Seychelles delegation takes part in OECD world forum |21 November 2013

A delegation from Seychelles has arrived in Jakarta, Indonesia for the Organisation for Economic Development (OECD)’s global forum on transparency and exchange of information for tax purposes.

Led by Foreign Affairs Minister Jean-Paul Adam, the delegation also comprises chief executives of the Seychelles Investment Board (SIB) Rupert Simeon, and the Seychelles International Business Authority (SIBA) Wendy Pierre.

Slated for November 21-22, the OECD’s global forum on transparency and exchange of information for tax purposes is a multilateral framework within which over 100 member states, or jurisdictions as they are called within the global forum, take part on an equal footing to ease inter-jurisdictional transparency and the exchange of information for tax purposes.

At the forum, the final reports of the OECD peer review group’s phase two assessment will be discussed and finalised for over 50 jurisdictions, including Seychelles.

A Seychelles delegation, along with around 50 other jurisdictions, recently attended the meeting of the peer review group, which took place from October 1-9, 2013 at the OECD conference centre in Paris, France.

Each jurisdiction was required to make a presentation and the final outcome of the assessment ratings will be announced at the global Forum meeting this week.

Finance, Trade and Investment Minister Pierre Laporte has stated that the government is aware that the recent tough stance of the OECD against offshore financial sectors throughout the world raises many challenges for Seychelles.

“We nonetheless remain focused on making the financial sector, including international financial services, one of the pillars of our economy,” he said.

“Internal discussions have begun among key agencies on a new strategy for the industry and the private sector will be consulted and invited to provide inputs for this strategy in due course.

 Government is of the view that there is a future for the offshore sector in an adequately regulated framework that conforms to the highest international standards.”