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Exchange of Information – Mauritius Perspective

Exchange of Information – Mauritius Perspective. M Mosafeer Director Large Taxpayers Department & International Taxation Unit IFA Conference, May 2012. AGENDA. Legal Provisions for EOI Mauritius Combined Peer Review Treaty Update. 1. Legal provisions for eoi. S124 of Income Tax Act

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Exchange of Information – Mauritius Perspective

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  1. Exchange of Information – Mauritius Perspective M Mosafeer Director Large Taxpayers Department & International Taxation Unit IFA Conference, May 2012

  2. AGENDA • Legal Provisions for EOI • Mauritius Combined Peer Review • Treaty Update

  3. 1. Legal provisions for eoi • S124 of Income Tax Act • Obligation to furnish information “Notwithstanding section 44(6) of the Financial Services Act 2007, every person, when so required by the Director-General, shall, within the time fixed by the Director-General, give orally or in writing, as may be required, all such information as may be demanded of him by the Director-General for the purpose of enabling the Director-General – • to make an assessment or to collect tax; or • to comply with any request for the exchange of information under an arrangement made pursuant to section 76.

  4. Legal provisions for EOI (Contd) • S64 of Banking Act (15) This section shall be without prejudice to the obligations of Mauritius under any international treaty, convention or agreement and to the obligations of the central bank …………

  5. Legal provisions for EOI (Contd) S74 of Income Tax Act Arrangements for relief from Double Taxation and for The Exchange of Information • The Minister may enter into arrangements with the government of a foreign country – • with a view to affording relief from double taxation in relation to foreign tax imposed by the laws of that country and income tax; or • For the exchange of information with a view to assisting – • in the determination of credits and exemptions in respect of income tax and foreign tax; • in the prevention of fraud; or • in the administration of the laws in relation to income tax and foreign tax.

  6. Legal provisions for EOI (Contd.) S76 (contd.) • Where an arrangement is made under subsection (1), the obligations as to secrecy imposed under section 154 shall not prevent the Director-General from disclosing to an officer authorised by the government with which the arrangement is made such information as is required to be disclosed under the arrangement.

  7. 2. Mauritius Combined Peer Review • Initial Review • Combined Phase 1 and 2 review carried out in June 2010 • Review report published in January 2011 • Review determinations: • All elements found to be in place except the element relating to the keeping of reliable accounting records by entities. • Element not in place concerned GBC2 companies that were required to prepare only annual financial summaries. • Underlying documentation to be kept by trusts and sociétés.

  8. Mauritius Combined Peer review(Contd) • Remedial Action • ITA amended in December 2010 to require keeping of underlying documentation by all persons deriving income including trusts and societés. • Companies Act amended in July 2011 to require GBC2 companies to keep full accounting records and underlying documentation.

  9. Mauritius Combined Peer review(Contd.) • Supplementary Review Report • Supplementary peer review report published in October 2011 determining all elements to be in place; some need improvements. The report recognises that “Mauritius is putting in place a national strategy for an efficient exchange of information system, and answers most requests within 90 days. The competent authority (Mauritius Revenue Authority) has created a team of professionals to answer exchange of information requests and is enhancing their professional capacities and methods to cope with difficult cases or complex requests”.

  10. Outcomes of peer reviews of jurisdictions Source: OECD Press Release April 2012

  11. 3. Treaty update • 36 DTA in force • (Details available on www.mra.mu) • 9 DTA awaiting ratification • (Malawi, Nigeria, Egypt, Kenya, Ghana, Monaco, Congo, Russia and Zambia) • 12 DTA being negotiated • (Canada, Greece, Portugal, Czech Republic, Iran, Burkina Faso, Algeria, Yemen, Saudi Arabia, Vietnam, St. Kitts, Tanzania) • 1 TIEA in force • Australia • 9 TIEA awaiting ratification • (Nordic Countries (Denmark, Finland, Faroe Islands, Greenland Iceland, Norway), Guernsey, Greece, Isle of Man) • 5 TIEA being negotiated • (Netherlands, St. Lucia, Argentina, Samoa Island & Austria)

  12. Treaty update (contd.) • Article 26 UpdatedBeing updated >China >Botswana >Uk >Mozambique >France >Malaysia >Italy >Luxembourg >Seychelles >Belgium

  13. Treaty update (Contd.) • New DTA negotiated with existing partners • Germany • South Africa • Sweden

  14. Treaty update (Contd.) • The Convention on Mutual Administrative Assistance in Tax Matters. • A multilateral agreement designed by the OECD to promote international cooperation in the assessment and collection of taxes, in particular with a view to combating tax avoidance and evasion. • Mauritius soon to sign the Convention.

  15. Conclusion • Mauritius committed to the concepts of transparency and effective exchange of information. Adheres to international standards on transparency & exchange of information set by OECD • Continue to widen its treaty network • Ensure information is exchanged effectively within agreed timelines.

  16. Thank You

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