Subject: ITL e-News - August 2020

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Mauritius News
News snippets from the Global Business Industry and others
Legislative Updates 
The Finance Bill 2020, which aims at putting in place the legislative framework for the budgetary measures announced by the
Finance Minister in June 2020, was voted with amendments on 4th August 2020 by the members of the National Assembly. Stay tuned for our Finance Act 2020 newsletter which will be released in the coming days!

Global Business
FSC: extension of regulatory relief on filing and reporting obligations

The Covid-19 pandemic crisis has impacted on many licensees, including those registered as reporting issuers, and on their ability to meet their regulatory filing deadlines. This has prompted the Financial Services Commission (FSC) to adopt a flexible approach
towards the monitoring of compliance of its licensees with regards to their filing and reporting obligations....

FSC: exemption to Reporting Issuers for the physical distribution of audited financial statements
Following the Practice Direction (No.5 of 2020) pursuant to section 20(A) of the Companies A Act 2001) issued by the Registrar
of Companies which provides flexibility to reporting issuers in complying with their regulatory obligations with regards to the
sending of annual reports during the Covid-19 period and post ...


Tax Transparency in Africa 2020: Mauritius a transparent jurisdiction

The Tax Transparency in Africa 2020 report (the “Report”), a joint publication by the Global Forum on Transparency and Exchange
of Information for Tax Purposes (Global Forum), the African Union Commission and the African Tax Administration Forum, was released in June 2020. ThThe Report provides a detailed account of the progress achieved by the Africa Initiative in 2019 in terms of global tax transparency and exchange of information in Africa......


Banking and Finance
The Bank of Mauritius joins the NGFS
In a statement issued on 24th July, the Bank of Mauritius has confirmed its admission as a member of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS). The NGFS’ mission is to help strengthening the global response required to meet the goals of the Paris agreement, providing...

Seychelles News
Seychelles: News tidbits from Seychelles
New AML/CFT strategy adopted by Seychelles Government

In July 2020, the government of Seychelles approved its first National Anti-Money Laundering and Countering the Financing of
Terrorism (AML/CFT) Strategy (the “Strategy”) which comprises 5 key strategic objectives which ultimately aim at addressing the
deficiencies identified by the 2017 National Risk Assessment and the 2018 Mutual Evaluation Report. These...

EPI 2020: Seychelles 1st in Africa

The Yale University released its 12th edition of the Environment Performance Index (EPI 2020) in July 2020. The EPI is released
every 2 years and provides a data-driven summary of the state of sustainability around the world. The EPI 2020 used 32 performance indicators across 11 issue categories and ranks 180 countries on environmental health ...

Seychelles resume commercial flights

Effective as from 1st August 2020, the Seychelles have resumed their commercial flights operations albeit only with countries that have been assessed as having low to medium risks with regards to the Covid-19 pandemic spread. Inbound visitors will be required to undertake a Polymerase Chain Reaction (PCR) test, not more than 72 hours before flying to Seychelles to ensure that they are free of COVID-19. Passengers will also...
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DISCLAIMER
The information in this e-newsletter was prepared by Intercontinental Trust Limited to provide potential clients with a broad overview of the opportunities available in Mauritius. While all reasonable care has been taken in the preparation of this e-newsletter, Intercontinental Trust Limited accepts no responsibility for any errors it may contain, whether caused by negligence or otherwise, or for any loss, however caused, sustained by any person that relies on it. Readers are advised to consult with appropriate, qualified professional advisors before taking action. Intercontinental Trust Limited will be pleased to discuss any specific issues.

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