Mauritius is an international financial centre of repute – not a tax haven!

In the aftermath of the ‘’Paradise Papers’’, the Hon. Prime Minister of Mauritius issued a strong statement on 9 November 2017 to forcefully refute the unfounded allegations levelled against the Mauritius jurisdiction.  He states that “Mauritius has been falsely described as a tax haven and a place which promotes an environment of secrecy.”

It should be remembered that in August 2017, the OECD Global Forum, which conducts peer reviews aimed at assessing compliance of countries with international standards for the exchange of information, granted an overall rating of Compliant to Mauritius. According to the Hon. Prime Minister, “this is proof of our transparency and robustness of our information exchange system’’.

Indeed, Mauritius already shares information automatically under the FATCA and has committed to exchange information automatically under the CRS as from 2018. This is over and above the existing provisions to exchange information on bilateral basis with its treaty partners and the ability to obtain information following due legal process.

Mauritius has also fully subscribed to the Base Erosion Profit Shifting (BEPS) project of the OECD and has joined the inclusive framework to implement the BEPS minimum standards in all of its bilateral tax treaties. It is also working closely with the OECD and EU to eliminate any aspect of its tax system which may be considered to be harmful.

Last but not least, as a member of the Eastern and Southern Africa Anti-Money Laundering Group and Mauritius has adopted norms of international standards in respect of the preventing of Money Laundering and other forms of financial crime.

Through the combination of its good governance, legal and regulatory framework, ease of doing business, quality of its human capital and other attributes, Mauritius has established itself as a compelling jurisdiction for doing business in Africa. In doing so, Mauritius, an African country itself, sees itself as contributing and partnering in the further development of the continent for the prosperity of its African brothers and sisters.

You can access the full statement of the Prime Minister by clicking here.