Finance Bill 2022 – An overview for businesses

On 22 July 2022, the Cabinet approved the introduction of the Finance (Miscellaneous Provisions) Bill 2022 into the National Assembly. The object of the Bill is to provide for the implementation of the measures announced in the Minister of Finance’s Budget Speech 2022-2023. The Bill will be debated and voted at the National Assembly in […]

The draft VAITOS Rules Part I: Is the regulatory space now complete?

The Virtual Asset and Initial Token Offering Services Act 2021 (the “Act”) came into force on 07 February 2022. With a view to regulate the AML/CFT risks inherent in virtual assets, the Financial Services Commission Mauritius (the “Commission”) issued, with effect from 28 February 2022, ‘Guidance Notes’ on Anti-money Laundering and Combating the Financing of […]

Is beneficial ownership a relevant criterion when a company resident in Mauritius is seeking to claim treaty benefits under Article 13 of the India-Mauritius DTAA? 

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In a recent ruling delivered by the Mumbai Income-Tax Appellate Authority (“ITAT”), the ITAT considered whether the beneficial ownership of shares is a relevant criterion for a taxpayer, under the India-Mauritius Double Taxation Avoidance Agreement (the “DTAA”), to avail itself of capital gains tax benefits under Article 13 of the DTAA. Background The issue was […]

FSC Guidelines for Issue of Corporate and Green Bonds in Mauritius

[Updated as at April 2022] In the 2020/2021 budget, the Minister of Finance, Economic Planning and Development announced that the Bank of Mauritius (“BOM”) would come up with a framework for blue and green bonds. A technical committee was set up, comprising of representatives of the BOM, Ministry of Financial Services and Good Governance, the […]

Virtual Asset and Initial Token Offering Act 2021

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The Virtual Asset and Initial Token Offering Services Act 2021 (the “Act”), passed by the National Assembly on 10 December 2021 and gazetted on 16 December 2021, empowers the Financial Services Commission (the “FSC”) to regulate and supervise virtual asset service providers (“VASPs”) and issuers of initial token offerings (issuers of “ITOs”), and enhance the […]

Using the FSC Settlement Framework to Lower Regulatory Sanctions

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Mauritius has garnered attention since it was placed on the list of “Jurisdictions under Increased Monitoring” by the FATF in March 2020. Since then, the international business community has exercised more caution concerning FDI in the jurisdiction, which has had some adverse impact on the economy. The Government and regulatory authorities have bolstered their efforts […]