The Mauritius Revenue Authority (MRA) held its annual press conference on September 3, 2021. Among the issues discussed were anti-money laundering (AML) initiatives and international taxation. The highlights of the conference demonstrate financial institutions must ensure they have a strong compliance program in place if they choose to do business in Mauritius. AML Mauritius established the AML/CFT Unit in the Fiscal Investigations Department in February 2020. The goals of th

The Mauritius Revenue Authority (MRA) announced the due date to submit FATCA and Common Reporting Standard (CRS) reporting to the MRA has been extended from July 31, 2021, to August 16, 2021. To contact the MRA FATCA/CRS unit directly: +230 207 6000 or via email at fatcacrsunit@mra.mu. For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com. #Mauritius #FATCA #CRS #Reporting

The Mauritius Revenue Authority (MRA) recently issued two communiques regarding Common Reporting Standard (CRS) reporting errors and FATCA missing tax identification number (TIN) codes. As a reminder, CRS and FATCA reporting is due July 31, 2021. CRS Common Errors The MRA identified five common CRS reporting errors and reminded Financial Institutions (FIs) they may face penalties if they submit inaccurate CRS reports: Wrong Interpretation of Undocumented Accounts An account s

The Mauritius Revenue Authority (MRA) announced today the due date to submit CRS reporting to the MRA has been extended from July 31, 2020 to September 30, 2020. This extension now allows Financial Institutions to be more efficient in their CRS and FATCA preparation by having the same extended deadline. To contact the MRA FATCA/CRS unit directly: +230 207 6000 or via email at fatcacrsunit@mra.mu. For assistance, please contact me via my contact page or at elizabeth@elizabeth

The Mauritius Revenue Authority (MRA) announced today the due date to submit FATCA reporting to the MRA has been extended from July 31, 2020 to September 30, 2020. However, the MRA did not mention CRS. Accordingly, you should plan on completing your CRS reporting to the MRA by July 31, 2020. To contact the MRA FATCA/CRS unit directly: +230 207 6000 or via email at fatcacrsunit@mra.mu. For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.

Mauritius issued new regulations on April 23, 2019 that amend the Income Tax (Common Reporting Standard) Regulations 2018. The new regulations increase monetary penalties, address anti-avoidance schemes, and provide greater details on dormant accounts. Monetary Penalties Monetary penalties have been increased under the new regulations. Specific penalties are assigned to particular forms of Common Reporting Standard (CRS) non-compliance including: Non-compliance Continued fa

The Bahamas issued revised CRS Guidance Notes on August 3, 2018. Included in the revisions is a change in the definition of Controlling Person. The Bahamas will now use a 10% threshold for CRS reporting commencing in 2019. Controlling Person Defined The Bahamas CRS Guidance provides the following definition for Controlling Person: Any natural person that holds directly or indirectly more than twenty-five percent (25%) of the shares or voting rights of an Entity as a benefic

The Mauritius Revenue Authority (MRA) announced that it has decided to extend the due date for the transmission of FATCA information to the MRA from July 31, 2017 to August 31, 2017. Reporting to the MRA pursuant to the OECD Common Reporting Standard (CRS) does not commence until 2018. For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com. #FATCA #CRS #Mauritius

The Cayman Islands, India, Mauritius and the majority of other jurisdictions participating in the Standard for Automatic Exchange of Financial Account Information in Tax Matters (The Common Reporting Standard (CRS)) are taking the “wider approach” to CRS compliance. What is the wider approach and how does it impact your CRS due diligence and reporting? Global Expansion Under FATCA, due diligence and reporting focused on one set of reportable persons: Specified U.S. Persons.