Joint Statement By The FSC & The FSPA

The Mauritius IFC: Driving Growth in Africa

As a jurisdiction of substance, the Mauritius International Financial Centre (Mauritius IFC) has been instrumental in driving quality investments in Africa, leading to sustained growth and prosperity across the continent.

It is therefore with deep regret that we take note of the misperceptions and misconceptions about the Mauritius IFC reported in the Oxfam policy paper on "Tax Battles" published on the 12th of December 2016.

It is unfounded to claim that Mauritius is a tax haven when the country has:

adopted all of the internationally acclaimed standards in tax matters; enabled quality foreign investments in Africa leading to inclusive economic development; always practiced a policy of transparency and exchange of information; always prone a model for its jurisdiction based on substance; adopted a friendly, homogenised and flat system of taxation; and a real multi sectoral economic model. Mauritius, as a fully collaborative and responsible international financial centre, has taken significant steps to adhere to international best practices as set by leading globally recognised institutions.

To enhance its transparency and collaboration framework, in June 2015, Mauritius signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, developed by the Organization for Economic Cooperation and Development (OECD). Mauritius is equally a member of the Early Adopters Group committed to the early implementation of the Common Reporting Standard (CRS) on the automatic exchange of financial account information, developed by the OECD.

Mauritius is also the first African country to have signed up to the Intergovernmental Agreement with the United States for the implementation of the Foreign Accounts Tax Compliance Act (FATCA).

Mauritius has actively participated in the Ad-Hoc Group set up by the OECD to work on the drafting of the Multilateral Instrument under Action 15 of the Base Erosion and Profit Shifting (BEPS). More recently, Mauritius has equally joined the Inclusive Framework to implement the BEPS Recommendations and the new initiative on exchange of Beneficial Ownership information. Mauritius is committed to implement minimum standards in the BEPS package, as well as, other BEPS recommendations.

Mauritius also remains an active member of the Eastern and Southern Africa Anti Money Laundering Group (ESAAMLG), the purpose of which is to combat money laundering in Eastern and...