A meeting of paramount importance was held under the aegis of the Ministry of Finance, last Tuesday, on 22 February 2011 regarding an enhanced collaboration between GIIF and the main Government stakeholders.
In this context, key representatives of the Ministry Of Finance (MOF), Board of Investment (BOI), Mauritius Revenue Authority (MRA), the Financial Services Commission (FSC), and the Ministry of Foreign Affairs were present in order to elaborate a proper framework to channel GIIF’s views to Government regarding key industry related issues.
GIIF’s inception and organisational structure
The Ministry of Finance welcomed the inception of GIIF at a very timely moment for the sector in the wake of important challenges looming ahead for the industry. This meeting would pave the way to future ongoing Private/Public sector collaboration after deciding upon the framework which the said collaboration would take. GIIF would represent the Private Sector in this regard.
Attendees were first informed of GIIF’s compostion, namely the respective identity of its trustees and its enforcer, as well as the nature of its membership base. The names of those present on GIIF’s Advisory Council were also disclosed, with emphasis being laid upon their expertise and international recognition in relevant fields, which revolve mainly around international and corporate taxation. Those present were also informed about GIIF’s weekly operational meetings on Wednesdays together with the participation of the ATMC in those meetings.
GIIF Technical Sub-Committees
The attendees took cognisance of the various Sub-Committees which had been set up under GIIF and which are dedicated to key industry issues which have been identified by our esteemed members:
Ø Financial Products (and a specific sub-committee for GBC2s);
Ø Double Taxation Treaties (DTAs);
Ø International Cooperation & Assessment;
Ø Communication;
Ø Promotion & Marketing;
Ø Limited Partnership & Foundation Bills (pending since the last 10 years);
Ø Competitiveness & Sustainability of our Financial Services Industry;
Ø DTC and India initiative
The Ministry of Finance acknowledged the importance of these technical Sub-Committees and the work that they had already been initiated.
Direct Taxes Codes (DTC)
The attendees were also apprised of the latest developments regarding GIIF’s initiatives on the above-mentioned issue, namely reference was made to the documents which had been sent to the Standing Committee in India. It was explained that GIIF was now expecting to depone in India before the Standing Committee after having successfully completed its DTC Master Document with the precious help of its prominent Advisory Council members. This Master Document will also be used as and when required by various stakeholders, especially in view of the eventual publication of the GAAR guidelines. The completion of this Master Document is further testimony of the efficacy GIIF’s actions.
Way forward
The Ministry of Finance informed the attendees that the next meeting would be very focused and technical, with an agenda and a list of technical committees which would be set up in order to tackle all urgent issues. The coordination will be done by the Ministry of Finance and these technical committees will not necessarily be chaired by Public sector representatives.
GIIF has been invited to a first technical meeting at the office of the Ministry of Finance on the 3rd March 2011, further to this initial meeting. It is to be noted and clearly understood that main strategic decisions regarding the industry will be taken only after close consultation with GIIF.
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