04.11.18

Seychelles advised to redouble BEPS efforts

Posted in Business and Economy, Double Taxation Agreements, International Organisations, International relations at 8:06 pm by Robert Klien

The Seychelles has been told to deploy more resources to implement recommendations from the OECD on base erosion and profit shifting.

Ingela Willfors, a UN tax expert from the Swedish Ministry of Finance, held discussions on implementation with the Seychelles’ Minister of Finance, Trade, and Economic Planning and in particular on revising the territory’s double tax agreements (DTAs) through the BEPS multilateral instrument to implement tax treaty-related measures to prevent BEPS.

Following an earlier 5-day visit, Willfors identified that Seychelles currently lacks the resources and capacity to effectively implement the OECD’s recommendations. She recommended that authorities focus on those measures that must be implemented to meet international best standards – namely the BEPS minimum standards, on preventing treaty abuse, the introduction of country-by-country reporting rules, improving dispute resolution mechanisms, and tackling harmful tax practices.

The Seychelles has for the past 2years received support from Sweden on BEPS, as part of a twinning program.