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The
2013 Budget
approved in
the National
Assembly
The 2013
Budget was
voted in
Parliament
on 28
November.
Some of the
measures
announced by
the Minister
of Finance
for the
financial
services
sector have
been
entrusted to
the
Financial
Services
Commission.
These
measures
will further
enhance and
consolidate
the
credibility
and
integrity of
the
financial
architecture
in
Mauritius.
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Setting up of
Technical
Committees
on Insurance
Industry
Compensation
Fund and LLP
Bill
Following
the
announcement
of the
Minister of
Finance in
his recent
Budget
speech of
the
implementation
of a new
Compensation
Fund next
year for
victims of
'hit and
run'
accidents,
and the
presentation
of the
Limited
Liability
Partnership
('LLP') Bill
to
consolidate
the
geographical
and product
diversification
of the
financial
services
sector, the
FSC has set
up Technical
Committees
to ensure
the
implementation
of these
measures.
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New
requirements
for Tax
Residence
Certificate
With two
decades of
professional
and valuable
experience
in the
Global
Business
sector,
Mauritius is
today
offering
greater
value-added
services. As
announced in
the recent
Budget, Tax
Residence
Certificates
('TRC') will
henceforth
only be
issued upon
compliance
with
enhanced
commercial
substance
requirements
which the
FSC will be
issuing
shortly.
The Income
Tax Act is
being
amended to
enable the
Mauritius
Revenue
Authority
('MRA') to
charge a
service fee
for issuing
of TRC.
The Indian
Tax
Authorities
have imposed
new
requirements
for Tax
Residence
Certificates
and the MRA
is now
issuing TRCs
in the new
format for
Category 1
Global
Business
Companies.
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FSC Industry
Update on
Capital
Markets
The FSC held
a workshop
on
'Strengthening
Market
Integrity in
the Changing
Capital
Markets
Landscape"
for industry
representatives
in the
Capital
Markets
sector on
Tuesday 20
November. The
workshop was
also an
opportunity
for
networking
amongst
professionals
in the
sector.
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Enhanced
Cooperation
between FSC
and Botswana
NBFIRA
Officers of
the Non-Bank
Financial
Institutions
Regulatory
Authority (NBFIRA)
of Botswana
were at the
FSC from 05
to 16
November
2012 on
attachment
programme.
This visit
reinforced
FSC's
commitment
to ensure
effective
cross-border
cooperation,
information
sharing and
capacity
building
with its
African
counterpart.
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FSC Consumer
Education
Roadshow in
Rodrigues
The FSC's
campaign to
promote
public
understanding
of the
financial
system which
started
since the
beginning of
November is
reaching its
final stage
for this
year in
Rodrigues.
The FSC will
do a
presentation
on financial
services at
the
Rodrigues
Regional
Assembly and
meet
representatives
of the
business
community on
30 November.
The FSC Team
will conduct
its consumer
education
roadshow on
Saturday 01
December at
La Varangue
de
l'Administration
Central
de Port-Mathurin.
The campaign
will be
followed by
a Career
Fair.
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