Seychelles signs intent to join mutual tax assistance convention |25 November 2013

The government of Seychelles is in the process of becoming party to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.

Foreign Affairs Minister Jean-Paul Adam on Friday signed a letter of intent on behalf of the government indicating Seychelles’ commitment to accede to the convention on the margins of the sixth meeting of the Organisation for Economic Development (OECD)’s global forum on transparency and exchange of information for tax purposes in Jakarta, Indonesia.

In a signing ceremony organised by the OECD secretariat, both Seychelles and the Philippines signed letters of intent for accession, which will occur once domestic legislation is brought in line with the convention. The relevant reforms to Seychelles’ legislation are expected to be completed in the coming months.

The signing ceremony was presided over by Pascal St Amans, the director of the OECD centre on tax policy and administration.
The commitment to the multilateral convention is a further milestone in Seychelles’ efforts to ensure that it is leading the efforts to contribute actively to transparency on matters of international financial services and taxation.  

Seychelles has also urged the OECD and other multilateral partners to ensure that small developing nations and jurisdictions receive the requisite support, not only to ensure compliance, but also the healthy development of their financial service sectors.

"The signing of this letter of intent is testament to Seychelles' commitment with regards to transparency and good practices with regard to the governance of international financial services,” said Minister Adam after the signing ceremony.

“We also look forward to working with the OECD towards building a transparent and sustainable network for the exchange of information in a manner that best supports the needs of small developing nations.”