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Post-negotiations of Indian tax treaties: Mauritius sizzles as the preferred jurisdiction for investment in India

10th May 2016 was marked by the culmination of negotiations surrounding the India-Mauritius1 Double Taxation Avoidance Agreement (“DTAA”) when a protocol amending the DTAA was signed by both states. Shortly afterwards, the Indian authorities who have embarked on a crusade to overhaul their international tax treaty regime, wrapped up negotiations with Cyprus on 18th November 2016 when a revised India-Cyprus DTAA was signed, followed by the conclusion of a protocol amending the DTAA between India-Singapore on 30th December 2016.

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OECD’S Common Reporting Standard Effective as from 01 January 2017 in Mauritius

As you are aware, the OECD’s Standard for Automatic Exchange of Financial Account Information (“Standard”), also referred to as the Common Reporting Standard (“CRS”) will become effective in Mauritius as from 01 January 2017.

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Tax Holidays Granted to FSC Licensees

The avant-gardist mindset instilled by its leaders and the inexorable drive to promote Africa to international investors have positioned Mauritius as the business center of excellence for the region…

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Moving to Mauritius

Mark Twain, once said that “Mauritius was made first, then heaven was copied from it”, and anyone who has visited the island would no doubt agree with him. Mauritius is renowned as a place to enjoy one’s holidays for its white sandy beaches and blue lagoons. While this is still the case, with the growing number of foreigners settling in Mauritius, it is a fact that the island is also seen as the ideal place to set up one’s home.

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Budget Brief 2016-17

Honourable Pravind Kumar Jugnauth, the newly appointed Minister of Finance and Economic Development presented his budget on the 29th July 2016. Against the backdrop of a sluggish global economy imbued with uncertainties, the Government has put forward bold measures that are expected to give new impetus to the local economy. This year’s budget rests on ten key strategies;

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Protocol amending the India-Mauritius Double Taxation Avoidance Agreement (DTAA)

The India-Mauritius DTAA was executed by the two Contracting States on 24th August 1982 and entered into force in Mauritius on 1st July 1983. A protocol (the “Protocol”) amending the DTAA was signed by both states on 10th May 2016 ahead of the implementation of the Indian General Anti-Avoidance Rules on 1st April 2017. The Protocol is yet to be ratified by both Contracting States and has not yet come into effect.

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Smart City Scheme

In March 2015, the Minister of Finance and Economic Development, Honourable Mr. Vishnu Lutchmeenaraidoo, announced in his budget speech, the advent of 13 employment-rich mega infrastructure projects that will be developed across Mauritius under the Smart City Scheme (SCS).

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The new Double Taxation Agreement (DTA) between South Africa and Mauritius

The existing Mauritius-South Africa Double Taxation Agreement (“the existing DTA”) was signed by the two contracting states on 5th July 1996 and came into force in 1998. A new Double Taxation Agreement (“new DTA”) was signed on 17th May 2013. It has been ratified by both countries and it is expected that the new DTA will enter in force with effect from 1st January 2016 in both Mauritius and in South Africa.

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FSC Mauritius issues Circular Letter and FAQ on Competency Standards

The Financial Services Commission ("FSC") has issued a Circular Letter (CL250315) in relation to the applicability of the Compentency Standards for a CIS Manager engaged in the management of a Collective Investment Scheme or a Closed-End Fund targeting expert and/or sophisticated investors. Also the FSC has issued a "FAQs" on the Competency Standards following queries/questions received from various stakeholders in the industry.

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Budget Brief 2015-16

The first budget of the newly elected government was presented by the Honourable Minister of Finance and Economic Development, Mr. Seetanah Luchmeenaraidoo on 23rd March 2015. The budget promotes a more conducive and business-friendly environment as well as tackle social inequality and injustice. It is also expected to help the economy achieve a growth rate of more than 5%.

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