GIS - 11 October, 2019: Mauritius has been declared compliant with European Union (EU) Tax Good Governance Principles by the Economic and Financial Affairs Council of the EU, according to a communique released by the Financial Services Commission on 10 October 2019.
The communique notes that the Council has found Mauritius to be compliant with all commitments on tax cooperation and that Mauritius has implemented ahead of schedule all necessary reforms to comply with EU tax good governance principles.
It is recalled that Mauritius adopted on 25 July 2019 its Finance Bill 2019 and on 16 August 2019 additional regulations that amended the legislation applicable to its Freeport zone and Partial Exemption regimes. Consequently, the EU Code of Conduct Group at its meeting of 13 September 2019 assessed these amendments and concluded that Mauritius has met its commitments to address the deficiencies identified.
Moreover, substance requirements have been introduced and the issue of lack of anti-abuse rules has been addressed by the introduction of Controlled Foreign Companies rules broadly aligned with those of EU's anti-tax avoidance directive.
This recognition by the EU further consolidates Mauritius’ position as a trusted, globally recognised and well-regulated financial centre in line with the country’s established 10-year plan.
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