OECD latest report on Peer Review Results on Preferential Regimes
Peter Nagle, Country Head - Mauritius
On 15 th of November 2018, the Organisation for Economic Co-operation and Development (OECD) has released its report on Peer Review Results in its assessment of harmful tax practices of Preferential Regimes in 53 jurisdictions.
The report shows clearly that Mauritius meets all the international requirements of the BEPS Action 5 and therefore does not have any harmful practices in its tax regimes. The following local tax regimes were reviewed by the OECD Forum on Harmful Tax Practices (FHTP):
- Category 1 and Category 2 Global Business companies;
- Banks, as regard their foreign source income also known as segment B income;
- Captive Insurance;
- Partial Exemption System;
- The newly introduced tax regime for banks;
- Global Headquarters Administration;
- Global Treasury Activities;
- Investment Banking; and
In October 2018, a Mauritius delegation extensively presented and deliberated on the reforms which have been carried out with respect to the Global Business sector, the Banking sector and the introduction of the Partial Exemption System, amongst others, at the last meeting of the OECD’s FHTP held in Paris. The Mauritius delegation comprised Dr Renganaden Padayachy, First Deputy Governor of the Bank of Mauritius and Chairman of the FSC; Mr Harvesh Seegolam, Chief Executive of the FSC; Me Rajesh Ramloll SC, Deputy Solicitor General, Attorney General's Office; a representative of the Mauritius Revenue Authority and a representative of the Ministry of Finance and Economic Development. Mauritius remains committed to uphold its adherence to international norms and best practices; and the FSC as regulator for the non-bank financial services sector and Global Business, will continue to monitor and supervise the new regimes in line with its mandate. The full OECD report can be accessed here.
If you would like more information on SANNE and our business in Mauritius, please contact Peter Nagle, Country Head.
This press release was published by the Financial Services Commission in Mauritius.