- 15 December, 2017: Mauritius has been falsely described as a tax haven country as it has a compliant jurisdiction with sound regulatory practices that conform to international standards.
This statement was made by the Minister of Financial Services and Good Governance, Mr Dharmendar Sesungkur, during a press conference yesterday at the seat of the Ministry in Ebène to give an overview of the achievements of the Ministry.
The overall rating of ‘Compliant’ which has been given to Mauritius by the Organisation for Economic Cooperation and Development Global Forum on Transparency and Exchange of Information for Tax Purposes in 2017, bears testimony of the transparency of the exchange of information system, underscored the Minister.
He further underlined that the World Bank in its latest report on Ease of Doing Business, has acknowledged Mauritius’ efforts in improving its investment environment and has ranked the country 25th globally and first in the African region. Mauritius is called upon to be an international financial centre that will promote cross-border investments in the African region, he added.
As regards the ventures of the Ministry to reinforce capacities and resources in the financial services sector, Minister Sesungkur underscored that the Financial Services Commission has appointed a Chief Executive Officer and the State Insurance Company of Mauritius Ltd has set up a new board. New posts are also being advertised in these institutions, pointed out the Minister.
He underlined that all financial institutions under the aegis of the Ministry have to perform satisfactorily to promote the financial services sector and thus drive the Mauritian economy forward in the league of high-income countries.
Minister Sesungkur also announced the following forthcoming projects to re-engineer the sector: the implementation of a blueprint; the transformation of Mauritius to a Fintech Hub; the setting up of the Office of Good Governance to ensure good governance practices.
He further mentioned the coming up of an Excellence Award targeted at all parastatal bodies and Ministries that will endorse a culture of good governance as well as an upcoming programme to educate people on the ways to generate income through investment activities.
The Minister also gave a brief overview of his recent mission to India where he had fruitful discussions with the Bombay Stock Exchange so as to better promote the financial services sector.
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