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MRA launches Common Reporting Standard platform for automatic exchange of information

A Common Reporting Standard (CRS) platform focusing on Automatic Exchange of Information (AEOI) for tax purposes in a multilateral context was launched today at the Mauritius Revenue Authority (MRA), Custom House, in Mer Rouge. The Director-General of the MRA, Mr Sudhamo Lal, the Director of Large Taxpayers Department and International Tax, Mr Mario Hannelas, and other eminent personalities were present on the occasion.

The launching of the AEOI portal, Mr Lal highlighted, marks a milestone in protecting Mauritius as a reputable international financial centre. He recalled that the adoption of the Foreign Accounts Tax Compliance Act coupled with the global financial crisis led to a significant momentum for putting in place a global standard for AEOI.

Furthermore, the Director-General of the MRA underlined that 49 countries have already implemented the CRS in 2017 and 53 more countries are about to exchange information through the CRS in 2018, which is a clear indicator that there will no place for tax evaders to hide. On this score, he pointed out that Mauritius with a zero-tolerance policy on illicit funds is fully committed to exchanging tax information under CRS by September 2018 while adding that it is important to adhere to international standards with a view to strengthen international cooperation and combat cross border financial crime.

Moreover, Mr Lal underscored that Mauritius will only engage in AEOI with jurisdictions that have a strong rule of law and ensure confidentiality of information exchanged and prevent its unauthorised use. He stressed that the success of the CRS relies heavily on its adoption by all relevant jurisdictions in order to establish a worldwide level playing field.

For his part, Mr Hannelas pointed out that AEOI enhances information sharing between tax authorities and this standard requires financial institutions to automatically disclose financial account information of non-residents to their tax authorities. The tax authorities, he underpinned, in turn exchange this information with the tax authorities of the account holders’ country of resident under the CRS.

He further emphasised that Mauritius’ overall rating of ‘Compliant’ by the Global Forum on Transparency and Exchange of Information for Tax Purposes bears testimony of the country’s commitment to tax transparency. As regards the CRS platform, he stated that it will help to receive information from financial institutions and in turn transmit it to treaty partners.

Source: Government of Mauritius Portal