Cyprus And The Seychelles Commence Tax Treaty Talks
A Cypriot government delegation was in the Seychelles last week to kick off
negotiations that will lead to a Double Taxation Avoidance Agreement between
the two countries, according to an online report published by Seychelles Nation. An initial agreement to start the negotiations was last week signed by Lekha
Nair, the principal secretary of the Seychelles Department of Finance and by
Mr George Poufos Commissioner and Director of the Cypriot Inland Revenue. A Seychelles Department of Finance statement quoted in the report noted that
the agreement, which will provide credits for tax paid on income earned in either
jurisdiction, would provide more certainty in tax payments for business and
will encourage investment flows between the two countries, particularly with
regards to the tourism sector. The department also stated that Cyprus has shown "keen interest"
in starting negotiations towards a a Bilateral Investment Promotion and Protection
Agreement, the report stated. The Seychelles has signed tax treaties with several countries including China,
South Africa, Indonesia, Thailand, Oman, Malaysia, Namibia and Zimbabwe. In
November, the Seychelles also commenced talks towards the conclusion of a DTAA
with Belgium which would be the first such agreement that the Seychelles has
signed with a member state of the European Union. Meanwhile, Cyprus presently has 32 Double Tax Agreements covering 40 States,
including most EU Member States. .
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