{"id":11638,"date":"2022-03-09T08:43:30","date_gmt":"2022-03-09T08:43:30","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-under-supervision-by-eus-code-of-conduct-group"},"modified":"2022-03-09T10:53:20","modified_gmt":"2022-03-09T10:53:20","slug":"mauritius-under-supervision-by-eus-code-of-conduct-group","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-under-supervision-by-eus-code-of-conduct-group","title":{"rendered":"Mauritius under supervision by EU\u2019s Code of Conduct Group"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>Barbados, Belize, Cura\u00e7ao, Mauritius, Saint Lucia and Seychelles have been warned by the European Union (EU) that some of their tax policies are \u201charmful\u201d and must be updated to comply with best practices by the end of this year.<\/p>\n

Indeed, the EU\u2019s Code of Conduct Group (CCG) has informed the governments of these six countries that recent changes made to their laws do not go far enough to avoid the EU\u2019s blacklist of non-cooperative tax jurisdictions. Most international financial centres (IFCs), including Mauritius, have rushed to amend their rules on preferential treatment by the end of 2018.<\/p>\n

The CCG has written to each, asking them to make a high-level commitment to abolish or amend the relevant preferential regimes, without introducing any grandfathering mechanisms to water down the impact on non-resident businesses.<\/p>\n

Some of them have already announced extensive revisions of their corporate tax regimes to meet the EU\u2019s demands, but have included some grandfathering provisions.<\/p>\n

The CCG\u2019s letters suggest that it will consider recommending the jurisdictions for inclusion on the EU\u2019s soon-to-be-revised list of non-cooperative jurisdictions for tax purposes, if the measures are not removed. The Criteria: The list of non-cooperative jurisdictions in fair taxation matters was adopted on the basis of the following criteria:<\/p>\n

The Warning: To remain off the blacklist, countries should apply \u201cfair taxation\u201d standards by not offering harmful preferential regimes or facilitating structures that attract profit without real economic activity.<\/p>\n

According to the letter addressed to Mauritius, \u201cthe council criticized the partial exemption system for foreign-source dividends, profit attributable to a foreign permanent establishment, interest and dividends from local or foreign sources, and the grandfathering provisions.<\/p>\n

\u201d Certain companies pay a maximum effective tax rate of 3 per cent because they can claim a \u201cdeemed\u201d tax credit equivalent to 80 per cent of their Mauritian tax, the exemption provides for a significant lower level of taxation \u2013 compared to the 15% tax rate \u2014 and is therefore potentially harmful.<\/p>\n

What does it entail? If commitments to further changes are not made, the jurisdictions risk being blacklisted. The Code of Conduct Group has requested that further changes be made by the end of 2019, with no grandfathering.<\/p>\n

The financial services sector is likely to go through a challenging period. Some of the effects of the April deadline for the India-Mauritius tax treaty are already visible.<\/p>\n

It will become increasingly difficult for the financial sector to double its size by 2030 with its contribution to GDP in real terms attaining US$1.9 billion , employment to 17,000 while revenue to US$0.3 billion in real terms.<\/p>\n

But the Minister of Financial Services is confident that we can make it happen given that there are \u201cpositive signs that funds domiciled in Mauritius which predominantly targeted India for investment are diversifying into Africa.<\/p>\n

Let us hope that with the help of the forthcoming report of the IMF on the competitiveness of the sector and the working group comprising the UK Department for International Development (UKDFID), Mauritius-Africa Fund, the EDB and officials of concerned ministries, the authorities will soon come forward with the appropriate strategies and measures to counter the negative impact of international pressures on the development of our financial sector.<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. Barbados, Belize, Cura\u00e7ao, Mauritius, Saint Lucia and Seychelles have been warned by the European Union (EU) that some of their tax policies are \u201charmful\u201d and must be updated to comply with best practices by the end of this year. Indeed, the EU\u2019s Code of Conduct Group (CCG) has informed the governments of […]<\/p>\n","protected":false},"author":84,"featured_media":11637,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8,16],"tags":[233,245,241],"class_list":["post-11638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-mauritius","tag-mauritius"],"yoast_head":"\nMauritius under supervision by EU\u2019s Code of Conduct Group - Mauritius<\/title>\n<meta name=\"description\" content=\"Barbados, Belize, Cura\u00e7ao, Mauritius, Saint Lucia and Seychelles have been warned by the European Union (EU) that some o ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-under-supervision-by-eus-code-of-conduct-group\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mauritius under supervision by EU\u2019s Code of Conduct Group\" \/>\n<meta property=\"og:description\" content=\"Barbados, Belize, Cura\u00e7ao, Mauritius, Saint Lucia and Seychelles have been warned by the European Union (EU) that some o ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-under-supervision-by-eus-code-of-conduct-group\" \/>\n<meta property=\"og:site_name\" content=\"Mauritius\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-09T08:43:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-09T10:53:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2022\/03\/img-622887045f6c5.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"561\" \/>\n\t<meta property=\"og:image:height\" content=\"258\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-under-supervision-by-eus-code-of-conduct-group#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-under-supervision-by-eus-code-of-conduct-group\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Mauritius under supervision by EU\u2019s Code of Conduct Group\",\"datePublished\":\"2022-03-09T08:43:30+00:00\",\"dateModified\":\"2022-03-09T10:53:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-under-supervision-by-eus-code-of-conduct-group\"},\"wordCount\":546,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-under-supervision-by-eus-code-of-conduct-group#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mauritius\/sites\/61\/2022\/03\/img-622887045f6c5.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mauritius\",\"Mauritius\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-under-supervision-by-eus-code-of-conduct-group#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-under-supervision-by-eus-code-of-conduct-group\",\"url\":\"https:\/\/www.africa-press.net\/mauritius\/all-news\/mauritius-under-supervision-by-eus-code-of-conduct-group\",\"name\":\"Mauritius under supervision by EU\u2019s Code of Conduct Group - 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