The Financial Services Commission of Mauritius said on Tuesday that the offshore fund involved in the conflict of interest allegations made by Hindenburg Research is not based in Mauritius. The FSC emphasised that it does not allow the creation of shell companies.
The FSC acknowledged the report by Hindenburg Research, published on 10 August 2024, which referred to ‘Mauritius-based shell entities’ and described Mauritius as a ‘tax haven’, according to its statement.
The FSC—which regulates the non-bank financial services sector and global business—further clarified that “IPE Plus Fund” and “IPE Plus Fund 1,” mentioned in the report, are not registered with the FSC and are not domiciled in Mauritius. It also denied any connection between the fund and Mauritius.
The regulator also highlighted that Mauritius has a strict regulatory framework for global business companies, and that the companies must meet ongoing substance requirements under section 71 of the Financial Services Act, which the FSC rigorously monitors.
The FSC also said that Mauritius adheres to international best practices and has been rated as compliant with the standards of the Organisation for Economic Co-operation and Development.
According to a peer review by the OECD Forum on Harmful Tax Practices, the OECD confirmed that Mauritius has no harmful tax features, recognising it as a well-regulated, transparent, and compliant jurisdiction. Therefore, Mauritius cannot be labelled a tax haven, the FSC said.
Washington Democrats are preparing for a legislative session where new taxes will be a major focus to solve a multi-billion dollar state budget hole. House Speaker Laurie Jinkins, D-Tacoma, and Senate
Major European banks that continue to do business in Russia paid the government four times more in taxes in 2023 than in the year before Moscow launched its full-scale invasion of Ukraine, the Financial
Global investors are increasingly seeking flexible residency and citizenship options beyond their native countries, making golden visa programs a vital tool for wealthy individuals to access new markets
he South African Revenue Service (SARS) argues it does not need any additional technology to go after taxpayers who are not meeting their obligations. It is counting on the fact that what it already