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Mauritius appoints a new Finance minister |
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Pravind Jugnauth took oath as the new minister of Finance and Economic Development on 26th May 2016. The Ministry was previously under the aegis of the Prime Minister following the resignation of the former minister.
With the appointment of the new minister, the presentation of the budget 2016-2017 which was initially scheduled for 6th June 2016, will be postponed until further notice. |
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Protocol amending the India-Mauritius DTAA |
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A protocol amending the 1983 India-Mauritius Double Taxation Avoidance Agreement (DTAA) was signed by both states on 10th May 2016 (the “Protocol”).
The key change brought about by the Protocol is the amendment to Article 13 “Capital Gains” whereby the taxing rights on capital gains (CG) will lie with India as from 1st April 2017. |
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International Council for Commercial Arbitration (ICCA) 2016 Congress Mauritius
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Earlier this month, Mauritius hosted the 23rd edition of the ICCA Congress from the 8th to 11th May 2016, making it the first African country to organize this major academic and professional event. The 4-day congress, devoted to international arbitration, featured several keynote speakers including the Secretary General of the United Nations, Ban Ki-moon and Nobel Peace Prize Laureate Mohamed ElBaradei. |
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The Secretary General of the United Nations in Mauritius
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| Mr. Ban Ki-moon, the eighth Secretary-General of the United Nations, and a delegation of 13 members were in Mauritius from the 8th to 10th May 2016. During his stay in Mauritius, Mr. Ban Ki-moon met with the Mauritian Prime Minister, Sir Aneerood Jugnauth, and the President of the Republic, Mrs. Ameenah Gurib-Fakim. He congratulated Mauritius for being a good partner of the United Nations and also for its engagement in sustainable development. |
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Signature of three agreements between Mauritius and Cote d’Ivoire
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Hon. Xavier-Luc Duval, Deputy Prime Minister of Mauritius and Minister of Tourism & External Communications, was the chief guest at the “Confédération Générale des Entreprises de Côte d’Ivoire” Academy 2016 held on the 21st March in Abidjan, Cote D’Ivoire.
During his stay, he had various working sessions with the Prime Minister, the Minister of Finance and Minister of Foreign Affairs of Côte d’Ivoire.
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SAA increases flights to Mauritius
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In order to meet growing demand, South African Airways (SAA) has added another flight to its South Africa-Mauritius route. The new flight, scheduled on Wednesdays, will be operational as from 20 July 2016 and is already open for bookings.
In the past year, the number of South Africans visiting Mauritius rose by 9.5% whilst South Africa is among the top 3 destinations for Mauritius.
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Mauritius launches direct flights to Maputo and Dar-es-Salaam
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Air Mauritius, the national airline of the island, launched direct flights to Maputo (Mozambique) on 04th May 2016 and direct flights to Dar-es-Salaam (Tanzania) on 06th May 2016.
The new air routes, will contribute towards the development of the Air Corridor between Asia and Africa based on the utilisation of the Mauritius and Singapore hubs.
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Air Asia operational in Mauritius as from 4th October 2016
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Air Asia has announced that it will operate three flights weekly from Kuala Lampur to Mauritius as from 4th October 2016 and five flights weekly, as from July 2017. This is in line with the Mauritian government’s strategy of liberalizing the country’s air connectivity to further enhance international trade.
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Africa attractiveness 2016: Navigating Africa’s current uncertainties |
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EY has recently released its report on Africa attractiveness 2016. This report provides an update of the main foreign direct investment projects in Africa.
The Africa Attractiveness Index (AAI) provides a flexible analytical tool to help assess market attractiveness.
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Mauritius enhances bilateral relations with the Republic of Sao Tomé and Principe |
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| The Prime Minister and Chief of Government of the Republic of Sao Tomé and Principe, Honorable Patrice Emery Trovoada, visited Mauritius from 5th to 7th May 2016 accompanied by a delegation of dignitaries, including the Minister of Finance and Public Administration, Honorable Americo Ramos.
The prime objective of this visit was to reinforce economic ties between both nations and create awareness about the various investment opportunities available in Sao Tomé. An Investment Promotion and Protection Agreement was signed by both states on 6 May 2016.
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The launch of the operation of the Online Data Capture System |
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| The Financial Services Commission (FSC) launched the Online Data Capture System (ODCS) on 12th February 2016 with the aim of facilitating the collection of data including statutory filings on its licensees.
A phased-wise approach has been adopted by the FSC whereby licensees, except those holding a category 2 Global Business Licence, will initially be required to file surveys forms and financial statements through this platform. |
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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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