Rundheersing Bheenick: "Mauritius is Not a Tax Haven"

Rundheersing Bheenick, Governor of the Bank of Mauritius (BoM), reaffirmed at the seminar on FATCA (Foreign Account Tax Compliance Act) organized by Grant Thornton and the Mauritius Bankers Association on Thursday that Maurice is by no means a tax haven. All political decisions and actions were taken to promote Mauritius as clean and transparent jurisdiction.

The OECD (Organisation for Economic Cooperation and Development) in 2000 had used the threat of placing Mauritius on the list of tax havens.

Rundheersing Bheenick said that Mauritius was among the first countries to commit to eliminate unhealthy practice of his tax system.

"We have taken steps to improve our regulatory framework regarding the exchange of information. Mauritius has never refused to sign any agreement to do so, "he said, citing one signed in December 2010 with Australia. Mauritius is recognized by the World Bank, IMF and the Financial Action Task Force (FATF) as a clean and transparent jurisdiction. But if Mauritius is considered a clean and transparent jurisdiction, should be afraid of FATCA? For the Governor of the BoM, the answer is no. However, to comply with FATCA bring many changes at financial institutions. "Comply with FATCA include the violation of any local laws on privacy and confidentiality. There would also be highly costly implications. But non-compliance would also be costly, "he says. And note that Mauritius has never shied away from obstacles. "But that he wants to say that our financial institutions should be turned into tax collectors for the U.S.? Mauritius must partnerships FATCA as did the other jurisdictions. "

But for this to happen, it concedes that Mauritius should amend certain laws. FATCA The advantage is that this partnership will enable Mauritius to benefit from a clean image. However, "our financial institutions are ready to respond and comply with the requirements of FATCA? Does the Mauritius Revenue Authority have the financial capacity or other, to meet the requirements of the FATCA? In sum, our institutions are ready for this challenge ", wonders there.