- Seychelles Needs To Redouble BEPS Efforts: UN Expert 10th April 2018
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 particular on revising the territory’s double tax agreements through the BEPS multilateral instrument to implement tax treaty-related measures to prevent BEPS.
Willfors said, following an earlier five-day visit, she had identified that Seychelles currently lacks the resources and capacity to effectively implement the OECD’s recommendations. She recommended that authorities focus on those measures that must be implemented to meet international best standards – namely the BEPS minimum standards, on preventing treaty abuse, the introduction of country-by-country reporting rules, improving dispute resolution mechanisms, and tackling harmful tax practices.
The Seychelles has for the past two years received support from Sweden on BEPS, as part of a twinning program.
The Government said the territory this year faces the prospect of a peer review on its implementation of measures to prevent treaty abuse (BEPS Action 5); on countering harmful tax practices more effectively (Action 6); and the implementation of country-by-country reporting (Action 13). It anticipates that its measures to improve dispute resolution mechanisms will be reviewed in two years.
- Seychelles, Mauritius Discuss Offshore Financial Services 22nd February 2018
A Government delegation from the Seychelles visited Mauritius recently to discuss how they can work together for the benefit of their international finance centers.
The Seychelles Investment Board said: “The capacity building and knowledge exchange visit forms part of the country’s efforts to improve the overall ease of doing business in Seychelles.”
“Mauritius continues to be one of the most competitive economies in Africa, with the highest ranking for ease of doing business.”
Due to its network of double tax treaties with many substantial economies, and most significantly with India, Mauritius is often chosen as a base by firms seeking to set up an offshore holding or investment company or trading subsidiary.
- Seychelles Lifts Import Duties On Certain Building Materials 11th January 2018
Effective January 1, 2018, import duty was removed in the Seychelles on dietary supplements, corrugated iron sheets, and various other building materials, including panels, tiles, and other similar materials.
VAT will still apply on the aforementioned items, at a 15 percent rate, the tax agency said.
The changes were included in Statutory Instrument 68 of 2017, Customs Management (Tariff and Classification of Goods) (Amendment) No 2 Regulations, 2017.