The Mauritius IFC: Driving Growth in Africa

The FSC and the Financial Services Promotion Agency (FSPA) issued a joint statement on 16 December 2016 in response to misperceptions and misconceptions about the Mauritius International Financial Centre (Mauritius IFC) reported in a recent Oxfam policy paper on “Tax Battles”.

As a jurisdiction of substance, the Mauritius International Financial Centre (Mauritius IFC) has been instrumental in driving quality investments in Africa, leading to sustained growth and prosperity across the continent. 

Mauritius has over the years:

  1. adopted all of the internationally acclaimed standards in tax matters; 
  2. enabled quality foreign investments in Africa leading to inclusive economic development; 
  3. always practiced a policy of transparency and exchange of information; 
  4. always prone a model for its jurisdiction based on substance; 
  5. adopted a friendly, homogenised and flat system of taxation; and 
  6. a real multi sectoral economic model. Mauritius, as a fully collaborative and responsible international financial centre, has taken significant steps to adhere to international best practices as set by leading globally recognised institutions.

To enhance its transparency and collaboration framework, in June 2015, Mauritius signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, developed by the Organization for Economic Cooperation and Development (OECD). Mauritius is equally a member of the Early Adopters Group committed to the early implementation of the Common Reporting Standard (CRS) on the automatic exchange of financial account information, developed by the OECD. Mauritius is also the first African country to have signed up to the Intergovernmental Agreement with the United States for the implementation of the Foreign Accounts Tax Compliance Act (FATCA). 

Source: Financial Services Commission