Category: Seychelles

Who owns most of offshore companies

ISLAMABAD: If Panama Papers documents are any guide, Saifullahs of Lakki Marwat has the highest number of offshore companies owned by any Pakistani family and majority of them are in British Virgin Islands. Seychelles and Panama are two other jurisdictions where they have set up companies. While source of wealth… – Continue reading

Seychelles Needs To Redouble BEPS Efforts: UN Expert

The Seychelles has been told to deploy more resources to implement recommendations from the OECD on base erosion and profit shifting. Ingela Willfors, a United Nations tax expert from the Swedish Ministry of Finance, held discussions on implementation with the Seychelles’ Minister of Finance, Trade, and Economic Planning and in… – Continue reading

Panama probe: First prosecutions are taken to court for off-shore tax evasion

While at the beginning of the year (The Indian Express, March 16, 2017) the number of requests sent by India stood at 283 cases, it has now crossed 300. And while the number of replies received from among these 13 jurisdictions stood at 165, that figure has now crossed 240…. – Continue reading

Belize Financial Regulator Warns Against Fraudulent Bitcoin Investment Company

The financial regulator of Central American nation Belize has issued a public warning against XMAXBIT, a company that claims to provide returns for investors by investing in cryptocurrencies like bitcoin. Published on Monday, the Office of the International Financial Services Commission (IFSC), Belize’s financial regulator, has warned users against dealing… – Continue reading

FBR to file FIRs against owners of offshore companies

ISLAMABAD: The Federal Board of Revenue (FBR) is making preparation for registration of FIRs against those selected individuals who owned offshore companies and were named in Panama/Bahamas Leaks but failed to comply against the sent-out tax notices within the stipulated timeframe. The FBR found 114 cases whereby individuals were non-compliant… – Continue reading

Pakistan to seek offshore companies information from nine tax havens

Pakistan’s authorities are making efforts to seek information about tax details of 270 offshore companies from nine known tax havens around the globe where 444 individuals have invested billions of dollars, and, finally, their names appeared through PanamaLeaks, The News has learnt. The cases of 444 individuals involving nine jurisdictions… – Continue reading

India to get tax, banking related info from Seychelles

NEW DELHI: Aiming to curb tax evasion and avoidance, India has operationalised the Tax Information Exchange Agreement (TIEA) with Seychelles, one of the major sources of foreign investment into the country. The agreement will enable the authorities of both nations to provide assistance through exchange of tax and banking information,… – Continue reading

DNB to reveal tax haven customers

Scandal-plagued Norwegian bank DNB has agreed to turn over information to state tax authorities about Norwegian customers who have held bank accounts set up in tax havens by DNB’s own operation in Luxembourg. The future of DNB’s board of directors, meanwhile, was in doubt following heavy criticism that neither DNB’s… – Continue reading

The Panama Papers And FATCA – Another Cover Up?

Tax avoidance on a grand scale is nothing new – the US President Barak Obama has led the way in tackling the issue head on with the Foreign Account Tax Compliance Act (FATCA) since 2010. FATCA demands non-American financial institutions should hand over details about accounts and investments controlled by… – Continue reading

Seychelles and Mauritius Financial Regulators Start Cooperation

The financial watchdogs of Mauritius and the Seychelles have joined together in a Memorandum of Understanding. The Financial Services Commission of Mauritius (FSC Mauritius) and the Financial Services Authority of the Seychelles (FSA) have announced the signing of a Memorandum of Understanding (MoU) at the beginning of March. According to… – Continue reading

Zambia signing its way out of tax revenues-ActionAid Zambia

A new report from ActionAid titled ‘Mistreated’ released this week has revealed that Zambia has 13 restrictive tax treaties that dramatically restrict the government’s power to tax global companies doing business on our soil and therefore unfairly limit our country’s potential to collect tax revenue. The report also found that… – Continue reading

The ‘extraordinary’ loophole that saw Russia threaten to brand UK as tax haven

Russia has come close to blacklisting the UK as a tax haven as concerns grow over Scotland’s booming offshore business. The Kremlin’s Finance Ministry had announced that it would officially equate Britain with traditional “fiscal paradises” like Panama, the British Virgin Islands and the Caymans. Such a humiliating move would… – Continue reading

Kenya: Treasury Defends Controversial Mauritius Tax Agreement

Treasury is still fighting to keep a tax agreement out of parliament after a lobby group sued them over a pact it signed with Mauritius back in 2012. The double taxation avoidance agreement allows firms registered in the two countries to pay taxes in only one country. It also allows… – Continue reading

Expat eyes drift offshore

Offshore Financial Centres (OFCs) are jurisdictions, usually self-governing, which because of their low tax regimes, have specialized in providing commercial services to corporations and individuals, whether or not they are normally resident in that jurisdiction. The better-known offshore financial centres are small and sparsely populated countries or islands, and are… – Continue reading

Singaporean – Seychellois DTA entered into force

On December 18, 2015 the Inland Revenue Authority of Singapore issued a press release announcing that on that same date the Agreement between the Government of the Republic of Singapore and the Government of the Republic of Seychelles for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion… – Continue reading

Australia shuts down investment schemes run by fund linked to 1MDB

The Australian Federal Court has ordered five investment schemes managed by Avestra Asset Management to shut down, The Australian reported today, following the fund’s link to the 1Malaysia Development Berhad (1MDB) controversy. It was reported that the judge made the decision after going through a report from liquidators, who unearthed… – Continue reading

Worldwide: A Guide To The Top 20 Offshore Fund Locations

There are a variety of benefits to moving offshore, yet few would argue the assertion that tax neutrality is paramount among them. As anyone familiar with the phrase “tax haven” would surely recognize, many countries offer strongly favorable tax terms as an incentive to draw new business. Written by CT… – Continue reading

Removing the obligation to declare payments made by companies to individuals established in Cyprus, Luxembourg and Seychelles.

On October 30, 2015, the Global Forum on Transparency and Exchange of Information for Tax Purposes decided that Cyprus, Luxembourg and Seychelles have actually and substantially implemented the international standard on transparency and exchange of tax information. Therefore, companies no longer have the obligation to declare payments made to persons… – Continue reading

Kenya and South Africa tax deal takes effect in January

The Kenya-South Africa double taxation agreement comes into force from January 1. An announcement in the November 19, South African government gazette says the agreement applies for taxes withheld at source. “A resident of Kenya will not be taxed on any South African business profits, unless it carries on business… – Continue reading

Israel becomes 91st country to join OECD tax avoidance effort

Israel has joined 90 other countries in signing up to the OECD’s instrument to combat offshore tax avoidance and increase transparency in tax matters. The middle-eastern country became the 91st jurisdiction to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters yesterday, which enables the exchange of information,… – Continue reading

Seychelles rated ‘largely compliant’ by OECD – continued vigilance and reforms needed to uphold status, says finance minister

(Seychelles News Agency) – Seychelles’ efforts to comply with the widely-recognised Organisation for Economic Co-operation and Development (OECD)’s regulations on the sharing of tax information has led the island nation’s jurisdiction to be rated ‘largely compliant’. This follows a re-assessment of the island nation’s ‘practical implementation’ of its legal and… – Continue reading

Sixteen States’ Tax Transparency Frameworks Reviewed

Sixteen peer review reports were released at the recent plenary meeting of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes on October 29-30, 2015. The release of the reports follows reviews of those territories’ legislation for the exchange of tax information and their frameworks for… – Continue reading

BELGIUM: REPORTING NO LONGER REQUIRED, PAYMENTS TO LUXEMBOURG, CYPRUS, SEYCHELLES

Payments made to Luxembourg, Cyprus, and the Seychelles during the current tax period are no longer required to be reported, according to the findings of a 29-30 October 2015 meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes. The conclusion of the October 2015 meeting… – Continue reading

OECD: Global Forum on tax transparency pushes forward international co-operation against tax evasion

Major implementation milestones are being met by members of the world’s leading forum on tax transparency as the international community continues to move ahead towards greater tax transparency. The imminent shift to the automatic exchange of information will send a strong warning to tax evaders. Significant strides towards a major… – Continue reading

British taxpayers fork out £45m in foreign aid to paradise islands that charge NO TAX

BRITISH taxpayers forked out £45million in foreign aid spending to countries classed as tax havens in just one year, it emerged today. Nations such as Belize, Marshall Islands, Seychelles and Vanautu – which are all included on a European Commission ‘blacklist’ of international tax havens – have all received cash… – Continue reading

Luxembourg removed from blacklist

Meeting in Barbados, members of the Global Forum will vote Friday night on Luxembourg on the report examining the country in line with international standards of fiscal transparency. This vote will be a mere formality since experts have already been doing an inventory of business reforms by the government for… – Continue reading

Tax havens become less attractive

THE NUMBER of Slovak companies with ownership registered in a tax haven decreased in the first half of 2015 by 112, to a total of 4,250. The biggest outflows were recorded in Monaco and the British island of Jersey. The declining trend of companies selecting a tax haven for their… – Continue reading

EY: Four out of 10 Czech businessmen asked for bribe; Czech police reveal corruption in driving licenses for Germans; No. of Czech firms with owners in tax havens up in Q3

EY: Four out of 10 Czech businessmen asked for bribe Four out of 10 Czech entrepreneurs have been explicitly asked for a bribe and up to six out of 10 have encountered the possibility of gaining an advantage in their business in exchange for a bribe, according to a survey… – Continue reading

Black banks’ targeted in latest anti-graft crackdown

The central government is stepping up its anti-graft drive by cracking down on illegal lending and money-laundering operations in a bid to prevent outbound flows of stolen assets. The Ministry of Public Security says “black banks” and illegal currency exchanges have facilitated the flights of a number of former government… – Continue reading

DUTCH DODGE €10 BILLION IN TAXES WITH OFFSHORE SCHEME

Wealthy Dutch people are abusing tax havens abroad to prevent from being taxed on 129 billion euros in deposits, a former tax inspector told television show Nieuwsuur. The money is held in the accounts of shell companies based in the Cayman Islands, Seychelles and Virgin Islands, among other locations, the… – Continue reading

UK aid money going to known tax havens

Millions of pounds of British aid money could have been given to known tax havens to fund public services The UK paid out £45m to 13 countries on the European Commission’s tax haven “blacklist” in 2013, according to a report in The Independent. The blacklisted countries that received British aid… – Continue reading

Barclays Bank Seychelles discontinues offshore banking services

(Seychelles News Agency) – The Central Bank of Seychelles (CBS) says it is engaging with Barclays Bank Seychelles to ensure that clients have sufficient time to shift their deposits in their offshore bank accounts, following a recent decision by Barclays to discontinue its banking services for non-residents in foreign currencies…. – Continue reading

Nigeria: Seychelles-Nigeria Investment Forum Expected to Boost Trade Says Outgoing Nigerian High Commissioner to Seychelles

Victoria Seychelles — Promoting cooperation between African countries and increasing trade and industry have been the main focus of diplomatic work of the outgoing Nigerian High Commissioner to Seychelles, Solomon Akintola Oyateru, during his term in office. High Commissioner Oyateru made this statement in an interview with the press at… – Continue reading

Interactive map of the swathes of England owned by offshore tax-dodgers

Whole regions of England are now owned by holding companies in tax-havens “from Panama to Luxembourg, and from Liechtenstein to the South Pacific island of Niue.” Private Eye’s interactive map mines Land Registry information to find the properties owned by “companies, arms dealers, oligarchs, money launderers and others who use… – Continue reading

EU blacklists Hong Kong as ‘non-cooperative tax jurisdiction’

Kenneth Leung (PC,F-Accountancy) explains what he – and the government – are doing to get Hong Kong off the EU’s undeserved blacklisting as a “non-cooperative tax jurisdiction”. Why has Hong Kong been placed on this list? There are ten European countries that have named Hong Kong as a tax haven…. – Continue reading

Another four tax information exchange agreements now in force

Bern, 09.09.2015 – The tax information exchange agreements with Andorra, Greenland, San Marino and the Seychelles have come into force. They will apply from 1 January 2016. Following the completion of the corresponding ratification processes, the tax information exchange agreements (TIEA) have come into force with Andorra (27 July 2015),… – Continue reading

Seychelles No Longer a Tax Haven for Indians

NEW DELHI: India continued to develop its relationship in the Indian Ocean Region, offering an additional coast guard patrol boat to visiting Seychelles President James Alix Michel, who is in India within five months of Prime minister Narendra Modi’s state visit.The visit also provided an opportunity to sign an agreement… – Continue reading

India approves pact with Seychelles to curb tax evasion, avoidance

To check black money generation, the government today approved signing and ratification of the agreement between India and Seychelles for exchange of information with respect to taxes, reports the Economic Times. The agreement will stimulate the information exchange between India and Seychelles for tax purposes, which will help curb tax… – Continue reading

Islamic banking ‘a possible option’ for BMIO as reorganization plan is implemented

(Seychelles News Agency) – Onshore banking activities, including the possibility of introducing Sharia-compliant banking are being considered for the Seychelles-registered Bank of Muscat International Offshore (BMIO). The Al Salam Bank of Bahrain, which now owns 50 percent shares in the Seychelles-registered Bank is engaging with the Seychelles authorities on the… – Continue reading

Growing trend: Islamic finance goes offshore

The rise of Islamic finance and sukuk issuances have brought with it a growing phenomenon: Shariah banking is increasingly taking advantage of offshore banking jurisdictions, and this for a number of reasons, reports the Gulf Times. Many offshore centres around the world meanwhile offer a wide range of features allowing… – Continue reading

Switzerland, Belize Sign TIEA

Switzerland and Belize signed a tax information exchange agreement (TIEA) on August 10, 2015. The agreement is Switzerland’s ninth TIEA. It provides for the exchange of information upon request. It covers Swiss federal, cantonal, and communal taxes on income and capital, and the cantonal and communal inheritance and gift taxes…. – Continue reading

Seychelles FATCA Reporting Portal Launched

The Seychelles Revenue Commission (SRC) has announced that the system enabling financial institutions to report information about their American clients under the United States Foreign Account Tax Compliance Act (FATCA) went live on July 31, 2015, although it is not yet possible for FIS s to upload the necessary data…. – Continue reading

Khalifa ratifies UAE agreements

ABU DHABI: President His Highness Sheikh Khalifa Bin Zayed Al Nahyan has issued a number of federal decrees with respect to ratifying agreements between the UAE and a number of friendly countries and transferring, appointing and promoting a group of diplomatic corps members. The decrees have been published in the… – Continue reading

OECD backs Guernsey in fight against tax haven status

The OECD has backed Guernsey in its fight against tax haven status, describing the crown dependency’s inclusion on the European Commission’s list of top 30 non-compliant tax jurisdictions as “very surprising”. Monica Bhatia, head of the secretariat of the Organisation for Economic Cooperation and Development’s Global Forum on Transparency and… – Continue reading

Making ‘steady progress’ towards OECD compliance: Seychelles responds to EU ‘tax haven’ listing

(Seychelles News Agency) – Seychelles’ Finance Minister says his ministry remains committed and on track towards complying with the widely-recognised Organisation for Economic Co-operation and Development (OECD)’s regulations on the sharing of tax information. “Seychelles is making considerable and steady progress in achieving the OECD standard in relation to the… – Continue reading