Mauritius

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Overall Phase 2 Rating is Compliant

Table of Determinations and Ratings of the Combined Review

Jurisdictions should ensure that ownership and identity information for all relevant entities and arrangements is available to their competent authorities. (ToR A.1)
Determination Factors Recommendations
The element is in place, but certain aspects of the legal implementation of the element need improvement.   Beneficial ownership information on partnerships and domestic companies may not be available in situations where these entities do not hold a Global Business License or have a bank account with a Mauritius bank. However, in practice, Mauritius can demonstrate that a large number of such entities have a domestic bank account, which would allow for information on their beneficial owners to be identified pursuant to AML rules.  Mauritius is recommended to ensure the availability of information on the beneficial owners of all domestic companies and all partnerships. 
Beneficial ownership information for domestic companies that do not hold a Global Business License is not required to be held by any person following a company’s removal from the register. Also, records for companies that are voluntarily wound up are required to be retained by the liquidator for only three years.  Mauritius is recommended to ensure that that beneficial ownership information is available for all companies that cease to exist. 
Foreign companies establishing a place of business in Mauritius are required to provide legal ownership information only to the extent required by the laws of the incorporating jurisdiction.   Mauritius should ensure that ownership information on foreign companies having a sufficient nexus with Mauritius or carrying on business or deriving income in Mauritius is available in all cases.  
Phase 2 Rating Factors Recommendations
Largely Compliant.     
   
   
Jurisdictions should ensure that reliable accounting records are kept for all relevant entities and arrangements. (ToR A.2)
Determination Factors Recommendations
The element is in place.   Accounting records for companies that are voluntarily wound up are required to be retained by the liquidator for only three years. Further, no clear obligation is placed on any individual to retain accounting records after a company or partnership is removed from the register. However, records of companies and partnerships that have Global Business Licenses will be kept by the registered agent.  Mauritius should ensure that accounting records for companies and partnerships that cease to exist are kept for a minimum period of five years. 
Phase 2 Rating Factors Recommendations
Compliant.     
Banking information should be available for all account-holders. (ToR A.3)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
Competent authorities should have the power to obtain and provide information that is the subject of a request under an exchange of information arrangement from any person within their territorial jurisdiction who is in possession or control of such information (irrespective of any legal obligation on such person to maintain the secrecy of the information). (ToR B.1)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
The rights and safeguards (e.g. notification, appeal rights) that apply to persons in the requested jurisdiction should be compatible with effective exchange of information. (ToR B.2)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
Exchange of information mechanisms should provide for effective exchange of information. (ToR C.1)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
The jurisdictions' network of information exchange mechanisms should cover all relevant partners. (ToR C.2)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
The jurisdictions' mechanisms for exchange of information should have adequate provisions to ensure the confidentiality of information received. (ToR C.3)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
The exchange of information mechanisms should respect the rights and safeguards of taxpayers and third parties. (ToR C.4)
Determination Factors Recommendations
The element is in place.      
Phase 2 Rating Factors Recommendations
Compliant.     
The jurisdiction should provide information under its network of agreements in a timely manner. (ToR C.5)
Determination Factors Recommendations
The assessment team is not in a position to evaluate whether this element is in place, as it involves issues of practice that are dealt with in the Phase 2 review.      
Phase 2 Rating Factors Recommendations
Compliant.     

Earlier self-assessment based annual reports entitled Tax Co-operation 2010: Towards a Level Playing Field are also available.