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New Substance Requirements for Global Business Companies

The Government’s endeavor in promoting investor confidence and transparency into the Mauritian economy has reverberated across the finance sector and in particular, the Global Business sector. The latter is currently riding an ineluctable wave of change following the recent enactment of the Finance (Miscellaneous Provisions) Act 2018 (the “Finance Act 2018”).

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New Rules for Authorised Companies

The Global Business sector is currently undergoing a major reform in a bid to enhance the competitiveness and transparency of Mauritius as a financial centre and its adherence to globally accepted standards. One of the measures stemming from the Budget Speech 2018-2019, through the recent enactment of the Finance (Miscellaneous Provisions) Act 2018 (the “Finance Act 2018”), is the phasing out of the Category 2 Global Business Companies (“GBC 2”) regime which is now supplanted by the “Authorised Company” regime. To that effect, the Financial Services Commission (“FSC”) has issued the following rules on the 27th of September 2018: - The Financial Services (Authorised Company) Rules 2018; and - The Financial Services (Consolidated Licensing and Fees) (Amendment) Rules 2018.

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Finance Act 2018 Newsletter

The Finance (Miscellaneous Provisions) Act 2018 (the “Finance Act 2018”) which contains provisions for the implementation of measures announced in the Budget Speech 2018-2019 was passed by the National Assembly on 31 July 2018. It is expected that the legislative amendments will be substantiated by the issuance of Regulations and Practice Notes. Please find enclosed a summary of the relevant key amendments.

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ITL Budget Brief 2018-2019

The Honourable Mr. Pravind Kumar Jugnauth, Prime Minister, Minister of Home Affairs, External Communications and National Development Unit, Minister of Finance and Economic Development of the Republic of Mauritius presented his budget speech for the fiscal year 2018/2019 on the 14th of June 2018. The Honourable Prime Minister announced substantial measures to revamp the existing Global Business Sector. Enhanced substance, harmonisation of regimes for the global business and domestic sectors, and greater oversight of management companies are amongst the key ingredients chosen by the Honourable Prime Minister in his drive to enhance the competitiveness of Mauritius as a financial centre and the adherence to global standards.

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New Code of Corporate Governance

The National Code of Corporate Governance for Mauritius 2016 (the “Code”) was launched in January 2017, replacing the initial Code of Corporate Governance which was introduced in October 2003. The Code comprises a set of Corporate Governance Principles and Guidance aimed at improving and guiding the governance practices of organisations in Mauritius.

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ITL Season's Greetings 2018

Every year end heralds the beginning of a new adventure and there is no better time than now to rejoice and express our gratitude to those who have contributed towards making 2017 another successful year. On behalf of the whole ITL Family, we would like to thank you for being part of this amazing journey and extend our wholehearted wishes to you and the family for the new year. Happy New Year 2018!

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Mauritius – “Compliant” jurisdiction according to the OECD

According to the initial reports issued by the Global Forum on Transparency and Exchange of Information for Tax Purposes (the “Global Forum”) on 21st August 2017, following a peer review aimed at assessing compliance with international standards for the exchange of information on request between tax authorities, Mauritius has been rated as “Compliant”. Mauritius has committed to the international Exchange of Information on Request (“EOIR”) since 2000 and it has progressed remarkably over the years. In fact, the Global Forum conducted a First Round Review in 2014 which evaluated the island nation for its implementation of the EOIR Standard against the Terms of Reference (“TOR”) issued in 2010 and concluded that Mauritius was “Largely Compliant”.

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Mauritius signs the multilateral BEPS Convention

In line with its unfaltering commitment to combat tax avoidance/evasion and base erosion, Mauritius signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (hereunder referred to as the “Multilateral Convention” or the “Multilateral Instrument” or the “MLI”) on 5th July 2017. The Multilateral Convention requires its allegiant country members to identify Covered Tax Agreements among its existing network of Double Taxation Avoidance Agreements (DTAA) that will be directly impacted by the said convention.

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Mauritius Budget Brief 2017-2018

GEARING UP TO THE RISING CHALLENGES OF TOMORROW IN A CONSTANTLY DYNAMIC AND EVOLVING WORLD The Honourable Pravind Kumar Jugnauth, Prime Minister, Minister of Home Affairs, External Communications and National Development Unit , Minister of Finance and Economic Development, delivered his Budget Speech for the fiscal year 2017/2018 on 8th June 2017.

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The Business Facilitation (Miscellaneous Provisions) Act 2017

The Government of Mauritius is always striving to enhance the local business climate through a perpetual review and bettering of its regulatory and administrative framework. It is along this same line of vision that the Act came into force on 20 May 2017 with the objective of slashing red tape and other administrative hurdles that stymie the delivery of business permits, licenses, authorizations and clearances.

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