On 16 June 2021, the MBA along with Chief Finance Officers from member banks MCB, HSBC, Absa Mauritius, and Standard Chartered Bank Mauritius participated in the Mauritius Revenue Authority’s tax working Group. The implications of the introduction of a Global Minimum rate of tax for Mauritius were brainstormed during the meeting. Subsequently, a meeting was held on 25 June 2021 at the Bank of Mauritius, for further discussions. Internationally, G7 countries have committed to a global minimum tax of at least 15%. The details will be further discussed at an upcoming G20 meeting in July 2021, where developing countries’ views would also be sought. Pillar 2 is expected to capture far more companies than Pillar 1, up to about 8,000 multinationals according to initial estimates in the press. The inception of a Global Minimum Tax will impact the business models of many global corporates and the tax framework of many countries around the world. The MBA continues to closely monitor developments in global fiscal policy.
