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Barbados And Seychelles Discuss New Tax Treaty

by Amanda Banks, Tax-News.com, London

19 June 2007


Barbados and the Seychelles yesterday began negotiations for concluding an Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion (DTA).

A successful conclusion to the negotiations will bring the total number of DTAs entered into by Barbados to 17.

Barbados has agreements with the US (including the 2004 Protocol), the United Kingdom, Sweden, Finland, Norway, Switzerland, Malta, Botswana, CARICOM, Venezuela, Cuba, China, Mauritius, Canada, Austria and the Netherlands. A draft DTA was also initialled with the United Mexican States and arrangements are under way for signature of this Agreement.

The Government of Barbados also has firm negotiating commitments in the later part of this year with the Grand Duchy of Luxembourg and the Republic of Ghana.

The Seychelles has also expanded its double tax treaty network in recent years, having concluded agreements with Cyprus, Qatar and the United Arab Emirates in 2006. Negotiations are also said to have been concluded with Russia, Botswana, Vietnam, Malaysia, and Egypt. The country has also discussed double tax deals with Tunisia, Malta, India and the Czech Republic.

The Seychelles already has Double Tax Agreements in force with Belgium, China, South Africa, Indonesia, Thailand, Oman, Malaysia, Mauritius, Namibia and Zimbabwe.

The Seychelles government sees such treaties as being an important part of its scheme to develop as a key financial hub in the Indian Ocean, and is actively negotiating more treaties with a number of its trading partners.

A comprehensive report in our Intelligence Report series giving background tax and residence information on many of the key offshore jurisdictions is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report4.asp

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