Multilateral Tax Cooperation Treaty signed by Seychelles

Posted in Double Taxation Agreements, International Organisations, International relations, Seychelles government, Seychelles legislation, Seychelles offshore jurisdiction at 7:28 pm by Robert Klien

On February 24, Seychelles became the 85th signatory of the Organisation for Economic Co-operation and Development’s (OECD’s) Multilateral Convention on Mutual Administrative Assistance in Tax Matters.

The Convention is a comprehensive multilateral instrument to tackle tax evasion and increase transparency. According to a statement made by the OECD, the signing therefore represents another important step in Seychelles’ efforts to improve its legal framework and practices as regards the exchange of information for tax purposes.

The Convention provides for all forms of administrative assistance, in tax matters, including the exchange of information on request and automatically; in tax examinations abroad and in plurilateral investigations; and in tax collection.

The OECD added that it has repeatedly called on all jurisdictions to sign the Convention and has asked the Global Forum on Transparency and Exchange of Information for Tax Purposes to report on progress made by its members in that respect.


Seychelles Climbs 7 Places in Press Freedom Index

Posted in International Organisations, Seychelles offshore jurisdiction, Seychelles' statistics at 7:37 pm by Robert Klien

Seychelles has climbed 7 places in the latest edition of the annual World Press Freedom Index. This index was released by the international organization called Reporters sans FrontiƩres (Reporters Without Borders), RSF.

However, media experts say there is still much to be done to improve media freedom in the country.

Seychelles ranked 96th on the 2015 index, which examined incidents of reporters being killed, censored and harassed in a total of 180 countries around the world between October 15, 2013 and October 14, 2014.

In 2014, the jurisdiction was ranked only 103rd.


Fitch Affirms Seychelles at ‘B+’/’BB-‘; Outlook Stable

Posted in Business and Economy, Seychelles offshore jurisdiction, Seychelles' statistics at 7:32 pm by Robert Klien

Fitch Ratings has affirmed Seychelles’ Long-term foreign and local currency Issuer Default Ratings (IDRs) at ‘B+’ and ‘BB-‘ respectively. The Outlooks are Stable. The issue ratings on Seychelles’ unsecured foreign currency bonds have also been affirmed at ‘B+’. The Country Ceiling has been affirmed at ‘B+’ and the Short-term foreign currency IDR at ‘B’.

The affirmation and the Stable Outlook reflect the following key rating drivers: the rating balances Seychelles’ recent default history, fairly high public debt burden, a large current account deficit and limited economic diversification against high level of GDP per capita and standards of governance.

The current account deficit widened to an estimated 22% of GDP in 2014, from 15.5% in 2013, albeit primarily financed by foreign direct investment (FDI).

Imports rose sharply owing to a marked increase in public sector wages, an acceleration in private sector credit growth on the back of government programmes to support lending to households and SMEs, and higher FDI.

At the same time, foreign currency earnings weakened as tourism arrivals declined and tuna exports fell.


Seychelles inflation rises to 1.5% in January

Posted in Business and Economy, Seychelles' statistics at 2:38 pm by Robert Klien

According to the official data, Seychelles inflation rose to 1.5% year-on-year in January from 0.5% a month earlier, official data showed on Friday.

On a month-on-month basis, the inflation rate on the Indian Ocean archipelago was 1.2%, the National Bureau of Statistics (NBS) said in a statement.