutory Instrument 34 of 2013)

Primary work
Value Added Tax Act (Chapter 244)
(unknown)
This is the latest version of this legislation commenced on 08 Nov 2017.

Seychelles

Value Added Tax Act

Value Added Tax (Refunds) Regulation, 2013

Statutory Instrument 34 of 2013

  • Commenced on 22 April 2013

  • [This is the version of this document at 8 November 2017.]


[SI 34 of 2013; 61 of 2014]


1. Citation

This regulation may be cited as the Value Added Tax (Refunds) Regulation, 2013.[regulation 1 amended by regulation 2(b) of SI 61 of 2014 with effect from 1 September 2014]

2. Refund

A refund may be claimed, where—

(a)VAT credit has been carried forward to two consecutive VAT periods and exceeds SCR 10,000 at the end of the third VAT period by a compulsory registered taxable person;
(b)a VAT credit exceeding SCR 10,000 is reported on the quarterly return by a voluntary registered taxable person; or
(c)unless otherwise applicable, a VAT credit exceeding SCR 10,000 is reported on a monthly return by an exporter, supplier of zero-rated goods or services or investor during the commencement phase of the business activity.

3. VAT returns and payment obligations

Subject to regulation 2, a VAT refund shall be granted where a taxable person has claimed for a refund on a VAT return duly completed and has fulfilled all payment obligations.

4. Statutory period

Any VAT refund is processed within a statutory period of 30 days from the date the claim for refund is made unless the taxable person has—

(a)submitted inaccurate VAT returns;
(b)failed to respond within a reasonable period to queries;
(c)been engaged in fraudulent activity.

[regulation 4 amended by regulation 2(a) of SI 61 of 2014 with effect from 1 September 2014]

5. Definition

For the purpose of this regulation—"exporter" means where a taxable person's turnover is attributable to 85% of the export sales;"supplier of zero-rated goods or services" means where a taxable person's turnover is attributable to 85% of the zero-rated supplies excluding any export sales;"investor during the commencement phase" means a taxable person who had not collected any VAT and has incurred preliminary expenditures in relation to the commencement of the business activity.