The Government of Mauritius has taken several initiatives to ensure that the Global Business Sector generates substance and value added and to uphold its positive reputation.
Some OECD countries were holding the offshore centres as being partly responsible for the financial crisis. This could have resulted in a new list of tax havens. The Mauritian government made its case, with actions on all fronts, including strengthening the legal and regulatory framework and also using economic diplomacy. The Income Tax Act was amended to allow for an exchange of information on persons who are not tax residents and to keep money launderers off Mauritius.
The Minister of Finance is confident that the Financial Services Commission (FSC) is enhancing its processes for securing proper and adequate information on those who do business in Mauritius and that it is creating better capacity to exchange information with foreign authorities when required.
With right policy responses and economic diplomacy, the Mauritian government averted what could have been a severe blow to its global business center – the blacklisting of Mauritius as a tax haven by the OECD. Instead, Mauritius has graduated to the white list of clean, transparent, cooperative and compliant jurisdictions.
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