09.20.16

Seychelles and India to exchange Tax Information

Posted in Seychelles offshore jurisdiction at 2:51 pm by Robert Klien

Signed last year, the tax information exchange agreement (TIEA) between India and Seychelles has entered into force.

The TIEA entered into force on June 28, 2016, following the completion of domestic ratification procedures by both countries.

The agreement will enable the Competent Authorities of Seychelles and India to provide assistance through exchange of information relevant to the administration and enforcement of the domestic laws of the countries concerning taxes.

The information will be provided by each jurisdiction’s competent authority on request.

“India and Seychelles will ensure that its Competent Authority has the authority to obtain and provide “information held by banks, other financial institutions, and any persons acting in an agency or fiduciary capacity, including nominees and trustees; information regarding the legal and beneficial ownership of companies, partnerships, collective investment funds or schemes, trusts, foundations, ‘Anstalten,’ and other persons.”

The TIEA also provides for a Mutual Agreement Procedure for resolving differences as regards its implementation or interpretation.

09.16.16

Seychelles is 36th World’s Freest Economy

Posted in Business and Economy, International relations, Seychelles offshore jurisdiction at 6:47 pm by Robert Klien

Seychelles was ranked 36th out of 159 countries and territories in the Institute’s annual Economic Freedom of the World report.

Top position was occupied by Hong Kong which became the world’s freest economy for the 22nd consecutive year. It was followed by Singapore. The other nations in the top 10 are New Zealand, Switzerland, Canada, Georgia, Ireland, Mauritius, the UAE, and Australia and the UK.

The rankings of some other major countries are as follows: the United States was 16th, Germany was 30th; Japan was 40th; South Korea was 42nd; France was 57th; and Italy – 69th.

09.05.16

Seychelles to set up Regional Coordination Centre to fight Maritime Crime

Posted in International Organisations, International relations at 10:41 am by Robert Klien

To deal with maritime crimes, Seychelles will soon activate a Regional Operation Coordination Centre, local authorities said.

The chief of staff of the Seychelles People’s Defence Forces (SPDF), Michael Rosette, said with the operation of the new centre should enhance the jurisdiction’s capacity to deal with the increasing threats of maritime crimes.

The announcement came after a 1-week trans-regional seminar hosted by the Seychelles Coast Guard in which 30 participants from several countries met to discuss ways to combat terrorism and violent extremism using non-violent methods. The event was organised by the American Joint Special Operations University (JSOU), the Defense Combating Terrorism Fellowship Program (CTFP) and the United States Embassy.

Rosette said that it is important for all to collaborate and have a concerted approach to deal with terrorism.

The course coordinator, retired US army officer Carlos Burgos, said it was important to take a strategic approach to deal with the issue of terrorism as this would allow participants to look at larger issues across their whole country. “It’s not about combating terrorism with arms but rather combating it through social and political programmes,” he said.

To remind, Seychelles has suffered economic fallout from past attacks from Somali pirates in the region.