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The Mauritius Revenue Authority (MRA) has confirmed the first exchanges of information under the Common Reporting Standard will now take place from September 2018, rather than September 2017.
The OECD's CRS, the new global standard for automatic exchange of information for tax purposes, obliges all participating countries and jurisdictions to obtain financial information from their financial institutions (FIs) and to exchange that information automatically with other jurisdictions on an annual basis.
The MRA also confirmed that the requirement for Mauritian FIs to apply due diligence procedures to record the tax residence of clients opening new accounts will take effect from January 1, 2017.
As indicated previously, the due diligence procedures for identifying high-value pre-existing individual accounts was required to be completed by December 31, 2016, while the due diligence for low-value pre-existing individual accounts will be required to be completed by December 31, 2017.
In due course the MRA will discuss and finalize Guidance Notes for CRS implementation in Mauritius.
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