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Mauritius shifts focus to Africa upon global pressure
(MENAFN) The republic of Mauritius, the island nation located in the Indian Ocean, beats Singapore as the world's top route for foreign investment to India and is a hub for thousands of firms managing half a trillion dollars in assets.
Mauritius is considered to be a "tax haven" for companies which generate no real business on the island yet use it to benefit from tax avoidance treaties with Asia and Africa, according to informed economists.
Moreover, worried about the effect of tax havens, world powers are narrowing the noose on corporations seeking tax gains and India wants changes to its tax treaty with Mauritius, forcing the island to re-examine its business model.
My message for the offshore sector here is: they have to move from a tax haven to a typical transparent financial sector. This is what is happening now," stated the small nation's Finance Minister.
Mauritius is considered to be a "tax haven" for companies which generate no real business on the island yet use it to benefit from tax avoidance treaties with Asia and Africa, according to informed economists.
Moreover, worried about the effect of tax havens, world powers are narrowing the noose on corporations seeking tax gains and India wants changes to its tax treaty with Mauritius, forcing the island to re-examine its business model.
My message for the offshore sector here is: they have to move from a tax haven to a typical transparent financial sector. This is what is happening now," stated the small nation's Finance Minister.
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