ITL e-News - July 2021

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Subject: ITL e-News - July 2021

News snippets from the Global Business Industry and others

Global Business & Financial Services

FSC: Financial Services (Robotic and Artificial Intelligence Enabled Advisory Services) Rules 2021

In an effort to encourage licensed service providers in Mauritius to adopt new and emerging technologies, the Financial Services Commission (FSC) has taken the initiative to introduce a regulatory framework, reinforced by the issue of the Financial Services (Robotic and Artificial Intelligence Enabled Advisory Services) Rules 2021 (the “Rules”).

Mauritius FATF Updates

The Financial Action Task Force (FATF) announced during its latest Plenary session held from 21 to 25 June 2021 that Mauritius has substantially completed its action plan at technical level and that its delegates will be making an on-site visit to Mauritius to assess the implemented measures outlined in the progress report submitted by the country in April 2021.

FSC: Extension of due dates for filing of Financial Statements and Returns

The Financial Services Commission (FSC) released a communique on 30 June 2021 informing relevant stakeholders of the extension of the timeline for filing of financial statements, statutory returns, risk management framework, auditor’s report and actuary report (collectively referred to as “RMF Returns”) for licensees (including those registered as Reporting Issuers) as follows:...

FSC releases FAQ on the new Special Purpose Fund

The Ministry of Financial Services and Good Governance in collaboration with the Financial Services Commission (FSC) launched the New Special Purpose Fund (SPF) on 9 June 2021. As a reminder, the Financial Services (Special Purpose Fund) Rules 2021 (referred hereinafter as the “Rules”) came into force on 6 March 2021.

FSC signs an Innovation Functions Co-operation Agreement with CSA

The Fintech hub has positioned itself as a fast-growing sector in Mauritius, and with more and more Fintech entrepreneurs looking to test their services on the market, there is a need to provide them with a sound regulatory framework to operate.

The FSC and the QFCRA sign a Memorandum of Understanding

The Financial Services Commission (FSC) and the Qatar Financial Centre Regulatory Authority (QFCRA) have signed a Memorandum of Understanding (MoU) in a bid to promote cooperation in the fields of information exchange and regulatory assistance between the two reputable financial centres.

MRA: Deadline for submission of Tax returns and application for TASS

In a communique released on 4 June 2021, the Mauritius Revenue Authority (MRA) informed the public of the deadline for the submission of the following returns and payment of tax, if any, which was on 28 June 2021:...

FATCA FAQ published by the US Internal Revenue Service

The US Internal Revenue Service (IRS) issued a FAQ as Q6 under Reporting on the Foreign Accounts Tax Compliance Act (FATCA) FAQs page in a bid to provide all of the required information regarding the new optional TIN codes in the FATCA XML Schema.

The Mauritius Revenue Authority (MRA) released a communique to inform its concerned stakeholders of this publication. The FAQ can be accessed here

Promulgation of the Double Taxation Avoidance Agreement (Kingdom of Lesotho) Regulations 2021

The Minister of Finance, Economic Planning and Development promulgated the Double Taxation Avoidance agreement (Kingdom of Lesotho) Regulations 2021.

Promulgation of the Double Taxation Avoidance Agreement (Republic of Estonia) Regulations 2021

The Minister of Finance, Economic Planning and Development would promulgate the Double Taxation Avoidance Agreement (Republic of Estonia) Regulations 2021.

Banking & Finance

Promulgation of the Banking (Processing and Licence Fees) (Amendment) Regulations 2021

The Minister of Finance, Economic Planning and Development has approved the promulgation of the Banking (Processing and Licence Fees) (Amendment) Regulations 2021 (the “Regulations”).

International Benchmark

Global Peace Index 2021: Mauritius remains the most peaceful country in Africa

With an overall score of 1.592, Mauritius has ranked 28^th globally on the Global Peace Index 2021 (the “Index”) and maintains its position as the most peaceful country in the African region.

Kearney’s GSLI 2021: Mauritius as the only African country to rank on the ‘Digital Resonance’ Index

The Global Services Location Index (GSLI) aims at providing an overview of emerging digital hubs across 60 countries through four major categories namely financial attractiveness, people skills and availability, business environment, and digital resonance category.

Travel & Tourism

Re-opening of Mauritian borders

As communicated in one of our recent publications¹, Mauritius has moved to the third phase of its de-confinement plan as from 1 July 2021. With regard to travel restrictions, Mauritius is gearing up to re-open borders to vaccinated visitors for resort tourism, as announced in the National Budget 2021/22, as from 15 July 2021.

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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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Subject: ITL e-News - July 2021