Financial Services Commission
The Financial Services Commission, Mauritius (the ‘FSC’) is the integrated regulator for the non-bank financial services sector and global business. Established in 2001, the FSC is mandated under the Financial Services Act 2007 and has as enabling legislations the Securities Act 2005, the Insurance Act 2005 and the Private Pension Schemes Act 2012 to license, regulate, monitor and supervise the conduct of business activities in these sectors.
FSC’s vision is “to be an internationally recognised Financial Supervisor committed to the sustained development of Mauritius as a sound and competitive Financial Services Centre”.
Bank of Mauritius
The Bank of Mauritius is the Central Bank of Mauritius. It was established in 1967 and is responsible enhance the stability and to reinforce the banking system in Mauritius with regards to the international standards.
Hence, it ensures that the fair and appropriate services are offered to the public by the banks and also that both the banking and credit systems are being well managed and conducted effectively.
Major changes were brought by the BoM for the benefit of the Mauritian’s banking sector so as to ensure a sound financial framework.
Mauritius Revenue Authority
The Mauritius Revenue Authority (MRA) is a body corporate, set up in 2004 to manage an effective and efficient revenue-raising system. It manages and collects taxes including corporate tax, personal income tax, VAT, customs and excise duties, issue and renewal of licences and Tax Residence Certificates (TRCs) and the special levy on banks, amongst others.
The MRA is a body of the State and, as such, the Ministry of Finance and Economic Development continues to have overall responsibility for the organisation and monitors its performance.
The MRA is responsible for collecting approximately 90% of all tax revenues and for enforcing tax laws in Mauritius.