In its aim to becoming the main platform for chanelling investments into Africa, a new DTAA between the Republic of Mauritius and the Republic of Rwanda has now been ratified on 4th August 2014.
The respective Governments of the Republic of Mauritius and the United States of America (USA) signed a Tax Information Exchange Agreement (TIEA) and an Inter-governmental Agreement (IGA), for the implementation of the Foreign Account Tax Compliance Act (FATCA) between the two countries.
In line with the international movement towards more transparency and exchange of information, Mauritius has been constantly implementing steps to enhance its legal and regulatory framework for exchange of information. A testimony to this is the "Largely Compliant" rating attributed to Mauritius by the Organisation for Economic Co-operation and Development's (OECD's) Global Forum on Transparency and Exchange of Information for Tax Purposes.
The Financial Services Commission (‘FSC’) has recently introduced certain new requirements for the conduct of business for a Category 1 Global Business (‘GBC1’) company in Mauritius. This change follows a concerted effort by players of the financial industry and the Government to reinforce the existing control and management requirements and increase the engagement of GBC1 companies in Mauritius. Each GBC1 company wishing to benefit from the advantages offered to such companies or wishing to renew its licence every year while continuing to benefit from these advantages, must comply with these new requirements by 1 January 2015. Advantages includes but not restricted to the benefit that can be derived from Double Taxation Avoidance Agreements (DTAAs).
The agreement provides for the exemption from visa requirement for a maximum of 30 days to citizens of Mauritius visiting China and vice versa.