Seychelles’ talks with IMF and World Bank were productive

Posted in Business and Economy, Double Taxation Agreements, International Organisations, International relations, Offshore Services, Seychelles government, Seychelles IBC, SIBA at 9:54 am by Robert Klien

Seychelles’ Minister of Finance Danny Faure has said that the jurisdiction’s presence at the meeting of the International Monetary Fund and the World Bank held last week in Istanbul, Turkey, was highly productive.

Having returned after leading a high-level delegation to the annua meetings, Faure said that the team met finance ministers and executive board directors of the 2 institutions. These were bilateral discussions where Seychelles was seeking the same 45% debt cancellation as it received from the Paris Club from other creditors including China, India, the UAE, Malaysia, Algeria, and Libya. The Minister confirmed that Malaysia has already approved a cancellation of 45% of the total debt of USD 12.1 million, so USD 5.5 million has been canceled.

According to Faure, the result of these meetings was very encouraging because Seychelles received much support and encouragement for its reforms.

Also, in Istanbul, Faure discussed the restructuring of Seychelles’ commercial debts with Dr Donald Kaberuka, African Development Bank president.


Seychelles and Cyprus hold talks

Posted in Double Taxation Agreements, International relations at 11:34 pm by Robert Klien

On August 19, cooperation between Seychelles and Cyprus began with the 1st meeting of the Permanent Cypriot-Seychelles Intergovernmental Commission.

The permanent secretary of the Cyprus Planning Bureau, Andreas Moleskis, led his delegation August 19 until August 22 at the Ministry of Foreign Affairs.

It should be noted that Seychelles and Cyprus enjoyed historical ties long before the opening of diplomatic relations in April 1976.

It is important that in 1998 an agreement on long-term economic, scientific, technical and industrial cooperation was signed in 1998 to set a framework and become the 1st step towards formalising the connections between Seychelles and Cyprus. This document provided for the establishment of the Cypriot-Seychelles commission, which will explore new areas of bilateral cooperation through regular consultations.

In June 28, 2006, Seychelles and Cyprus signed a double taxation avoidance agreement.

The meeting held from August 19 until August 22 was aimed at exploiting all opportunities for new partnerships between Seychelles and Cyprus, and it will raise regional and international issues of vital importance to both countries.


Seychelles Strategy 2017: developing offshore services

Posted in Double Taxation Agreements, Financial Services, Offshore Services, Seychelles banking, Seychelles companies, Seychelles IBC, Seychelles offshore jurisdiction at 3:01 pm by Robert Klien

Publishing Seychelles Strategy for 2017 has been announced previously.

It has also been already told that the mission stated in the above-mentioned document was doubling the Seychelles GDP by 2017, which is to be achieved by focusing on developing the offshore financial services industry, fisheries and tourism expansion programmes, and the growth of other economic sectors.

However, it is worth covering another important aspect of Seychelles Strategy 2017. The strategy emphasizes the importance of the active promotion of the menu of offshore services on offer including IBC registration, special licence companies, mutual funds, and insurance captives. On of the strategic objectives regarding this is promoting corporate culture and developing the financial sector by means of setting up a stock exchange that will serve as an important mechanism to enhance Seychellois stakeholding in fisheries and tourism.

Innovation in business practice is to be encouraged and customer service delivery standards are to be raised to strengthen the industry.

As Seychelles is going to develop as a financial jurisdiction, its potential of developing a reputable offshore banking sector will be exploited.

According to Seychelles Strategy 2017, the impetus to offshore banking development could be the country’s double taxation avoidance (DTA) agreements signed with 10 countries. Through Seychelles-incorporated offshore companies, international investors will be encouraged to invest in Seychelles’ DTA partners, and the jurisdiction is to benefit from banking services on these transactions. Of course, where appropriate, local legislation should be updated.


Qatar ratifies DTA with Seychelles

Posted in Double Taxation Agreements at 9:10 pm by Robert Klien

According to the Qatari English language daily, on April 4, 2008, Sheikh Tamim bin Hamad Al Thani, the Deputy Emir of Qatar, issued a decree ratifying a double taxation avoidance agreement (DTA) between the Seychelles and Qatar.

The double taxation avoidance agreement was signed by representatives of the Seychelles and Qatari governments in July 2006. This DTA allows investments made in one of the two jurisdictions from the other one to qualify for tax breaks on dividends and royalty payments.

Following a visit by Seychelles President James Michel to Qatar earlier in 2006, the agreement has come into being. The talks were aimed to enhance investment links between the Seychelles and Qatar. They came a few days after the Seychelles had concluded a similar double taxation agreement with Cyprus.


Seychellois President visits Kuwait

Posted in Double Taxation Agreements, International relations, Seychelles government at 11:02 pm by Robert Klien

President James A. Michel is currently visiting Kuwait as a result of the invitation of His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, the Amir of the State of Kuwait.

During his stay, President of Seychelles will hold talks with His Highness The Amir, Prime Minister Nassir al-Muhammad Al-Ahmad Al-Sabah, and National Assembly Speaker Jassem Mohammad Al-Kharafi, and meet the representatives of the Kuwait Investment Authority and the Kuwait Fund for Arab Economic Development.

It is worth indicating that Seychelles established diplomatic relations with Kuwait on July 11, 1988. Cooperation between the two countries has been mainly with the Kuwait Fund for Development that has financed the East Coast Fisheries, PUC Electricity Generation Project and the Praslin Sewerage Facilities.

After a final round of negotiations held in February 2007, Seychelles and Kuwait are expected to sign the agreement on double taxation avoidance.


SIBA publishes updated list of DTAs

Posted in Double Taxation Agreements, International relations, Seychelles offshore jurisdiction at 1:18 pm by Robert Klien

As discussed previously, in recent years, the Seychelles has significantly expanded its double tax treaty network and Double Taxation Treaties is one of the cornerstones of developing Seychelles offshore industry.

Recently, the Seychelles International Business Authority (SIBA) published the updated list of Double Taxation Agreements (DTAs).

So, the DTAs that have already been ratified (so, are currently in force) are the agreements with China, South Africa, Indonesia, Oman, Botswana, Mauritius, Thailand, Malaysia, Vietnam and Cyprus.

The DTAs with Zimbabwe, Qatar, Belgium and the UAE have been signed.

Negotiations about signing DTAs between Seychelles and the following countries – Egypt, Bahrain, Czech Republic, Tunisia, Kuwait, Namibia and Russia – have been concluded.

The Seychelles is holding negotiations about signing the DTAs with Philippines, Malta, Burundi, Ivory Coast, Lesotho, Morocco, Uganda and Barbados. Negotiations with Spain, Pakistan, Israel, Portugal, Turkey, Kenya, Burundi and Zambia are also in progress.

Also, Seychelles agreed to negotiate on signing double tax avoidance treaties with Sweden and Tanzania.

The updated list provided by SIBA shows what has been done and what is still to be done by Seychelles regarding DTA support to the offshore financial services industry.


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.


Russias Federal Tax Service to knuckle down to DTA with Seychelles

Posted in Double Taxation Agreements, International relations at 9:03 pm by Robert Klien

According to Russia’s Federal Tax Service (FTS), Russia needs to sign agreements on swapping tax information with the Seychelles and other offshore jurisdictions.

In the beginning of June, deputy head of Russia’s FTS, Konstantin Sedov, announced that in order to exchange tax information with the Seychelles, the British Virgin Islands, Gibraltar, the Normandy Islands and other offshore countries agreements are to be signed.

Russia has signed double taxation agreements (DTAs) with most countries, however, Sedov said that tax agencies are exchanging information through those agreements only on direct taxes. According to Sedov, to improve the exchange of information between countries on indirect taxes, it is needed to extend these agreements to indirect taxes. It is important for Russia to develop a mechanism to conduct joint tax audits. Currently, such control measures are envisioned in intergovernmental agreements with CIS countries and interagency agreements with the agencies of Sweden, Norway and Denmark.

The proposal has been sent by FTS to the Russian Finance Ministry that is expected to consider holding the relevant talks with the corresponding agencies of foreign governments, the Seychellois government includingly.


UAE approves DTA with Seychelles

Posted in Double Taxation Agreements, International relations at 1:13 pm by Robert Klien

In October, the Seychelles announced having signed a bilateral Double Taxation Avoidance Agreement with the United Arabs Emirates on September 19, 2006. This agreement is supposed to strengthen the existing good economic relationship between the two countries.

On November 12, 2006, the UAE Cabinet held its weekly meeting to discuss numerous issues. Among a number of laws, drafts and memoranda submitted by the ministers, the Double Tax Treaty with the Seychelles was on the agenda.

The United Arabs Emirates’ cabinet approved an agreement on avoidance of double taxation signed with the Seychelles.

Bilateral agreements signed with the UK, France and Northern Ireland were also approved.


Seychelles and UAE sign Double Taxation Agreement

Posted in Double Taxation Agreements at 3:28 pm by Robert Klien

Recently it was announced that Seychelles and the United Arabs Emirates had signed a bilateral Double Taxation Avoidance Agreement.

In accordance with a statement of the Seychelles Ministry of Finance, the agreement was signed in Singapore by Seychelles Minister for Finance, Danny Faure, and UAE Minister for State Finance and Industry, Dr Mohammed Khalfan Bin Khirbash, on September 19, 2006.
The agreement will strengthen the existing good economic relationship between the Seychelles and the UAE. Also, it provides for certainty regarding taxes payable on incomes generated from investments made between the Seychelles and the UAE. The Double Taxation Avoidance Agreement also gives new opportunities in increasing employment, trade and investment. The UAE is interested in investment in the tourism, fisheries and services sectors in the Seychelles.

The Seychelles already has Double Taxation Avoidance Agreements in force with China, Belgium, Thailand, South Africa, Indonesia, Malaysia, Oman, Namibia and Zimbabwe, and is working on  discussing agreements with other trading partners.

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