Predicting growth of more than 8% for the financial services sector this year, Mauritius's Minister of Financial Services and Corporate Affairs, Sushil Kushiram, said the sector is booming.
Ascribing this rapid growth to the profound reforms that had been carried out over the previous five years, the Minister told a press conference last Friday that the sector had accounted for 10% of GDP in 2004, and provides employment for 10,000.
Mr Kushiram reported that the number of Global Business Companies had increased from 14,457 in 2000 to 25,560 in May, 2005, thanks to the introduction of a new Companies Act in 2001. He praised the sector's corporate governance and said that new insolvency legislation would soon be introduced. The number of investment funds had increased from 192 in September, 2000, to 331 in May, 2005, with $16bn under management.
The Minister also underlined the importance of the government's work in constructing the Financial Services Commission and Financial Intelligence Unit in response to international pressure, and in working with the Indian government to head off problems with the all-important Indian-Mauritanian double tax treaty.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment