Photo By: FATCA
By Courtesy of Mike Godfrey
Mauritius has confirmed that it will implement the Common Reporting Standard for automatic exchange of tax information between territories, based on the standards drawn up by the Organization for Economic Co-operation and Development (OECD).
The announcement comes after Mauritius became the first African country to implement a framework to facilitate compliance with the United States' Foreign Account Tax Compliance Act on December 27, 2013.
The objective of the FATCA, enacted in the US in March 2010, is to identify US persons behind foreign financial holdings and for foreign financial institutions to communicate their corresponding investment information – namely their names, addresses, account numbers, account balances, and incomes derived from such investments – to the US Internal Revenue Service.
