Seychelles Islands 85 signatory to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters became.
The signing of the Convention represents another important step in the efforts of Seychelles to improve its legal framework and practices in the field of exchange of information for tax purposes.
The Convention provides for all forms of administrative assistance in tax matters: exchange of information on request, spontaneous exchange, automatic information exchange, tax examinations abroad, simultaneous tax examinations and assistance in tax collection, while at the same while protecting the rights of taxpayers.
The Convention was developed jointly by the OECD and the Council of Europe in 1988 and amended in 2010 to respond to a call by the G20 to align with international standard on exchange of information and open to all countries, in particular to ensure that developing countries could benefit from new and more transparent environment. The Convention remains a key item on the agenda of fiscal transparency G20, which has repeatedly called on the courts to sign the Convention and asked the Global Forum on transparency and exchange of information for tax purposes to report on progress by its members in signing the Convention.