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FATCA

In view of implementing the US Foreign Account Tax Compliance Act (FATCA) in Mauritius, Mauritius signed a Tax Information Exchange Agreement (TIEA) and a Model 1 Intergovernmental Agreement (IGA) with the US in December 2013. The Mauritius IGA follows a Reciprocal Model 1A approach whereby all Reporting Mauritius Financial Institutions are required to disclose information on reportable accounts substantially owned by US citizens and residents to the Mauritius Revenue Authority (MRA) for onward submission to the US Inland Revenue Service (IRS). The agreements have now been incorporated in the local regulatory framework in regulations made under s76 of the Income Tax Act cited as the Agreement for the Exchange of Information Relating to Taxes (United States of America – FATCA Implementation) Regulations 2014 (Mauritius FATCA Regulations).

The MRA has issued Guidance Notes to assist Financial Institutions with their compliance with the Mauritius FATCA Regulations. The Guidance Notes can be downloaded from the following link: http://www.mra.mu/download/FATCAGuidance140515.pdf