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Seychelles Has Appropriate Tax Data Safeguards: OECD

by Lorys Charalambous, Tax-News.com, Cyprus

28 April 2016

An expert assessment carried out by the OECD's Global Forum on Transparency and the Exchange of Information for Tax Purposes has approved the confidentiality safeguards implemented within the Seychelles Revenue Commission (SRC).

Seychelles has obtained a largely compliant rating from the Global Forum, and signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters in 2015. It also opted for early adoption in 2017 of the Common Reporting Standards, the new standards in the automatic exchange of tax information (AEOI) between countries developed by the OECD.

In view of the upcoming implementation of AEOI by Seychelles, whereby it will also be able to request information from other tax authorities, SRC has recognized that an important aspect of the AEOI standard is that data and information it receives should be kept confidential and appropriately safeguarded from improper use and disclosure. Other jurisdictions providing data can thereby be assured as to its future use.

In consequence, Global Forum experts conducted a confidentiality assessment in November last year and have now confirmed their endorsement of the data safeguards put in place by Seychelles, the Government said.

TAGS: compliance | tax | tax information exchange agreement (TIEA) | tax compliance | law | agreements | standards | regulation | Seychelles | Tax

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