BOM to survey consolidated foreign assets & liabilities data for Mauritian firms
The Bank of Mauritius requires all enterprises with assets or liabilities outside Mauritius to statistically determine the scale and nature of private capital flows between the island and the rest of the world, with a view to establish a reporting system for cross-border transactions and improving the coverage of private sector cross-border transactions. (Image: jlglawyers.com)
On 11 May 2015, the Bank of Mauritius (BOM) launched its sixth Foreign Assets and Liabilities Survey (FALS2015) with the objective of improving the balance of payments statistical coverage for Mauritius and compiling an end-to-end international investment position.
The international investment position is a statement showing the value of financial assets and liabilities of residents vis-à-vis non-residents, at a point in time.
Therefore, the FALS2015 calls for resident enterprises to provide transactions and positions data with non-residents for the year 2014.
The central bank shall ensure strict confidentiality of the information provided in the questionnaire, and has assured respondents that the data will not be accessible to any third party within or outside the Bank.
The objectives of such an initiative by the BOM are: to statistically determine the scale and nature of private capital flows between Mauritius and the rest of the world, establish a reporting system for cross-border transactions for the island economy, and improve the coverage of the private sector’s cross-border transactions and positions for compilation of Mauritius’ BoP and IIP statistics.
It is the Chief Executive, or as delegated to his/her representative – such as the Finance Director or Accountant – who must fill the questionnaire, as it contains technical concepts most likely familiar to the Finance Director or Accountant.
After compilation of all collected data, BOM will publish information in aggregated form and thus, BOM undertakes to withhold any information where there is a high risk of indirect or residual disclosure.
Accordingly, Section 51A (1) of the Bank of Mauritius Act, 2004, states that, “The Bank of Mauritius is responsible for preparing the balance of payment accounts and the external assets and liabilities position of Mauritius”.
Moreover, Section 51A(2) says that “The Bank may, by notice in writing, require any person to furnish, within such time and in such form and manner as the Bank may determine, such information and data as the Bank may require for the preparation of the balance of payments accounts and the external assets and liabilities position of Mauritius”.
An electronic version of the questionnaire can be downloaded – click here - and the form consists of 17 pages with instructions and a filtering section, which will indicate the relevant parts that must be filled for your enterprise.
This questionnaire must be completed by all enterprises that have some or all of their assets outside the Republic of Mauritius and/or liabilities, borrowings and/or lending to non-residents from related and unrelated parties.
It is to be noted that the due date for return of the completed questionnaire is 12 June 2015. The duly filled in questionnaire must be mailed to the Head-Statistics Division, Bank of Mauritius, Sir William Newton Street, Port Louis, or you may also email it to email@example.com.