News: The new reporting obligations will introduce In Seychelles from 2020

A law has been published in Seychelles that provides for the introduction of new commitments to submit country reports (CBC reporting) for international companies. New regulations will be formally introduced in early 2020.

Following the previously adopted amendments to the new legal action from the OECD, now those international companies whose capital for the past tax year was at least 750 million US dollars are obliged to submit a consolidated report on their financial and tax activity. As part of the transitional provisions, all companies are entitled to provide a similar statement to regulators no later than 12 months after December 30, 2019.

Within three months after the end of any of the tax years, any company must also indicate in its statements the fact of residence in Seychelles. Besides, a company or group that is registered on the islands will show in its ownership documents of the ultimate parent company. Otherwise, it means that you need to specify the parent company and its jurisdiction in which it is registered as a taxpayer and in which it will submit the country report.

Those taxpayers who do not comply with these new requirements will be required to pay a fine of 20 thousand Seychelles rupees (about 1,467 US dollars). The law states that the sanction of a penalty will be used in case of deliberate failure to submit reports, failure to correct errors or omissions in these reports, as well as for providing false information in country reports.

Law and Trust International provides an opportunity to register a company in Seychelles. To learn about the cost of registration and its features, please contact our lawyers.