Mauritius is a late adopter to the Common Reporting Standard (“CRS”). CRS evolved out of an OECD-led initiative currently supported by over 100 countries (“Participating Countries”).
The purpose of CRS is to combat tax evasion. Participating Countries do this by the exchange of their tax residents’ tax information. Late adopter countries are required to exchange tax information by no later than 31 July 2018.
CRS applies to Mauritius financial institutions, these include management companies, banks, investment companies, trusts and foundations. CRS applies to companies which are incorporated in Mauritius or have their central management and control in Mauritius.
Trusts will fall under CRS if the trust is administered in Mauritius and the majority of the trustees are resident in Mauritius or where the settlor of the trust was resident in Mauritius at the time the trust was settled.
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