07.04.07

New DTA discussed by Seychelles and Barbados

Posted in Double Taxation Agreements, Seychelles offshore jurisdiction at 10:47 am by Robert Klien

In June 2007, the Seychelles and Barbados began negotiations aimed at concluding a new DTA – an Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion.

In recent years, the Seychelles has significantly expanded its double tax treaty network. Its double tax treaties agreements with Cyprus, Qatar and the United Arab Emirates concluded in 2006 have already been discussed previously. It is also said that the Seychelles has concluded tax treaties with Russia, Egypt, Vietnam, Malaysia and Botswana. Double tax deals have been discussed with India, Tunisia, Malta and the Czech Republic.

The Seychelles’ Double Tax Agreements with Belgium, China, Thailand, South Africa, Indonesia, Mauritius, Malaysia, Oman, Namibia and Zimbabwe are already in force.

According to the Seychelles’ government, double tax treaties are an important part of Seychelles attempt to develop itself as a key financial centre in the Indian Ocean, therefore the country is actively discussing more treaties with its numerous trading partners. Offshore financial services sector is one of the most important sectors of the national economy in Seychelles.

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