Mauritius has been acclaimed for its continued commitment to implement the international standards of transparency and exchange of information for tax purposes. The country was rated as an Organisation for Economic Cooperation and Development (OECD) Compliant jurisdiction on 21 August 2017 by the Global Forum on Transparency and Exchange of Information for Tax Purposes.
The Global Forum conducted an enhanced peer review process aimed at assessing compliance with international standards for the exchange of information on request between tax authorities. After a thorough process during which the Global Forum assessed the legal and regulatory framework for information exchange (Phase 1), as well as, the actual practices and procedures (Phase 2), Mauritius has been classified as compliant with international standards and norms regarding transparency and exchange of information for tax purposes.
The Forum reviewed exchange of information practices through combined peer review reports in ten jurisdictions. Three jurisdictions namely Mauritius, Ireland and Norway received an overall rating of “Compliant” while six others that is Australia, Bermuda, Canada, Cayman Islands, Germany and Qatar were rated “Largely Compliant.” Jamaica was rated “Partially Compliant,” leading the Global Forum to launch a supplementary report on follow-up measures to ensure a higher level of compliance.
According to the survey, Mauritius has over the years continuously upgraded its legal and regulatory framework and ensured the practical implementation of its framework in view of becoming an OECD Compliant jurisdiction. Rated as a Largely Compliant jurisdiction in 2014, Mauritius has implemented a number of measures leading to its upgrade to “Compliant” status.
It further highlighted that Mauritius appears amongst the only 3 jurisdictions (Ireland, Mauritius, Norway) being upgraded after a second round of reviews by the Global Forum in August 2017 and the country upholds its exchange of information practices in line with the best international norms and practices.
The Financial Services Commission, as the integrated regulator for the non-bank financial services sector, is fully committed to abide by international norms and standards to ensure the sound repute and credibility of the Mauritius International Financial Centre.
Global Forum
Global Forum members are working together to monitor and review implementation of the international standard for the automatic exchange of financial account information, under the Common Reporting Standard which will start in September 2017. The monitoring and review process aimed at ensuring the effective and timely delivery of commitments made, the confidentiality of information exchanged and to identify areas where support is needed.
The Forum is assisting developing country members to ensure that they can also receive the benefits of the ongoing global move to automatic exchange of financial account information.
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