A Memorandum of Understanding setting out the framework for effective exchange of Information between the Mauritius Revenue Authority (MRA) and the Financial Services Commission was signed yesterday at the Financial Services Commission (FSC) in Ebène.
The MoU, which is in line with other MoUs amongst regulators and with other agencies, will further reinforce the existing practice of cooperation with the MRA by providing a proper framework for such exchange of information between the two authorities. It contains the usual safeguards relating to confidentiality and other purposes for which the information is used and also contains the conventional clause requiring prior consent before information from one authority is disclosed to a third party. It will also serve in cases where information sought regards entities which are not taxpayers.
Speaking at the signing ceremony, the Chief Executive of the FSC, Mr Milan Meetarbhan, stressed that Mauritius is not only a jurisdiction of substance but also a jurisdiction of sound repute. “This entails compliance with standards set by international standard-setting organisations and compliance with international norms namely relating to the disclosure and exchange of information”, he added.
Mr Meetarbhan further underlined that Mauritius is committed to keep up with international expectations in terms of exchange of information and that over the years, necessary amendments have been brought to the laws for the FSC to provide information in specified circumstances and within certain prescribed parameters. He also underscored that the exchange of information is not just about tax but also contributes to the fight against crime, the fight against money laundering and the fight against financing of terrorism.
For his part, the Director General of the MRA, Mr Sudhamo Lall, pointed out that Mauritius is on the OECD white list of cooperative jurisdictions and that the signing of this MoU with the FSC is another milestone in further enhancing capacity at the MRA.
It will be recalled that the Financial Services Commission, Mauritius has already signed MoUs for the exchange of information with 19 Regulators, both foreign and local.
The MoU, which is in line with other MoUs amongst regulators and with other agencies, will further reinforce the existing practice of cooperation with the MRA by providing a proper framework for such exchange of information between the two authorities. It contains the usual safeguards relating to confidentiality and other purposes for which the information is used and also contains the conventional clause requiring prior consent before information from one authority is disclosed to a third party. It will also serve in cases where information sought regards entities which are not taxpayers.
Speaking at the signing ceremony, the Chief Executive of the FSC, Mr Milan Meetarbhan, stressed that Mauritius is not only a jurisdiction of substance but also a jurisdiction of sound repute. “This entails compliance with standards set by international standard-setting organisations and compliance with international norms namely relating to the disclosure and exchange of information”, he added.
Mr Meetarbhan further underlined that Mauritius is committed to keep up with international expectations in terms of exchange of information and that over the years, necessary amendments have been brought to the laws for the FSC to provide information in specified circumstances and within certain prescribed parameters. He also underscored that the exchange of information is not just about tax but also contributes to the fight against crime, the fight against money laundering and the fight against financing of terrorism.
For his part, the Director General of the MRA, Mr Sudhamo Lall, pointed out that Mauritius is on the OECD white list of cooperative jurisdictions and that the signing of this MoU with the FSC is another milestone in further enhancing capacity at the MRA.
It will be recalled that the Financial Services Commission, Mauritius has already signed MoUs for the exchange of information with 19 Regulators, both foreign and local.
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