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Working Groups Assess Competitiveness Of Mauritian Global Business Sector,
by Lorys Charalambous, Tax-News.com, Cyprus
Tuesday, April 07, 2009
Established to determine the international competitiveness of the Mauritian Global
Business Sector, two joint working groups, comprising representatives of the Financial
Services Commission (FSC), its licensees and other stakeholders, recently delivered
presentations on Global Business diversification and funds in Mauritius, and on
developing the country’s legislative framework, most notably Limited Partnership
and Foundation Laws.
Following the presentations and proposals set forth by the working groups,
Chief Executive of the FSC Milan Meetarbhan explained that a sub-committee has
been set up to devise a strategy regarding implementation of Double Tax Agreements (DTAs). The
overarching aim of the committee, Meetarbhan continued, is to identify countries
with which DTAs should be signed, and to ensure that the negotiated agreements
meet the specific needs of the Mauritian business community.
Given Mauritius’s recent commitment to comply with the Organisation of
Economic Cooperation and Development’s standards in terms of both transparency
and exchange of information, Meetarbhan also emphasised the need to amend accordingly
the country’s Trust Act and GBC2 companies, those with a category two
Global Business Licence, conducting business outside of Mauritius.
The FSC’s Chief Executive then alluded to the Global Business Task Force,
which will serve as a permanent platform for discussions between the global
business industry – Management Companies and banks – and the regulator.
In his concluding statement, Meetarbhan confirmed that, in a drive to expand
the financial services sector and improve Mauritius’s competitive edge,
laws relating to Limited Partnerships and Foundations are currently being
scrutinised. Netting provisions have also been included in the Insolvency Bill,
he added, and presented in the National Assembly.
Issues currently awaiting clarification by the FSC include the use of Mauritius
as a Regional Headquarters by companies wishing to invest in the region –
and the FSC’s existing determining criterion the ‘ultimate purpose
test’, and the structuring of master/feeder funds and associated use of
treaties.
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