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Exchange Of Information

The Global Forum was formed in 2002 but was mandated in 2009 to set up high standards of international cooperation in tax matters to be complied with by all jurisdictions. In order to achieve this task, the Global Forum conducts some reviews and ensures that all standards are met.

Seychelles is a member of the Global Forum and has therefore accepted to have its legal framework reviewed by experts who assessed whether it was in line with international standards. In May 2012, Seychelles was said to be fully compliant and successfully passed the phase I review process. It was then agreed that Seychelles will undergo Phase II Review middle of year 2013 where the main focus will be on the implementation of the legal tools assessed in Phase I. Phase II review is now set to commence 15th-16th and 17th May 2013.

All relevant documents that explains the exchange of information mechanism and the obligations as a taxpayer or third party under the law have been placed below.

Information Notice to all Financial Institutions Registered for FATCA Purposes
The SRC would like to inform all FIs registered with IRS for FATCA purposes that the Seychelles FATCA portal will be launched on the 31st July 2015. The registration will then be opened. Please note that the uploading of the reportable information will however not be possible at this stage. For the time being, the Financial Institutions do not have to report the information, but need to ensure they have collected the information to be reported at a date that will be communicated in future.

Exchange Of Information Agreements
Click here for the list of Tax Information Exchange Agreements.

FATCA and CRS Links
Below are some links to FATCA and CRS. It includes the Guidance notes and Implementation Handbook for CRS. It also includes information of FATCA registration and updates.

FATCA
  1. FATCA FFI Registration System updated for FFIs to renew their agreement with the IRS
  2. FATCA Registration System Update including Renewal of FFI Agreement
  3. Internal Revenue Service Website
  4. Internal Revenue Service Website - FATCA FAQs
  5. Internal Revenue Service Website - FATCA Foreign Financial Institution (FFI) List Search and Download Tool
  6. Internal Revenue Service Website - Forms & Publications
CRS
  1. Standard for Automatic Exchange of Financial Account Information in Tax Matters, Published on March 27, 2017
  2. Standard for Automatic Exchange of Financial Account Information in Tax Matters, Published on 21 July 2014
  3. Standard for Automatic Exchange of Financial Account Information in Tax Matters - Implementation Handbook
  4. OECD - Common Reporting Standard
FATCA and CRS Vendors List
Note:
The vendors below are for guidance only but not a imposed by SRC to take one of them as some may/have already created their own XML generating application.
  1. TRSUITE
  2. KPMG Tax Services
  3. Bearing Point Caribbean - Fatca Compliance Software
  4. Vizor Software
  5. SOVOS Solutions
  6. Flyingboat Tax Data Exchange 2016 First Looks
  7. OPES Software - FATCA XML Reporting Software
  8. PRWEB - FATCA 8966 Software with XML File Generation
  9. Globe News Wire
  10. Thomson Reuters, Tax & Accounting
Download
  1. Circular to Seychelles Foreign Financial Institutions (FFI) under FATCA 2017-3. This document serves as an update for Seychelles FFI in Seychelles with regards to FATCA
  2. CRS-related Frequently Asked Questions (April 2017)
  3. CRS-related Frequently Asked Questions (June 2016)
  4. CRS ISO Country codes
  5. CRS XML Schema Download
  6. Circular to Seychelles Reporting Financial Institutions 2017-2: Reminder on the obligations of Seychelles reporting financial institutions and deadlines for first reporting (Amendments)
  7. Circular to Seychelles Reporting Financial Institutions 2017-1: Amendments to the Revenue Administration (Common Reporting Standards) Regulations, 2016
  8. Automatic Exchange of Information (“AEOI”) for the Common Reporting Standard - Guidance Notes
  9. Circular to Seychelles Reporting Financial Institutions - Reminder
  10. Controlling Person Tax Residency Self-Certification Form - Instructions
  11. Entity Tax Residency Self-Certification Form - Instructions
  12. FATCA Reporting : XLS Data collection template for US FATCA and UK CDOT tax reporting
  13. FATCA Reporting : Creating US FATCA and UK CDOT XML Files with Flyingboat Tax Data Exchange 2016
  14. Notification for FATCA XML Schema v2.0 (Draft version)
  15. CRS - Standard Purple Book
  16. CRS - Implementation Handbook
  17. Circular to Seychelles Reporting Financial Institutions
  18. FATCA and CRS : Letter Template
  19. FATCA and CRS Online Registration Guide
  20. Circular to Financial Institutions which have registered for FATCA Purposes: FATCA Status
  21. Circular to Financial Institutions which have Registered for FATCA Purposes
  22. Circular to Financial Institutions which have Registered for FATCA Purposes: Information Technology Update
  23. Circular
  24. Exchange of Information Template
  25. Double Taxation Agreements (DTAs)

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