Officials from the Belgian government met with their counterparts from the Seychelles last week as the two governments commenced the first round of negotiations towards a double taxation avoidance agreement (DTAA).
According to a communique from the Seychelles Department of Finance, the agreement will apply to taxes on income imposed on behalf of both contracting parties, and it is hoped that the DTAA will encourage and promote investment.
The agreement was signed on behalf of the government of the Seychelles by Lekha Nair, principal secretary of the Department of Finance and on behalf of the Belgian government by Jacques Gombeer, Auditor General from the Belgian Federal Public Service of the Ministry of Finance.
The Seychelles has signed tax treaties with nine countries including China, South Africa, Indonesia, Thailand, Oman, Malaysia, Namibia and Zimbabwe. When concluded, the DTAA with Belgium will be the first such agreement that the Seychelles has signed with a member state of the European Union.
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