Ahead of the Budget Speech by the Prime Minister and Minister of Finance, Mauritius Finance held a Budget Breakfast panel discussion structured around a series of themes examined over a 50-minute session followed by Q&A.
The discussion opened with a macro perspective on the Budget as a balancing exercise between revenue and expenditure, considering government revenue collection against the previous year’s targets and the sources anticipated for the year ahead.
A deep-dive segment addressed noteworthy areas for the sector, including a possible revision to the Bank of Mauritius Act, AML-CFT measures ahead of the upcoming regulatory review, the Golden Visa scheme, the long-standing question of Director’s Liability, and potential measures on open banking and cybersecurity information-sharing among banks.
A further segment considered potential pitfalls for the sector, touching on the banking framework, VAT and tax residency certificate fees, provisions affecting bank signatory arrangements and Global Business trusts, and compliance and tax assessment matters.
The session closed with a look at areas meriting further consideration ahead of the Finance Bill, including the trust register, incentives for QDMTT-excluded countries, headquartering incentives, and the sector’s approach to fair share contributions for high-value professionals and clients.