Follow us on:

Facebook Twitter LinkedIn YouTube

Archive -Seychelles

Partners enhance capacity to better share tax information |07 July 2015

Stakeholders from Seychelles and the region involved in tax collection, drafting of regulations that govern the process and those ensuring that regulations are adhered  to and information are exchanged in a timely manner, are meeting to enhance their capacity.

Seychelles is hosting the 4th advanced training workshop on the ‘Standard for Automatic Exchange of Information’ being organised by the Global Forum, in collaboration with the Organisation for Economic Cooperation and Development (OECD) and partner organisations.

The four-day workshop taking place at the Eden Bleu Hotel, Eden Island is for officials who are familiar with the Common Reporting Standard (CRS) and who have begun, or are about to begin, the process.

Seychellois stakeholders taking part in the training include representatives from the Department of Legal Affairs, the Seychelles Revenue Commission (SRC), the Financial Intelligence Unit (FIU), the Financial Services Authority (FSA), the Department of Information, Communication Technology (DICT), the Central Bank of Seychelles and the Ministry of Finance, Trade and the Blue Economy.

Issues to be addressed include policy decisions, approach to legislation, as well as administrative and IT considerations.
Four consultants from the Global Forum and the OECD are leading the training.



The Minister of Finance, Trade and the Blue Economy Jean-Paul Adam launched the training session yesterday morning in the presence of Patrick Payet, the principal secretary in the finance and trade department of the same ministry.

Addressing everyone taking part in the training, Minister Adam told them that  exchange of information on tax matters has more and more become key to the development of global economy because more and more businesses are not operating in just one location but in multiple locations.

“This not only offers opportunities but challenges in relation to taxation because where or how do you tax these different entities?” Minister Adam asked, stressing on the fact that everybody must make tax contributions somewhere in the world.

Minister Adam explained that the exchange of information allow all the different tax authorities around the world to better connect with each other and have a common reporting standard  by which they would exchange information in a timely manner in order to reduce tax evasion.

“Seychelles has a very dynamic financial services sector therefore it is very important that we are very much engaged in this process to allow that sector to develop properly. We do not want companies to be punished if they are coming to establish in Seychelles because they are not tax transparent thus the importance of being upfront and engaged in the process,” Minister Adam pointed out.

Minister Adam also said that Seychelles has signed all the necessary treaties and it is on track towards meeting this goal and nationally Seychelles wants to send a strong message to companies operating here that they have to abide by the tax regulations and pay their taxes but not try to evade from doing so by using other means.

“These exchange of information mechanisms allow us to do this in partnership with countries around the world,” Minister Adam pointed out, reminding delegates that the purpose of exchange of information standards is to ensure that we can do business quickly, fairly and globally without imposing unreasonable burdens on either the business person, or on the regulator.

“Through advanced training such as the one being organised in partnership with the OECD, we can strengthen our shared commitment to the common standard,” he added.

 

 

 

 

 

 

 

» Back to Archive