TJN: UAE and Mauritius are the most Corrosive Corporate Tax Havens against African Countries

The Corporate Tax Haven Index (CTHI) by Tax Justice Network launched yesterday shows how the United Arab Emirates (UAE) and Mauritius are among the most corrosive corporate tax havens against African countries.

KPMG ConsumerCurrents Issue 25

Pernod Ricard: Pernod Ricard Chairman and CEO Alexandre Ricard on being obsessed about customers

Platform businesses: How platform models across the globe are transforming the way we shop

Sin taxes: Public health concerns are encouraging growth in taxes on our ‘vices’. But do these levies actually change behavior?

Product launches: Why innovation should be a predictable process

Case study: Will a new hotel in Detroit help upscale goods company Shinola offer consumers a complete brand experience?

Counterfeit products: How to combat the global scourge of fake food

Lessons from other industries: What the video game industry can teach you about user experience

ESAAMLG: FUR MAURITIUS- APRIL 2019.

This report sets out Mauritius' progress in strengthening anti-money laundering and counter terrorist financing measures since their 2018 assessment. Since its 2018 mutual evaluation, Mauritius has made progress in addressing deficiencies; the ESAAMLG has re-rated the country on 11 of the 40 Recommendations.

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Bombay High Court adds to Uncertainty Surrounding Mauritius Treaty Benefits

A recent Bombay High Court ruling unsettles the widely accepted position that the existence of a valid Tax Residency Certificate would be sufficient for a Mauritius based seller to claim treaty benefits for capital gains arising from the sale of investments acquired on or before 31 March 2017.

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P3 Audit Report Mauritius

P3 communications GmbH tested and measured the performance of its voice and data services on smartphones in comparison to other LTE/UMTS/GSM mobile radio networks in metropolitan and rural areas of Mauritius. 

The audit was done as a performance benchmark performed by P3 communications between 07.03.2019 and 16.03.2019 in cities and towns as well as on connection roads. 

Dedicated measurements have been executed as drive tests outdoors using a Samsung Galaxy S8 cat16 Smartphone 1000 Mbit/s Download / 105 Mbit/s Upload. 

All data measurements have been performed in 4G preferred mode. Voice measurements have been done in 4G/4G preferred mode on both sides, while call origin has been alternated.

the Wolfsberg Group: Guidance on Customer Tax Evasion

The Wolfsberg Group is pleased to publish its Guidance on Customer Tax Evasion, which is designed to provide Financial Institutions (FIs) with an industry perspective on how to develop, implement and maintain an effective anti-tax evasion compliance programme. The overall objective of the Guidance is to promote a culture of ethical business practices and compliance with legal and regulatory requirements related to the prevention of tax evasion, including the facilitation thereof, and to help FIs prevent the use of their operations for criminal purposes. It is the Group’s view that an effective compliance programme should leverage existing financial crime compliance, conduct and tax (including tax transparency regimes) procedures and controls, in order to address the risks of customer tax evasion, and the facilitation thereof.

The Group acknowledges that while tax evasion facilitation risk is distinct from the underlying predicate offence (i.e. not governed by money laundering regulations), Anti Money Laundering (AML) controls and procedures play an important role in the identification of tax evasion facilitation and it may, therefore, be fitting to consider both in tandem. This publication should be read in conjunction with applicable guidance issued by authorities in jurisdictions where an FI conducts business.

As FIs operate under a wide range of legal and regulatory environments, and have differing risk appetites and business structures, this Guidance should not be read as recommending a mandatory approach for all elements contained herein. There are a number of ways FIs can seek to adhere to the various documents published by the Wolfsberg Group. However, the means by which each FI choses to adopt these documents must make sense for each individual firm, recognising that one size doesn't fit all and that each FI's risk mitigation strategy must be tailored to meet its risk appetite.

AMLCop, the World's Most Advanced Anti-Money Laundering Service

AMLCop offers an advanced anti-money laundering software solution to streamline the verification of user details against a proprietary database of global sanctions, Politically Exposed Persons (PEPs), and watchlists.

SRA: A thematic review of trust and company service providers

Money laundering is not a victimless crime. It is used to fund terrorists and facilitates drug dealers and people traffickers, as well as a range of other criminal activity. The credibility of solicitors and the services they offer makes them an attractive target for criminals, who want to launder their gains. Solicitors have a vital role - and opportunity - to help tackle the problem.

The creation and administration of trusts and companies on behalf of clients has been highlighted by the government as one of the legal service areas at highest risk of exploitation by criminals. We agree with this assessment and it is reflected in our sectoral risk assessment. We have produced this document to set out information on money laundering and terrorist financing risks that we consider relevant to those we supervise.

Trusts and companies are attractive to money launderers because individuals can:

• obscure the beneficial ownership and control of assets and wealth
• create and control multiple legal entities at a relatively low cost
• create complex and opaque structures
• operate across multiple jurisdictions
• avoid tax or duties.

They are the vehicle of choice for the legitimate investment and business world, however criminals may use them to add a veneer of legitimacy to illegal transactions.

The government is committed to disrupting and stopping money launderers and continuing to develop anti-money laundering (AML) and counter terrorist financing (CTF) requirements to monitor, assess and mitigate the risks posed by these vehicles.

Raconteur: Artificial Intelligence for Business 2019

Will computers ever see the world like us? What if machines could teach themselves? And what new jobs will be available to humans once the mundane has been automated? The Artificial Intelligence for Business special report tackles all these questions and more. It explores the real value artificial intelligence (AI) can bring if business leaders can look beyond the hype, the ways in which AI is being used for social good and the ways in which it is learning to mimic human creativity. Also featured is comment on how the c-suite must take responsibility for educating themselves and providing proper AI training and an infographic examining which countries are really driving innovation in this area.

Mauritius: FSC Consultation Paper on administrative penalties

Section 7 (1) (c) (v) of the FSA relates to the power of the Commission to impose administrative penalties (“APs”) on licensees as an administrative sanction. To ensure appropriate use of this power, the Commission intends to establish a framework based on which it will impose APs for breaches of legislation as well as Rules, Regulations and Guidelines made thereunder including Licensing Conditions. APs will thus complement the existing panoply of administrative sanctions available to the Commission.

This Consultation Paper (“CP”) sets out the proposed approach to be taken by the Commission in relation to APs.

KPMG India Tax Flash News: Indostar Capital v. ACIT (Writ Petition No. 3296 of 2018)

The Bombay High Court quashes tax officer’s order denying nil withholding tax certificate in respect of capital gains under the India-Mauritius tax treaty - Indostar Capital v. ACIT (Writ Petition No. 3296 of 2018)

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FSC Mauritius issues Consultation Paper on Global Shared Services

The Financial Services Commission, Mauritius is issuing this consultation paper on the introduction of a regulatory framework for Global Shared Services and invites comments from industry participants and the public on the framework of this new business activity.

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