Seychelles expresses disappointment with OECD's rating following review of EOIR Report
August 17, 2023
The Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) has adopted the 2023 Exchange of Information on Request Supplementary Peer Review Report (Second Round) for Seychelles (the Report).
Whilst the Report acknowledges that Seychelles has made progress in both its legislation and implementation of the standard of transparency and exchange of information for tax purposes (the Standard) in practice, the progress achieved was not deemed sufficient to lead to an upgrade of the overall rating, and the Seychelles therefore retains its rating of Partially Compliant.
The Seychelles authorities fervently disagree with this rating.
The Minister for Finance, National Planning and Trade, Naadir Hassan stated “we are proud of the extensive reform program which we have undertaken thus far, that has shown such a marked positive impact on the effectiveness of the exchange of information, and it is regrettable that despite this, the PRG and GF have taken a position which will adversely impact our jurisdiction purely on the basis of one legacy matter for which we have exhausted all avenues of recovery.”
Click on the link below to access the full press release on Seychelles' position.
Seychelles-position-on-OECD-adoption-of-2023-EOIR-Report.pdf
This morning, the chairperson of the AML/CFT National Committee, Secretary of State in the Ministry of Finance, National Planning and Trade, Mr. Patrick Payet and DG for Financial Services Development Division, Ms. Odile Vidot, met with the media to give further details on the peer review.
To know more, click on the video below.