|
|
FATCA Reporting deadline extended to 31 August 2016 |
|
|
As per the Model-1 Intergovernmental Agreement signed between Mauritius and the US, all Mauritius Financial Institutions shall report certain information on identified US Reportable Accounts to the Mauritian Competent Authority, i.e. the Mauritius Revenue Authority (MRA).
The deadline for FATCA reporting for the period ended 31 December 2015 was initially set at 31 July 2016. However in a recent communiqué, the MRA has announced that the aforesaid reporting deadline has been extended to 31 August 2016.
|
|
|
2016-2017 National Budget
|
|
|
The 2016-2017 National Budget will be presented by the Honourable Pravind Kumar Jugnauth, Minister of Finance and Economic Development later tonight.
Stay tuned for our special edition newsletter on the 2016-2017 budget which will be released early next week!
|
|
Bank of Mauritius (BoM) cuts Key Repo Rate by 40 basis points
|
|
|
Amid global economic uncertainty created by the Brexit and the forthcoming US general elections, the Monetary Policy Committee of the BoM has resorted to cutting the Key Repo Rate by 40 basis points in a bid to support the local investment activity and inject new impetus into the economy.
|
|
Convention 108: Mauritius 1st country in Africa to ratify
|
|
|
Mauritius is the first country in Africa to ratify the Convention for the protection of individuals with regard to Automatic Processing of Personal Data (Convention 108) and its protocol. The treaty will take effect in Mauritius as from 1 October 2016.
As of now, there are 49 member states to Convention 108.
Convention 108 is the only international treaty that grants individuals the right to the protection of their personal data, aiming also to prevent any abuses which may accompany the processing of these data.
For more information, click here.
|
|
Mauritius launches direct flight to Guangzhou
|
|
|
The national airline, Air Mauritius, launched its direct flight to Guangzhou on 12 July 2016 bringing the total number of weekly flights to the major Chinese cities (Shanghai, Hong Kong, Beijing, Chengdu and Guangzhou) to nine.
Given the substantial demand for the Mauritius-Guangzhou route, Air Mauritius is now considering doubling its flight frequency for this particular destination.
|
|
Mauritius and Finland sign a Bilateral Air Services Agreement (BASA)
|
|
|
In an attempt to enhance its air connectivity with the rest of the world, Mauritius has signed a BASA with Finland on 17 June 2016.
Inter alia, the BASA provides for:
(i) Up to 14 weekly flights, in relation to both passenger and cargo operations for each country; and
(ii) code sharing arrangements between the airlines of either contracting party and with airlines of 3rd countries.
|
|
New MoU signed for the Mauritius-Madagascar BASA
|
|
|
Following a fresh round of negotiations on 15 June 2016, a Memorandum of Understanding (MoU) was signed by Mauritius and Madagascar in relation to the existing Bilateral Air Services Agreement (BASA).
|
|
|
NRI 2016: Mauritius maintains top spot in Africa |
|
|
| The World Economic Forum recently released the Global Information Technology Report 2016 (the “Report”) which measures the drivers and the progress of the information and communication technologies across 139 countries through the Network Readiness Index (NRI). The Report remarked that the overall global trend remains positive and whilst differences prevailed across countries in terms of networked readiness, efforts were being made to close the digital gap. |
|
|
|
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.
|
|
