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The European Council has removed Seychelles from the EU’s list of non-cooperative jurisdictions for tax purposes. The Seychelles’ Finance Minister expressed satisfaction with this development, noting that it reflects Seychelles’ commitment to tax transparency. The country had been previously rated as “partially compliant” by the Global Forum but has since made progress in addressing the EU’s concerns. The removal from the blacklist is expected to alleviate pressures on Seychelles’ financial sector, especially concerning banking relationships. Seychelles has been actively urging for a review of the assessment methodology to ensure fair and current reflection of a country’s compliance. Seychelles’ efforts include a demonstration to the OECD of their progress in meeting transparency standards, which has resulted in the country moving from the blacklist to a watchlist. This watchlist is for jurisdictions that are enacting tax reforms and are monitored closely. The EU updates this list biannually, with Seychelles aiming for an improved compliance rating by 2025. The country is set to undergo a supplementary review in 2024. The previous blacklisting was partly due to issues with a single Registered Agent in 2018, which was linked to the Panama Papers. Seychelles is committed to ongoing reforms to meet international standards and is working towards ensuring its legal frameworks are robust and compliant with global norms. The Corruptions Perceptions Index 2023 issued by Transparency International on the 30th January 2024 placed Seychelles 20th worldwide, the same rank as the United Kingdom and France, and (still) top in the sub-Saharan Africa region. Links: https://www.consilium.europa.eu/en/policies/eu-list-of-non-cooperative-jurisdictions/?utm_source=x.com&utm_medium=social&utm_campaign=20240220-tax&utm_content=visual-cardhttps://www.transparency.org/en/cpi/2023/index/lva

Kazakhstan and Seychelles have signed an Agreement on mutual visa exemption, allowing citizens from both nations to travel visa-free for up to 30 days every six months. The agreement, signed during discussions between Kazakhstan’s Minister of Foreign Affairs, Murat Nurtleu, and Seychelles’ Minister of Foreign Affairs and Tourism, Sylvestre Radegonde, at the 78th session of the UN General Assembly, signifies a commitment to bolster bilateral relations and promote tourism and economic cooperation. The accord is seen as a strategic step to enhance people-to-people interactions, business collaborations, and cultural exchanges. Kazakhstan, emphasizing its growing cooperation with African countries, sees this as a significant move to deepen ties with Seychelles and the African continent. The Agreement will be effective 30 days after the receipt of the final written notifications by both nations, indicating the completion of internal state procedures for its enactment. This progressive development heralds a new era of diplomatic cooperation and travel convenience between Kazakhstan and Seychelles.