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Mauritius To Amend Tax Residency Certificates

by Ulrika Lomas, Tax-News.com, Brussels

26 October 2012


Following more stringent requirements set out by the Indian government, Mauritius is likely to revise the format of its Tax Residency Certificate (TRC) as a means to ensure continuing effectiveness of the tax treaty between Mauritius and India.

The Mauritian Revenue Authority is expected to release a new format for TRCs soon. This would incorporate the taxpayer’s address, its Tax Identification Number, and the status of the entity (individual, partnership, company etc).

As part of the Finance Act, 2012, India has brought in seven “particulars”, i.e. seven pieces of information which must be mentioned in any TRC. Otherwise, the Indian Revenue may deny treaty benefits. The Central Board of Direct Taxes has clarified that the new rules would become effective from April 1, 2013.

Under current rules, Mauritian TRCs meet all the new Indian requirements except for the address. However, the move by the Mauritius Revenue Authority shows that the Mauritian government is open to cooperating with Indian authorities.

Korea has already started to issue new TRCs that now meet Indian requirements, while Singapore, another major conduit country for Indian FDI, is also considering reviewing its TRC format.

TAGS: tax | investment | business | double tax agreement (DTA) | India | Mauritius | business investment

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