Alliance Financial Services is a member of

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.

The objective of the FATCA, enacted in March 2010 by the US authorities, is to identify US persons behind foreign financial holdings and communicate their corresponding investment information including account balances and incomes derived from investments to the US Inland Revenue Service (IRS).

The FATCA provides that unless a foreign financial institution (FFI) has an FFI agreement with the USA IRS or is located in a jurisdiction that has an IGA with the USA, a 30 percent withholding tax will be applied to payments of certain US-sourced income such as interests, dividends and insurance premiums made to the FFI.

Under the IGA, the Regulatory Authorities of Mauritius and the USA shall obtain information required on all reportable accounts and shall annually exchange this information on an automatic basis. Individual FFIs will not have to register directly with the US IRS.