Tax Deduction at Source (TDS) -
With more goods and services crossing national borders than ever before, monitoring of all aspects of compliance is essential. TDS is applicable on certain payments made for the procurement of services in Mauritius as well as to payments made to non-residents for certain services rendered in Mauritius.
The payer is required to deduct tax at the time the payment is received by or credited to the account of the payee.
Our team can assist you in the following areas:
- Meeting all filing requirements
- Assistance with any requests from MRA
- Implementation of processes to ensure compliance with regulatory requirements
Foreign Account Tax Compliance Acts (FATCA) -
Virtually all foreign financial intermediaries and withholding agents that own or hold investments in an increasing number of countries are subject to information reporting and disclosure requirements of Foreign Account Tax Compliance Acts (FATCA) legislation. This type of legislation impacts organizations' tax functions, technology systems, operations and business strategy.
Our professionals are well positioned to help companies assess and address implications related to compliance with FATCA legislation.
To comply with the FATCA obligations, our team can assist you with the following:
- Assistance in identifying entities that will be treated as Foreign Financial Institution (FFI) as envisaged by the Intergovernmental Agreement (IGA).
- Capture the required information and draw conclusions on your entity classifications.
- Analyze and identification of FFIs within the Client Group for the purpose of applicability of FATCA
Common Reporting Standards (CRS) -
CRS is the standard for automatic exchange of financial account information developed by the Organization for Economic Co-operation and Development (OECD). Over the past two years, more than 90 countries worldwide have agreed to the on-going and automatic exchange of financial data relating to offshore financial interests.
Based upon the principles of FATCA, CRS is a legal basis for exchange of tax data among participating jurisdictions. CRS will potentially require a far greater number of accounts to be reported on.
To comply with CRS, we can assist you in the following area:
- Capture CRS specific data
- Undertake an exercise to establish the tax residence status of all your clients and CRS legal entity classification
- Identify controlling persons who are required to provide their own self – certification
Tax legislations continue to grow and become more complex. Rulings and court decisions add to the complexity. At Grant Thornton, we understand what these changes mean in practical terms and the impact to you and your business decision making process.
We provide tax training sessions on various topics and can tailor these to suit your specific needs.