Seychelles Update on Country by Country Reporting
After Seychelles is moved to the list of non-cooperative jurisdictions ("EU Grey list"), more new legislation and regulation is being passed to fulfill the requirement of European Union ("EU"). Country by Country Reporting is now introduced in Seychelles.
What is Country by Country Reporting
Country-by-Country Reporting ("CbCR") is a standard formulated by the Organisation for Economic Co-operation and Development ("OECD") for exchange of tax information between tax authorities. More than 100 jurisdictions had already introduced CbCR obligation including Hong Kong, Singapore, BVI, Cayman Islands etc.
Types of Company required for CbCR
CbCR only applied to Multinational Enterprise Group ("MNE Group") which are:
- Any group that includes two or more enterprise, which are tax resident in different jurisdictions; or includes an enterprise that is tax resident in one jurisdiction and is subject to tax with respect to the business carried out through a permanent establishment in another jurisdiction; AND
- Enterprises having a total consolidated group revenue of EUR 750 million or more in the 2018 financial year (and any financial year after).
Obligation for CbCR
If your company is not a part of MNE Group as defined in above, no action is required.
In case, your company fulfill the above definition of MNE Group, a questionnaire is required to be completed immediately. Penalty will be imposed if fail to comply with the new CbCR regulation.
If you are requiring further information or would like to discuss about the new legislation and business solution, please get in touch with your contact persons in Kaizen.
See also:
Seychelles Company Registration Fees and Registration Procedures (Readymade Company)
Further guidance for International Business Companies (IBC) in Seychelles
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