Implementation of the Common Reporting Standard (“CRS”) for Automatic Exchange of Information in Mauritius
CRS is a global information exchange regime developed to facilitate and standardise the automatic exchange of information among participating jurisdictions. Mauritius has implemented CRS in its local legislation and issued a Guidance Note which aims at providing practical assistance to financial institutions, businesses, advisers and officials dealing with the implementation of CRS.
What are the salient features?
- Under CRS, Mauritius’ financial institutions will have to report annually to the Mauritius Revenue Authority (MRA) on the financial accounts held by non-residents for eventual exchange with relevant treaty partners. The first reporting period ends on 31 December 2017 and will have to be made to the MRA by 31 July 2018 for eventual exchange with the relevant treaty partners by 30 September 2018.
- Under CRS, financial institutions will have to carry out due diligence procedures to identify reportable financial accounts on residence basis. A distinction is made between individual and entity accounts and between pre-existing and new accounts. Distinction will also be made between low value and high value accounts (> USD 250,000).
- The time table that Mauritius has committed to is: -
- The due diligence procedures for identifying high-value pre-existing individual accounts will be required to be completed by 31 December 2017, while the due diligence for low-value pre-existing individual accounts and for entity accounts will be required to be completed by 31 December 2018.
- The first exchange of information in relation to new accounts and pre-existing individual high value accounts will take place by the end of September 2018.
- Information about pre-existing individual low-value accounts and entity accounts will either first be exchanged by the end of September 2018 or September 2019 depending on when financial institutions identify them as reportable accounts.
How can Cim Global Business help you to meet your CRS’ requirements?
Cim Global Business has worked closely with the Mauritius Revenue Authority regarding the implementation of CRS in Mauritius. Our team is well-versed with CRS requirements and we are pleased to provide you with an end-to-end solution which consists of the following services:
- Determine CRS classification
- Assist financial institutions with submission to the MRA (including tracking of the registration process)
- Compile and monitor due diligence on the investors, beneficial owners and income/payments made by the financial institutions
- Conduct reporting with the MRA, as per the relevant requirements and verify proper submission of reports
- Follow-up requests to be sent to investors and beneficial owners on a yearly basis in relation to their classification
- Conduct CRS periodic reviews
For more information please contact:
Head of Tax and Corporate Structuring
Cim Global Business
Tel: +230 213 8924
Cim Fiduciary Administration Services Ltd
Tel: +230 213 9902