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Seychelles' tax authorities: Chrystold Chetty faces pressure from the OECD

18/05/2021
Categories: Economy/Forex

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By 2022, the tax agency must both improve its tax collection, especially from offshore companies, often registered under the status of International Business Corporation (IBC), and better communicate the information in its possession with foreign authorities.

After being reappointed at the end of April as Chair of the Seychelles Revenue Commission (SRC), Chrystold Chetty is facing pressure from the OECD, the European Union and the FATF. Under penalty of seeing Seychelles sanctioned and placed on the list of non-cooperative countries in the fight against money laundering, such as Mauritius, or against tax evasion (Africa Intelligence of 07/04/21), Chrystold Chetty must manage enormous pressures. In particular, Chetty's team must carry out the huge project of tax identification of companies registered under the IBC regime: until the end of 2019, these foreign companies domiciled in Seychelles did not have a registration number with the tax authorities - says Taxpayer Identification Number (TIN). The CBC began assigning them in August 2019, a tedious job.

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