The Seychelles stepped into automatic exchange of tax information, becoming the 46th country to join the “early adopters” initiative launched by the G5 countries – the UK, France, Germany, Italy and Spain. The first exchange is scheduled to take place in 2017, with respect to data collected from 31 December 2015.The G5 pilot is intended to provide a framework for the automatic exchange of tax information that will be used as a template for the conclusion of a wider global agreement.
The finance ministers of the G5 welcome Seychelles decision to join the initiative for early adoption of the new global standard on automatic exchange of information. They call on other financial centres to match the commitment made by the Seychelles, and by 45 other countries and jurisdictions, so that we can rapidly stamp out tax evasion on a global basis.
A meeting in Paris on 28 April, the fiancé minister agreed to sign competent authority agreements at the OECD Global Forum meeting in Berlin in October, together with other early adopter countries and jurisdictions. This will give effect to the new standard.