Subject: ITL e-News - January 2022

Mauritius News

News snippets from the Global Business Industry and others

Global Business & Financial Services

FSC: Policy stand on the application of CIGA requirements for GBCs

In a correspondence dated 17 January 2022, the Financial Services Commission (FSC) confirmed that, effective 1 January 2022, only holders of / applicants for a Global Business Licence (GBL) wishing to avail of a preferential tax advantage should demonstrate that their Core Income Generating Activities (CIGA) are / will be carried out, in or from Mauritius at all times.


The FSC joins the ANNA and becomes the sole NNA for Mauritius

In a communique released on 28 December 2021, the Financial Services Commission (FSC) informed concerned stakeholders that it is now officially recognised as the sole National Numbering Agency (“NNA”) for Mauritius, further to having officially integrated the Association of National Numbering Agencies (“ANNA”).


Promulgation of Stock Exchange (Brokerage) (Amendment) Regulations 2022

With a view to providing a proper regulatory framework for licensed Securities Exchanges and Clearing and Settlement Facilities, the Minister of Financial Services and Good Governance has communicated on 21 January 2022 its decision to promulgate the Stock Exchange (Brokerage) (Amendment) Regulations 2022 (the “Regulations”), under the Securities (Amendment) Act 2021.


The EDB signs MoUs with UAE

The ICT Business Forum held by the Economic Development Board (EDB) – in collaboration with the Ministry of Information Technology, Communication and Innovation - at Dubai Expo 2020 saw an increased visibility for Mauritius vis-à-vis United Arab Emirates (UAE) stakeholders.


Mauritius - EU Blacklist Update

The European Commission (the “Commission”) has approved Mauritius’ removal from its List of High Risk Third Countries (commonly referred to as the “EU Blacklist”) in an official publication released on 7 January 2022.


Banking & Finance

The BOM signs MoU with CSSF

Anchored in its aim of enhancing its relationships with leading regulatory authorities, the Bank of Mauritius (BOM) has signed a Memorandum of Understanding (MoU) with the Commission de Surveillance du Secteur Financier (CSSF).


Travel & Tourism

Mauritius reopens borders to South Africa and neighbouring countries

Since Friday 7 January 2022, Mauritius has lifted its travel ban for visitors coming from the Republic of South Africa, Botswana, Namibia, Zimbabwe, Eswatini, Lesotho, Malawi, Mozambique and Zambia.


International Benchmarks

Work from Wherever Index: Mauritius ranks 4th globally and 1st in Africa

KAYAK, the world’s leading travel search engine, has come out with its very first Work from Wherever Index (the “Index”), in an effort to provide an overview of the rising trend of remote working from foreign destinations among travelers where it lists out the best destinations for travel and remote working.

 

Seychelles News

News tidbits from Seychelles

Corruption Perceptions Index 2021: Seychelles remains least corrupt country in Africa and Mauritius moves up a few spots

Transparency International's 2021 Corruption Perceptions Index (CPI) came out on 25 January 2022, and provided us with a snapshot of the perceived level of corruption in public sectors across 180 countries and territories.


Global Mobility Report (Q1 2022): Seychelles and Mauritius take top spots in Africa

As travel picks up steam in 2022, Henley and Partners presents the case for global mobility limitations across 227 travel destinations, citing ‘tests, vaccine certification, and at times mandatory quarantines’ as the main reasons which explain slow travel recovery, in its Global Mobility Index for the year, the first in a series of its quarterly reports.

 

The SRC introduces the Pay As You Earn scheme

Effective since 1 January 2022, the new ‘Pay As You Earn’ scheme, introduced by the Seychelles Revenue Commission (SRC), is deemed to provide small businesses falling under the Presumptive Tax Regime – i.e. businesses having less that R1 million annual turnover - more leeway in meeting their tax requirements.


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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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