Mauritius Banking & Financial Services Q1 2020
Mauritius's banking and financial services industry is among the most developed in Sub-Saharan Africa. The country hasutilised its strategic geographic location and special tax relationships with dozens of countries to develop as an internationalfinancial centre. The renegotiation of its tax agreement with India, however, could increase the role of the region and China for thefinancial industry. Robust supervision, investor-friendly regulations and a stable macroeconomic and political environment allunderpin the country's appeal to firms seeking global financial services. That said, Mauritius has undertaken reforms in line with theAction 5 (Countering Harmful Tax Practices More Effectively, Taking into Account Transparency and Substance) of the G20/Organisation for Economic Co-Operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) project. By 2019, most ofthe reforms, such as those targeted at the preferential tax regimes to reduce profit shifting, have taken place and will haveimplications for banks as this could reduce the attractiveness of Mauritius as a financial hub.
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