PRETORIA - With full implementation of Automatic Exchange of Information (AEOI), residents in various tax jurisdictions with offshore bank accounts are required by the law to provide tax information to their banks to enable tax authorities to check on their tax compliance.
Seychelles has joined the list of African Tax Administration Forum (ATAF) member countries on the African Continent that have embraced and implemented automatic exchange of Information since 2016. This migration to AEOI has helped Seychelles increase tax compliance, improve tax revenue collection and reduce the occurrence of illicit financial flows (IFFs).
Because the implementation process of AEOI requires constant technical support,
ATAF provided this technical assistance to the Seychelles Revenue Commission (SRC) by focusing on the following areas:
This support was provided via a three-day training, from 19 to 22 July.
About 17 officers from the exchange of information and auditors of SRC benefited from the training.
ATAF will provide more training between the end of year and early 2022, to continue building the capacity and capabilities of SRC officers in AEOI.
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