Seychelles signs Double Taxation Avoidance Agreement with Kenya
Seychelles and Kenya have strengthened the framework for better trade opportunities in the future. This comes as Minister for Foreign Affairs, Jean-Paul Adam has signed a Double Taxation Avoidance Agreement (DTAA) on behalf of the Government of Seychelles with H. E. Mr Henry Rotich, Cabinet Secretary of the National Treasury of the Republic of Kenya on Monday 17th March 2014.
The signing was one the landmark events of the official visit undertaken by Minister Adam is Republic of Kenya. The signing took place in the presence of the H. E. Mrs Amina Mohamed, Cabinet Secretary for Foreign Affairs of the Republic of Kenya, viewing the event as a “means through which a proper environment is being established for our investors to invest and trade with one another other on a more frequent basis and with greater ease.”
The Ministers noted the visa exemption, which exists between the two countries. It is anticipated that the signature of the DTAA alongside the current visa exemption will help tenfold in the increase of trade flows between Seychelles and Kenya.
The agreement was signed after the initialling of the text at a technical level in 2011. The Chairman of the Seychelles Chamber of Commerce and Industry, Mr Marco Francis who is accompanying the Minister welcomed the signing of the agreement.
The Seychellois delegation also had a working breakfast meeting with the Kenyan private sector where discussions were held on partnerships to be developed in several key areas including tourism, fisheries, the Blue Economy and increasing imports and exports between the countries. As Kenya is also developing a special free trade zone, opportunities abound to use the newly signed DTAA to connect Seychelles and Kenya and also provide access to the wider Common Market for Eastern and Southern Africa (COMESA) region as well as excellent access through Seychelles to the Far East.
The representatives of the private sector agreed to work towards better connecting businessmen through the establishment of a Seychelles-Kenya business forum.