Seychelles determined to contribute to transparency
Seychelles is determined to contribute actively to transparency on matters of international financial services and taxation.
Foreign Affairs Minister Jean-Paul Adam, and Finance, Trade and Investment Minister Pierre Laporte made the remarks during a press conference this week at Liberty House.
Minister Adam said the Seychelles government is in the process of becoming party to the multilateral convention on mutual administrative assistance in tax matters after he signed a letter of intent on behalf of the government indicating the country’s commitment to accede to the convention.
He signed the letter of intent on the margins of the recent sixth meeting of the Organisation for Economic Development (OECD)’s global forum on transparency and exchange of information for tax purposes in Jakarta, Indonesia.
Mr Adam said he has asked the OECD and other multilateral partners to ensure that small developing nations and jurisdictions receive the requisite support, not only to ensure compliance, but also the healthy development of their financial service sectors.
Mr Adam said Seychelles is one of 50 countries which have completed phase one of the process and have moved to phase two.
“Phase two has 10 criteria. With the systems in place, the country has been made compliant for eight out of the 10 sectors. The two sectors needing improvement are bearer shares and availability of records of companies and agencies in Seychelles. There Seychelles is non-compliant in these two sectors.
“Seychelles has shown that it has been addressing these areas. It passed a bearer shares legislation on Tuesday in the National Assembly but all questions pertaining to this issue had been answered.
“As to records of companies, we have put in place measures but unfortunately the report covered the period ending December 2012, meaning Seychelles had not completed all required changes by the time the OECD came here. But Seychelles is seen as country which is showing cooperating and has requested for a supplementary report and this has been accepted.
“We have shown in our presentations that we are making progress and that this will not affect our dealings.
Asked if Seychelles has been blacklisted, Minister Laporte answered in the negative.
“Seychelles has not been blacklisted. The country is simply not in conformity with all the demands of the OECD. If Seychelles had been blacklisted then international organisations would sanction us.
“With the passing of the new law, all international business companies have six months to make known their bearer shares. If they don’t they will not be able to register in Seychelles,” said Minister Laporte.
Minister Adam led the Seychelles delegation at the OECD’s global forum on transparency and exchange of information for tax purposes in Jakarta. The delegation also included representatives from the Ministry of Finance, Trade and Investment (MoFTI), Seychelles Investment Board (SIB), Seychelles International Business Authority (Siba) and the Seychelles Revenue Commission (SRC).
Speaking at the forum, Minister Adam said Seychelles has emphasised its commitment to good practices and transparency in relation to tax information exchange while also championing the concerns of smaller jurisdictions in the review process and expressing its regret at some of the findings of the review undertaken on Seychelles' jurisdiction.
He noted that Seychelles had benchmarked itself against similar jurisdictions, and stood by its record on cooperation with the OECD as well as ensured best practices in terms of exchanges of information for tax purposes.
"Seychelles will never hide from its obligations,” said Mr Adam. “We believe in placing our commitments in the sunlight for all to draw their own conclusions. In the same way that we do not believe that financial transactions should be carried out in the shadows, neither should our reviews be subject of secrecy or shame.”
Seychelles’ phase two report, which covered the three-year period under review between July 1, 2009 and June 20, 2012, was on the agenda for adoption along with those of 49 other countries.
Although the conclusion of the report is that Seychelles met the standard for eight essential elements out of 10, there are two elements where Seychelles has been rated non-compliant. The elements assessed were availability of information, access to information and exchange of information for tax purposes.
Foreign Affairs Minister Jean-Paul Adam, and Finance, Trade and Investment Minister Pierre Laporte made the remarks during a press conference this week at Liberty House.
Minister Adam said the Seychelles government is in the process of becoming party to the multilateral convention on mutual administrative assistance in tax matters after he signed a letter of intent on behalf of the government indicating the country’s commitment to accede to the convention.
He signed the letter of intent on the margins of the recent sixth meeting of the Organisation for Economic Development (OECD)’s global forum on transparency and exchange of information for tax purposes in Jakarta, Indonesia.
Mr Adam said he has asked the OECD and other multilateral partners to ensure that small developing nations and jurisdictions receive the requisite support, not only to ensure compliance, but also the healthy development of their financial service sectors.
Mr Adam said Seychelles is one of 50 countries which have completed phase one of the process and have moved to phase two.
“Phase two has 10 criteria. With the systems in place, the country has been made compliant for eight out of the 10 sectors. The two sectors needing improvement are bearer shares and availability of records of companies and agencies in Seychelles. There Seychelles is non-compliant in these two sectors.
“Seychelles has shown that it has been addressing these areas. It passed a bearer shares legislation on Tuesday in the National Assembly but all questions pertaining to this issue had been answered.
“As to records of companies, we have put in place measures but unfortunately the report covered the period ending December 2012, meaning Seychelles had not completed all required changes by the time the OECD came here. But Seychelles is seen as country which is showing cooperating and has requested for a supplementary report and this has been accepted.
“We have shown in our presentations that we are making progress and that this will not affect our dealings.
Asked if Seychelles has been blacklisted, Minister Laporte answered in the negative.
“Seychelles has not been blacklisted. The country is simply not in conformity with all the demands of the OECD. If Seychelles had been blacklisted then international organisations would sanction us.
“With the passing of the new law, all international business companies have six months to make known their bearer shares. If they don’t they will not be able to register in Seychelles,” said Minister Laporte.
Minister Adam led the Seychelles delegation at the OECD’s global forum on transparency and exchange of information for tax purposes in Jakarta. The delegation also included representatives from the Ministry of Finance, Trade and Investment (MoFTI), Seychelles Investment Board (SIB), Seychelles International Business Authority (Siba) and the Seychelles Revenue Commission (SRC).
Speaking at the forum, Minister Adam said Seychelles has emphasised its commitment to good practices and transparency in relation to tax information exchange while also championing the concerns of smaller jurisdictions in the review process and expressing its regret at some of the findings of the review undertaken on Seychelles' jurisdiction.
He noted that Seychelles had benchmarked itself against similar jurisdictions, and stood by its record on cooperation with the OECD as well as ensured best practices in terms of exchanges of information for tax purposes.
"Seychelles will never hide from its obligations,” said Mr Adam. “We believe in placing our commitments in the sunlight for all to draw their own conclusions. In the same way that we do not believe that financial transactions should be carried out in the shadows, neither should our reviews be subject of secrecy or shame.”
Seychelles’ phase two report, which covered the three-year period under review between July 1, 2009 and June 20, 2012, was on the agenda for adoption along with those of 49 other countries.
Although the conclusion of the report is that Seychelles met the standard for eight essential elements out of 10, there are two elements where Seychelles has been rated non-compliant. The elements assessed were availability of information, access to information and exchange of information for tax purposes.
Forrás: www.nation.sc