On the 22nd December the MRA announced that the 1 January 2016 implementation of CRS has been deferred. On 15 January 2016 they released a new communique announcing the following:
“Further to our communiqué dated 22nd December 2015, this is to inform all stakeholders that the first exchange of information under CRS will take place as from September 2018. The requirement to apply due diligence procedures to record tax residence of clients opening new accounts, takes effect as from 1st January 2017.
The MRA will, in due course, convene the Technical Committee to discuss and finalise the Guidance Notes for the implementation of CRS.”
Given the extent of planning required we welcome the delay in the implementation of CRS. It also gives Mauritius time to see how the implementation is being phased in elsewhere.