Mauritius and Morocco signed on November 25 in Port Louis a Double Taxation Avoidance Agreement (DTAA) that will provide for greater tax certainty for businessmen of the two countries.
The signatories were the Minister of Finance and Economic Development, Mr Vishnu Lutchmeenaraidoo, and the Ambassador of the Kingdom of Morocco to Mauritius, Mr. Mohammed Amar.
The DTAA will give a further spur to the positive evolution of economic ties between the two countries while making clear the taxing rights of Mauritius and Morocco on all forms of income arising from cross-border economic activities between the two countries. By virtue of the agreement double taxation, which is an impediment to cross-border activities, will be eliminated.
In his address Finance Minister Lutchmeenaraidoo highlighted the importance of the DTAA with Morocco which he said will open new avenues of cooperation between the two countries. He also outlined the strategy of closer economic ties with Africa and emphasised the necessity of government-to-government agreements to develop business on the continent.
For his part Ambassador Mohammed Amar announced the opening of an Embassy of the Kingdom of Morocco in Mauritius in the near future and the possibility of the exemption of entry visas for Mauritian citizens travelling to Morocco.
According to him, the DTAA will further foster the exchange of investments between the two countries. He also expressed interest for more Mauritian hotel operators to develop projects in Morocco.