Mauritius’s Financial Services Commission (FSC) has spoken out after an Oxfam policy paper gave the jurisdiction a tax haven label, which the Financial Services Promotion Agency (FSPA) has also publically repudiated.
The FSPA and FSC have both stated that it is an unfounded claim to give Mauritius tax haven status, especially as the jurisdiction has evidently implemented all the global reporting standards regarding tax matters and always followed a policy of transparency and the full exchange of information.
Additionally, 2015, Mauritius signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, developed by the OECD (Organisation for Economic Cooperation & Development). Mauritius has always been committed to the early adoption of the Common Reporting Standard regarding the automatic exchange of financial accounting information.
Additionally, the FSC also noted that Mauritius was the first African jurisdiction to sign an intergovernmental agreement for the implementation of the US-led initiative FATCA (Foreign Account Tax Compliance Act), and this year, also committed to follow the OECD’s base erosion and profit shifting recommendations as well as joining the initiative on the exchange of beneficial ownership information.