Republic of Mauritius- Mauritius remains a great place to grow businesses, states Minister Sesungkur

​GIS
– 10 May 2019: Government is committed, through
global initiatives and collaborative partnerships such as the International
Fiscal Association (IFA), to address the challenges of a digital economy so
that Mauritius remains a great place to work, play and grow businesses.

The Minister of Financial Services and
Good Governance, Mr Dharmendar Sesungkur, made this statement, yesterday, at
Sofitel Mauritius L’Impérial Resort and Spa, in Flic en Flac. He was speaking
at the opening ceremony of the 13^th Asia/Africa IFA Conference 2019,
which is being held from 09 to 10 May 2019.

In his address, the Minister said that
the local Financial Services sector is currently being revamped, and major
amendments have been brought to the legal as well as regulatory framework. This
policy, he added, paves the way to building its reputation as a jurisdiction of
substance and as a springboard for the investors throughout the world. To this
end, a Blueprint has been mapped to define the strategy of Mauritius as an
International Financial Centre which will ensure compliance with the best
international norms and standards established by the Organisation for Economic
Co-operation and Development, he stated.

Speaking about the Base Erosion and
Profit Shifting (BEPS) Action Plan, Minister Sesungkur indicated that it
supports and strengthens the determination of the local tax authorities to
bring evaders into the net and claim profit that is rightfully ours. The Action
Plan, he recalled, is giving a boost to the tax man in his strenuous efforts to
stop corporate profits from disappearing or artificially shifting to low or
no-tax countries.  Such actions, he said,
undeniably result in greater confidence and trust for consumers and
investors. 

Out the 15 Actions of the BEPS, Action
5, he added, presents a great opportunity to attract more
international investors seeking to meet the new substance requirements to establish
their base in Mauritius thereby taking advantage of our quality work
force, well-developed infrastructure, network of double taxation and bilateral
investment protection treaties.  In turn,
he said, the Mauritian economy benefits by job creation and a more skilled
workforce.

13^th
Asia/Africa IFA Conference 2019

The two-day conference, currently
being held in Mauritius, aims to help in bringing experts on a same platform to
exchange views and agree on concerted and coherent action to avoid double or
over-taxation. Inputs will contribute to formulate better policies so as to
create the appropriate ecosystem to allow legitimate ambitions of businesses
and individuals to blossom and flourish. 

Some of the topics of discussion
include Taxation of Digital Economy; Blockchain implementation; Private wealth
and family offices; and Post-BEPS tax reforms in Mauritius: addressing harmful
tax practices.