Ten reports have been released by the Global Forum on Transparency and Exchange of Information for Tax purposes, hosted by the OECD. The reports evaluate jurisdictions’ commitment to tax transparency as well as examine whether information is made available and accessible to foreign tax authorities. Seychelles was one of the offshore jurisdictions evaluated by the Global Forum.
Seychelles, as well as Barbados, San Marino and Trinidad and Tobago fall short of the international standard. According to the OECD, they will need to implement the recommendations made in their reports before they move to the next phase of their evaluations.
The OECD report on Seychelles notes the following: “The review of the Seychelles showed deficiencies as regards the availability of ownership and accounting information in respect of offshore entities. In addition, powers to access information should be strengthened. Amendments to its legal and regulatory system are necessary in order for the Seychelles to qualify for the next phase of the evaluation.”
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