Seychelles Economic Substance Updates

The Seychelles currently remains on the EU black list. However, the Seychelles Government has announced further plans to facilitate removal from the list in the EU’s next assessment in October 2021, outlined as below:

• The Business Tax (Amendment) Act, which targets the tax exemption for foreign income, passed in December 2020. As it is subject to further discussion with the EU, this has yet to come into force. We will provide updates when official announcement and guidance is obtained.

• Additional legislation is being discussed in order to improve availability, access, and exchange of information for tax purposes. This legislation will address the access to accounting information upon request, and its supervision and enforcement; as well as Beneficial Ownership Reporting (which have already been addressed through the BOA).