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AfricaMoney | August 23, 2017

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FSC Chairman Marc Hein says Mauritius no tax haven

FSC Chairman Marc Hein says Mauritius no tax haven

The island is willing to give information to countries with which it has an agreement of double taxation avoidance, he observed. (Image: Mint)

The chairman of the Financial Services Commission (FSC), the non-banking financial services regulator of the island economy, declared that Mauritius is not a tax haven.

Marc Hein made this statement in the course of the ACP-EU Parliamentary Assembly on Friday at the Vaghjee hall in the government house.

As Mauritius offers a simplified tax regime with 15 per cent VAT and 15 per cent tax on companies while dividend is not taxable at all, the island is often accused of being a tax haven.

However, Marc Hein countered such tax haven allegations, stating that investors cannot make “everything and anything” work in Mauritius.

The FSC Chairman upheld the transparency of the financial sector by highlighting that contracting parties can benefit from timely and detailed information exchanges.

The island is willing to give information to countries with which it has an agreement of double taxation avoidance, he observed.

Hein noted that EU representatives always claim that the Mauritian economy is too dependent on sugar and suggest expanding the service sector, the manufacturing industry, the tourism and the information technology.

However, Mauritius must always assure a balance between the investments and the regulations, while making sure that the island remains an attractive jurisdiction, he stated.

According to Marc Hein, Mauritius will adhere stringently to the tax system detailed by Paris-based international organization OECD (Organisation for Economic Co-operation and Development).

Issues of administrative delay and corruption need to be tackled before the potential of the private sector in the Mauritian economy can be truly realized, he concluded.

The Joint Parliamentary Assembly was a three-day event which started last Wednesday and ended Friday afternoon with a press conference given by both co-chairmen, namely Fitz Jackson for the African, Caribbean and Pacific Group of States (ACP) and Patrice Tirolien for the European Union (EU).

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