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14 Jan

MRA communique on the Common Reporting Standard

The Mauritius Revenue Authority (MRA) emitted a communique, dated 22 December 2015, stating that the effective date for the implementation of Common Reporting Standard (CRS) in Mauritius, which was initially set for 1 January 2016, has been extended.

The OECD (The Organisation for Economic Co-operation and Development ) website states that Mauritius has committed to a first exchange of information in 2018.

The MRA is working closely with all stakeholders and will communicate the new implementation date soon.

Watch our News space for the latest developments on the CRS implementation.

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Apart from becoming a signatory to the Convention, Mauritius has also brought necessary amendments to the Income Tax Act for the implementation of CRS. Section 76 has been amended to add a new paragraph (5A) that gives powers to the Director-General to require any person to establish, maintain and document such due diligence procedures as he may determine and to provide him with information of a specified description at such time and in such form and manner as he may determine.

Under CRS, Mauritius Financial Institutions will have to report annually to the MRA on the financial accounts held by non-residents for eventual exchange with relevant treaty partners.

 

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