The Seychelles Revenue Commission (SRC), has last week, welcomed Mr. Ashish Heliwal on his second work mission in the Seychelles, under the Tax Inspectors Without Borders (TIWB) Programme.

Following his last visit in October 2023, Mr. Heliwal has this time further extended his expertise in transfer pricing policies and regulations by hosting a dedicated training to a team of over twenty officers hailing from the audit and international tax unit.

Being a ‘Transfer Pricing’ expert in the field of taxation, Mr. Heliwal has throughout the sessions delivered  shared his wealth of knowledge on the transfer pricing “arm’s length principle” in addition to providing insight on the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations for the valuation of cross-border transactions between associated enterprises, and the transfer pricing methods relating to various situations for application by both taxpayers and auditors.

To note in his mission in October 2023, Mr. Heliwal worked closely with the SRC tax auditors and intelligence officers, about how to conduct the transfer pricing audits and use various interview techniques to request information, ways of drafting letters to taxpayers understanding the benchmarks and methods used to attain certain transfer pricing percentage, basis of transfer pricing, amongst others.

Aside from the training held with SRC officers which took place on Tuesday 30 and Wednesday, 31 January 2024 at the Citizens Engagement Platform Seychelles (CEPS) conference room, Mr. Heliwal also had the opportunity to meet and also engage in discussion with key representatives from the Ministry of Finance, National Planning and Trade about his mission and the way forward.

Mr. Heliwal is expected to return back to the Seychelles during the second quarter of 2024, paving to review and monitor the full implementation of the Commissions’ transfer pricing initiatives.