Mauritius' Financial Services Commission (FSC) has released its second Annual Report, it emerged recently.
Introducing the report, chairman of the FSC, B.R. Gujadhur explained that:
"The second Annual Report of the Financial Services Commission comes at a time when the first visible signs of a pick-up in the global economic outlook have started emerging...Accordingly, cross-border financial flows are expected to resume in tune with the pace of global economic recovery in the coming time."
Revealing that the FSC's board had come under pressure to relax regulatory standards in order to attract more business during the recent lean period, the chairman explained that this course of action was rejected, because:
"The Board considers the implementation of good regulatory standards as part of a long-term strategic objective towards the maintenance of a sound and well reputed financial centre in Mauritius."
He continued:
"Other than this fundamental consideration, the Board is all the more conscious of the fact that the international community has its sight centred on international regulatory standards in their actual application by individual jurisdictions and that we cannot afford to join jurisdictions having short term perspectives in this respect."
Mr Gujadhur went on to welcome the October ruling by the Indian Supreme Court, which upheld the validity of the Tax Residence Certificate issued by the Mauritian authorities, explaining that it had "put to rest apprehensions raised in this regard".
"The Indian Supreme Court judgement also established the legal and economic legitimacy of the India-Mauritius Double Tax Avoidance Treaty and imparted the necessary assurances and confidence to investors interested in the Indian market," he added.
The full text of the Mauritius Financial Services Commission Annual Report for 2003 can be found in the Tax-News Resources section.
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