Seychelles Tax Tables 2024 - Tax Rates and Thresholds in Seychelles

This page contains the tax table information used for the calculation of tax and payroll deductions in Seychelles in 2024. These tax tables are used for the tax and payroll calculators published on iCalculator™ SC, these tools are provided for your free use on our website. If you would like additional tax table information added to the tax calculators for Seychelles or would like to add to or suggest amendments to the information herein then please contact us.

Seychelles Personal Income Tax Tables in 2024

The Income tax rates and personal allowances in Seychelles are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the Seychelles Tax Calculator 2024.

In the Seychelles, contributions to the social security system, specifically those made to the Seychelles Pension Fund (SPF) by employees, are deductible from their taxable income. This means that the amounts contributed by employees to the pension fund can be subtracted from their gross income before calculating the income tax due. This provision encourages saving for retirement while providing tax benefits to employees, reducing their overall taxable income and, consequently, their tax liability.

Seychelles Social Security and Payroll Deduction Rates in 2024

The social security system in Seychelles encompasses a variety of contributions and deductions aimed at safeguarding the economic well-being of its citizens. Managed by the Seychelles Pension Fund (SPF) and other institutions, these deductions fund benefits for retirement, health care, and other social welfare needs. Here's a breakdown of the key components of the system and their purposes.

Retirement Contributions

Both employees and employers make mandatory contributions to the Seychelles Pension Fund, which is designed to provide financial security for individuals upon retirement. These funds accumulate over an individual's working life and are available as a pension upon reaching the retirement age, ensuring a stable income for retirees.

Health Insurance Contributions

While Seychelles provides universal health care to its citizens, additional health insurance contributions may be made by both employees and employers to cover supplemental health benefits. These contributions enhance the range of medical services available to the workforce and their dependents, covering costs that may not be fully funded by the public health system.

Social Security Benefits for Illness and Disability

Contributions to the social security system also fund benefits for workers who are temporarily unable to work due to illness or disability. These benefits provide financial assistance during periods of medical recovery, helping to mitigate the loss of income for affected individuals.

Unemployment Benefits

While Seychelles' social security system emphasizes employment protection, it also offers support for unemployed individuals under certain conditions. Contributions from employers fund these benefits, providing a safety net for workers who lose their jobs and aiding in their search for new employment.

Work Injury Compensation

Employers in Seychelles are required to contribute to work injury compensation insurance, which provides benefits to employees who suffer from work-related injuries or illnesses. This insurance covers medical treatment, rehabilitation, and compensation for lost wages, ensuring that workers receive appropriate care and support in case of workplace accidents.

The social security and payroll deduction system in Seychelles plays a critical role in promoting the social and economic well-being of its workforce. By providing comprehensive coverage for various risks and life events, the system underscores the government's commitment to protecting its citizens and fostering a supportive environment for both employees and employers.

Seychelles VAT Rates in 2024

VAT rates for Seychelles are reviewed annually, you can use the VAT Calculator to calculate VAT due in Seychelles or use the Reverse VAT Calculator to calculate the net cost of goods/services after deducting VAT.

Historic Tax Tables supported for Seychelles

The following tax tables are supported by iCalculator™ SC as part of the suite of free tax tools we provide for Seychelles.