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In a letter to Seychelles authorities, the EU Code of Conduct Group (Business Taxation) warns that the new provisions of the tax rules on the territory are considering harmful.
The Commission's Letter dated 1 February 2019 notes, the steps taken to harmonize the tax system of the territory with international standards, as a response to a Group's previous concerns. Seychelles is noting that it has fulfilled its commitments to modify or abolish the following preferential tax measures for International Corporations (IBCs), international trade zones, offshore banks, offshore assurance companies, special license companies, securities under the Securities Act and fund management.
The Code Group considers however that changes to the taxation of IBCs that ensure exemption from taxes from foreign income are also harmful. Amendments introduced from the beginning of this year provided the tax would only be applied to Seychelles income, which is derived from Seychelles IBC activities and earns only overseas income cannot be avoided by IBCs which are entirely excluded from taxation.
The Letter to Seychelles authorities was one of six recently addressed by the Code of Conduct Group to offshore territories, which examined the progress made by territories towards reforming potentially harmful preferential tax systems. Jurisdictions which do not make the necessary modifications shall be placed on an EU list of non-cooperative tax jurisdictions.
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