en | hu | ru | bg | ro | tr FacebookTwitterGoogle+LinkedInYouTubeInstagram
+ 357-24-636-919
+ 44-20-7556-0900
NEWS

5 Minutes Offshore
Why LAVECO?
How to order a company from LAVECO Ltd
Sign up for a free consultation
Request a return call
Request a brochure
Downloadable brochures
Subscribe to our newsletter
Newsletters
Latest news
Currency exchange rates: USD/1 unit
2017.04.27
HUF 0.0035
GBP 1.2824
CHF 1.006
RUB 0.0179
HKD 0.1285
JPY 0.0091
CNY 0.1453
CAD 0.7364
AUD 0.7535
BRL 0.3173
EUR 1.0891

NEWS

Mauritius Signs FATCA, TIE Agreements With US


10/01/2014

Mauritius and the United States have signed an inter-governmental agreement (IGA) for the implementation of the Foreign Account Tax Compliance Act (FATCA) between the two countries, as well as a bilateral tax information exchange agreement (TIEA).

The signing ceremony for the two agreements was held on December 27, 2013, in Port Louis and the signatories were the Mauritian Vice-Prime Minister, Minister of Finance and Economic Development Xavier-Luc Duval and the US Ambassador to Mauritius, Shari Villarosa.

FATCA, enacted by Congress in 2010 and taking effect on July 1, 2014, is intended to ensure that the US obtains information on accounts held abroad at foreign financial institutions (FFIs) by US persons. Failure by an FFI to disclose information on their US clients, including account ownership, balances and amounts moving in and out of the accounts, will result in a requirement to withhold 30 percent tax on payments of US-sourced income.

To address situations where foreign law would prevent an FFI from complying with the terms of an FFI agreement, Treasury has developed model IGAs.Under the terms of the Model 1 IGA between Mauritius and the US, Mauritian FFIs will be required to report their information to the Mauritius Revenue Authority, which will then automatically exchange the information with the US, according to the TIEA.

www.lowtax.net

Top