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Bank Of Mauritius Keeps Repo Rate Unchanged |
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Following a meeting held by the Monetary Policy Committee (MPC) of the Bank of Mauritius on 5 May 2017, the repo rate remained unchanged at 4%.
The MPC brought forward that escalating commodity prices, namely energy related products, contributed to an increase in the global inflation rate. However it is anticipated to stabilize. In Mauritius, the inflation rate increased ever so slightly in Q1 2017 to 1.3% (December 2016 Inflation rate: 1%) whilst the projected inflation rate for 2017 is 2%.
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Moody’s: Mauritian Financial Sector Risk and Forecasts
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On 5 April 2017, Moody’s Investors Service released its annual Credit Analysis report on Mauritius. It has been reported that amidst unfavorable global economic conditions, Mauritius has managed to safeguard its economy through foreign flows into the financial sector and diversified exports. However, the economy may be constrained by its relatively high government debt. The government aims at reducing the current debt to GDP ratio which stands at 60% of GDP to 50% in the near future. Economic growth for 2017 and 2018 is estimated at 3.6% and 3.7% respectively.
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Rotation of audit firms for listed companies
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| The Financial Report Council (Rotation of Audit Firm) Regulations will be promulgated, effective as from 1 January 2017, to allow for listed companies with audit firms having served for more than 7 years, and those with audit firms having served less than 7 years as at 07 September to start rotating on the same date which is 1 January 2020.
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Mauritius: Impact of Brexit
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A ministerial committee was held in April 2017 following the activation of article 50 of Lisbon treaty in March 2017. The Joint Working Group (JWC) provided a report on the repercussions of Brexit which focused mostly on the following:
-Support to vulnerable companies;
-Addressing the potential threats with regard to trade relations with the UK; and
-Seizing subsequent opportunities.
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DOUBLE TAXATION AVOIDANCE AGREEMENTS AND OTHER TRADE AGREEMENTS |
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Mauritius Signs Double Taxation Avoidance Agreement with Ghana |
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In March 2017, Mauritius and Ghana signed a Double Taxation Avoidance Agreement (DTAA) which is subject to ratification. The agreement was signed during the visit of the Vice-President of Ghana, Dr. Mahamudu Bawumia, on the occasion of the 49th anniversary of Independence and 25th anniversary of the Republic of Mauritius.
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Mauritius and Jersey sign Double Taxation Avoidance Agreement
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A Double Taxation Avoidance Agreement (DTAA) was signed by Mauritius and Jersey in London on 3 March 2017, which makes provision for a reduced taxation at source or exemption on various sources of income which is an incentive to increase activities between the two countries.
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Tanzania-Mauritius: Trade and Investment Forum
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The first edition of the African Economic Forum featured a delegation from Tanzania, led by the Honorable Prime Minister, Kassim Majaliwa Majaliwa, and was held in Mauritius from 19 to 23 March 2017.
The Tanzania Investment Centre (TIC) in collaboration with the Ministry of Industry, Commerce & Consumer Protection of Mauritius, the Board of Investment (BOI) and the Mauritius Chamber of Commerce and Industry (MCCI) organised a Tanzania - Mauritius Business Forum on 23 March 2017.
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Mauritius – China: cementing business relationship
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A symposium themed “Enhancing Mauritius-China Relations” was held on 19 April 2017 to mark the 45th anniversary of the establishment of diplomatic relations between the Mauritius and the People’s Republic of China. The event was attended by a high-level delegation from China as well as Mauritian high officials and representatives of the private sector. The ambassador of the People’s Republic of China, Mr. Li Li confirmed the Chinese’s government intention to use the Mauritius platform for the deployment of the Chinese strategy for Africa. Read More >>
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The consolidation of bilateral and economic ties between Mauritius and the Comoros
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A business forum was held in April 2017 by the Mauritius Chamber Of Commerce (MCCI) and the Union of Chambers of Commerce and Industry and Agriculture (UCCIA) in collaboration with the Board of Investment (BOI) and Enterprise Mauritius with the objective of facilitating and reinforcing collaboration between the business community of Mauritius and Comoros. |
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Travel and Tourism Competitiveness Index 2017
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The World Economic Forum has published its latest Travel and Tourism Competitiveness Index (TTCI) in April 2017. It has been found that the travel & tourism industry continues to make a real difference to the lives of millions of people by driving growth, creating jobs, reducing poverty and fostering development and tolerance. For the sixth consecutive year, industry growth outperforms that of the global economy, showcasing the industry’s resilience in the face of global geopolitical uncertainty and economic volatility.
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Air Mauritius Airport Services rewarded by Changi Airport Group
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Air Mauritius was recently awarded by the Changi Airport for the high score achieved at the last Ground Operations Efficiency Monitor. In order to sustain its position as one of the best airports in the world, the Changi Airport Quality Service management team regularly measures service quality indicators operating at Changi Airport. |
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Agreement between Air Mauritius and China Eastern Airlines
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| The national airline, Air Mauritius has entered into a codeshare agreement with China Eastern Airlines effective since 18 April 2017. China Eastern Airlines, which has links to 212 destinations, has agreed to act as marketing carrier for Air Mauritius for the Chinese market. |
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Memorandum of Understanding between Kingdom of Swaziland and Mauritius for better air connectivity
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A Memorandum of Understanding (MOU) has been signed between the Kingdom of Swaziland and Mauritian authorities which makes provision for:
- Specific airlines of each country to operate on a maximum of 7 flights in each direction per week under designated routes.
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Air Mauritius to propose flights to Geneva |
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Between November 2017 and February 2018, Air Mauritius will be proposing direct flights to Geneva under the frequency of one flight per week. The flight schedule has been implemented so as to cater for the demand during the tourist season. The launch of the flight to Geneva aims at improving accessibility towards Europe.
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OTHERS – THE MAURITIUS FILM INDUSTRY |
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Upcoming Hollywood blockbuster to be shot in Mauritius |
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As previously communicated to our readers in a past edition of our newsletter, the Government of Mauritius, through its investment promotion agency – the Board of Investment (BOI), is actively promoting the island as an attractive filming destination to international filmmakers.
Several initiatives including the Film Rebate Scheme (FRS) have been implemented by the BOI and some very positive results have already emanated therefrom.
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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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