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 described as a comprehensive multilateral instrument to tackle tax evasion and increase transparency. In a statement, the OECD confirmed that its signing therefore represents another important step in Seychelles’ efforts to improve its legal framework and practices in the field of 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. It will therefore allow the Seychelles’ Revenue Commission to request information from other tax authorities and seek assistance in collecting outstanding tax debts on a reciprocal basis.
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.
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