Seychelles

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Overall Phase 2 Rating is Largely Compliant

Table of Determinations and Ratings of the Supplemental Review

Jurisdictions should ensure that ownership and identity information for all relevant entities and arrangements is available to their competent authorities. (ToR A.1)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Largely Compliant.  Measures to improve availability of ownership information in the Seychelles were introduced only recently and need to be consistently applied also in the future. These measures include in particular (i) strengthened supervisory and enforcement activity by the FSA, (ii) prohibition of bearer shares, (iii) IBCs’ requirement to submit declaration of compliance with its ownership obligations under the Seychelles law and (iv) CSPs’ obligation to report compliance of their clients with record keeping obligations to the FSA.   The Seychelles should monitor practical implementation of the recently introduced measures to ensure that ownership information in respect of IBCs is available in all cases. 
Jurisdictions should ensure that reliable accounting records are kept for all relevant entities and arrangements. (ToR A.2)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Largely Compliant.  Measures taken by the Seychelles to improve availability of accounting information were introduced only recently and need to be consistently applied also in the future. These measures particularly concern supervision and enforcement of obligation to maintain accounting information in accordance with the Seychelles law in cases where this information is kept outside of the Seychelles.   The Seychelles should monitor practical implementation of the recently introduced measures to ensure that accounting information in respect of relevant entities is available in all cases. 
Banking information should be available for all account-holders. (ToR A.3)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
Competent authorities should have the power to obtain and provide information that is the subject of a request under an exchange of information arrangement from any person within their territorial jurisdiction who is in possession or control of such information (irrespective of any legal obligation on such person to maintain the secrecy of the information). (ToR B.1)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.  The access to information powers granted by the Revenue Administration Act have only been tested in four instances for EOI purposes in the periods under review.  It is recommended that Seychelles continue to monitor access to information for EOI purposes to make sure that it is effective in all cases. 
The rights and safeguards (e.g. notification, appeal rights) that apply to persons in the requested jurisdiction should be compatible with effective exchange of information. (ToR B.2)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
Exchange of information mechanisms should provide for effective exchange of information. (ToR C.1)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
The jurisdictions' network of information exchange mechanisms should cover all relevant partners. (ToR C.2)
Determination Factors Recommendations
The element is in place.     The Seychelles should continue to develop its EOI network with all relevant partners. 
Phase 2 Rating Factors Recommendations
Compliant.     
The jurisdictions' mechanisms for exchange of information should have adequate provisions to ensure the confidentiality of information received. (ToR C.3)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
The exchange of information mechanisms should respect the rights and safeguards of taxpayers and third parties. (ToR C.4)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
The jurisdiction should provide information under its network of agreements in a timely manner. (ToR C.5)
Determination Factors Recommendations
The assessment team is not in a position to evaluate whether this element is in place, as it involves issues of practice that are dealt with in the Phase 2 review.      
Phase 2 Rating Factors Recommendations
Largely Compliant.  The Seychelles has committed resources and has in place organisational processes for exchange of information that appear to be adequate for dealing with incoming EOI requests. For the periods under review, the Seychelles received only four requests for information. Consequently, the organisational processes have not been sufficiently tested in practice.   The Seychelles should continue to monitor the organisational processes of the competent authority, as well as the level of resources committed to EOI, taking into account any significant changes in the volume of requests, to ensure that both the processes and level of resources are adequate for effective EOI in practice. 

Earlier self-assessment based annual reports entitled Tax Co-operation 2010: Towards a Level Playing Field are also available.