Tax agent |09 February 2023
Andersen Seychelles officially launched
• Panel discussion on New Economic Substance Rules
Andersen, a licensed tax agent in Seychelles operating within the Andersen Global network, organised a Breakfast Panel Discussion on the topic ‘Unpacking the New Economic Substance Rules – Seychelles’ at the Eden Bleu Hotel on Tuesday.
The aim of the panel discussion was to shed some light on the new economic substance rules which are in place in Seychelles. The experts – Paul Robert, director Policy Research & Statistics at the Financial Services Authority; Paul Meaker, Tax Consultant Seychelles Revenue Commission; Malika Jivan, director from Abacus (Seychelles) Limited and Zaynab Hisaund, senior tax manager at Andersen in Seychelles – provided insights into its implications on new as well as existing businesses in the country.
The panel also attempted to explain the practical implementation aspects of these rules.
To kick off the discussions, Mr Meaker presented the new economic substance rules. This was followed by a presentation by Malika Jivan.
Yashoda Fezah, manager Strategic & Business Development, CASS, spoke about ‘Taking the stress out of compliance’.
The participants came from different financial institutions and they all welcomed the idea of having such discussions about a new law in order for them to better understand the regulations.
Fazeel Soyfoo, International Tax Partner from Andersen in Seychelles, shared that Seychelles is a renowned financial centre in the world and it is very competitive. “Around the world the tax regulations are becoming more complicated. In the last ten years, we have seen many changes brought by international organisations in tax regulations. Seychelles had to introduce laws to abide by international norms. Recently Seychelles introduced a new law – Economic Substance rule – and the companies established in Seychelles should show their economic activities and justify their presence in the country.”
Mr Soyfoo explained that Andersen Seychelles forms part of a global network and it is being launched in Seychelles to actually be closer to its clients.
“The main reason is that the tax landscape is becoming incredibly complex due to international pressures. By being physically present in Seychelles, we want to be able to help our clients, stakeholders understand and navigate through their shores. And also for investors, the more they feel comfortable and confident about the tax jurisdiction the more likely they will stay and invest in the jurisdiction. Through our presence we bring the sophistication of being part of a global network and we leverage on expertise we already have,” Mr Soyfoo said.
Andersen has firms worldwide and is present in 46 countries in Africa and has more than 1800 partners.
“We want to recruit to have a proper office and also train the staff. Andersen in Seychelles leverages from the Andersen Global network to provide integrated solutions to individuals and businesses. Our team of professionals consists of advisors with previous experience in the tax and accounting practice, in industry and from the tax authority. The company in Seychelles is not affiliated with an audit practice and is therefore not restricted in its ability to provide a full range of tax compliance and advisory and other ancillary services to local and international businesses.”
Mr Soyfoo concluded by saying investors always come here, and especially with Seychelles implementing certain laws to have their norms up to date with OECD or EU requirements.
The senior management team of Andersen is composed of Fazeel Soyfoo, Joe Chan and Zaynab Hisaund.
The accompanying photos show some highlights of the event on Tuesday.
