Seychelles Imposes Mandatory CRS Obligations for All Financial Institutions
The Seychelles Revenue Commission (SRC) has announced the commencement of a three-phase data collection initiative, beginning with the CRS Obligations Survey and submission of CRS reporting obligation for year 2024. This move comes in response to Seychelles’ “Non-Compliant” rating in the OECD’s 2022 AEOI – CRS Peer Review, particularly concerning the effectiveness of implementation and enforcement.
As of now, all financial institutions in Seychelles are required to
- Register SRC e-platform and submit accurate CRS XML files, by 30th June 2025
- Participate in the CRS survey, with the initial phase deadline set for 3 July 2025.
The goal is to identify the total population of financial institutions operating in Seychelles and enhance compliance ahead of the upcoming onsite peer review on 28 July 2025.
Institutions must register or log in via the SRC onboarding platform and complete the required form under the CRS Obligations Survey. An Excel template for bulk upload has also been provided by the SRC.
The second and third phases of the initiative will target multinational groups and are due by 30 September and 30 November 2025, respectively.
This regulatory development highlights Seychelles’ urgent commitment to improve its standing in the global tax transparency framework. Entities that fail to comply risk regulatory scrutiny and penalties.
How SALVUS Can Help:
SALVUS in cooperation with FINVUS (www.finvus.com) offers seamless support in assessing CRS classification, onboarding for the SRC platform, and preparation of the XML files for submission as per the OECD handbook.
For tailored assistance, contact us at info@salvusfunds.com or visit www.salvusfunds.com.
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