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

5 Minutes Offshore
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
Latest news
Currency exchange rates: USD/1 unit
HUF 0.0034
GBP 1.2278
CHF 0.9911
RUB 0.0167
HKD 0.1289
JPY 0.0087
CNY 0.1454
CAD 0.7478
AUD 0.7532
BRL 0.3129
EUR 1.0632


Mauritius Signs FATCA, TIE Agreements With US


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.