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Seychelles Supported To Implement BEPS Measures

Friday, December 21, 2018

Representatives from the OECD are in Seychelles until December 14 to support the territory to implement its recommendations to tackle base erosion and profit shifting.

On December 13, 2018, the OECD is to host a technical workshop, which will explain to stakeholders the OECD's minimum standards in the area of harmful tax practices, transfer pricing, and tax treaty abuse. There will also be a session on capacity building initiatives available to support countries in the implementation of the BEPS measures.

Back in March 2018, Ingela Willfors, a United Nations tax expert from the Swedish Ministry of Finance, warned that Seychelles was lacking the resources and capacity to effectively respond to the OECD's recommendations. She recommended that authorities focus on those measures that must be implemented to meet international best standards – namely the BEPS minimum standards, on preventing treaty abuse, the introduction of country-by-country reporting rules, improving dispute resolution mechanisms, and tackling harmful tax practices.

Seychelles signed up to the BEPS multilateral instrument to make changes to its tax treaties in June 2017.

The Seychelles has for the past two years received support from Sweden on BEPS, as part of a twinning program.

Seychelles was this year to be peer reviewed on its compliance with the BEPS minimum standards on Action 5, Harmful Tax Practices, Action 6, Preventing Treaty Abuse, and Action 13, country-by-country reporting. In 2020, it will be reviewed on its implementation of recommendations on improving dispute resolution mechanisms.