On 9 & 10 July 2021, the third meeting of G20 Finance Ministers and Central Bank Governors (FMCBG) endorsed the key components of the two pillars on the reallocation of profits of multinational enterprises and an effective global minimum tax. This follows a decision, on 1 July 2021, by the OECD’s 132-country Inclusive Framework, to set a global minimum rate of tax of 15% for large multinationals (with the exception of shipping). Further details are expected to be published in October 2021.
The MBA is actively engaging with the Mauritius Revenue Authority, the Bank of Mauritius, and the Ministry of Finance in view of properly assessing the net impact of the GMT on the banking and financial services sector.