Seychelles Seeks OECD Tax Transparency Endorsement
Seychelles is preparing to submit a supplementary report to the Organisation for Economic Co-operation and Development Global Forum, to communicate measures taken to enhance how the territory exchanges tax information with other jurisdictions in practice.
Last year, during Phase Two of the Peer Review Group rating process, the OECD rated Seychelles as non-compliant in certain areas, raising concerns regarding Seychelles’s tax transparency rules.
The Seychelles Minister of Finance, Trade and Investment, Pierre Laporte, met OECD representatives on the sidelines of the 7th Global Forum in Berlin from October 28-29 to update them on the new measures put in place to address the areas of non-compliance, and prepare for the submission of a supplementary report to the Peer Review Group for re-assessment.
At the same time, the OECD has confirmed that Seychelles became one of the “early adopters” (by end-September 2017) of the Multilateral Competent Authority Agreement on the implementation of a new automatic exchange of information standard. The new standard calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis.
