{"id":597411,"date":"2019-07-25T03:46:40","date_gmt":"2019-07-25T03:46:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/25\/mauritius-leaks-shows-africas-loss-of-revenue-to-wealthy-offshore-tax-haven\/"},"modified":"2019-07-25T03:46:40","modified_gmt":"2019-07-25T03:46:40","slug":"mauritius-leaks-shows-africas-loss-of-revenue-to-wealthy-offshore-tax-haven","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/25\/mauritius-leaks-shows-africas-loss-of-revenue-to-wealthy-offshore-tax-haven\/","title":{"rendered":"\u2018Mauritius Leaks\u2019 shows Africa\u2019s loss of revenue to wealthy offshore tax haven"},"content":{"rendered":"

\u2018Mauritius Leaks\u2019 reveal Africa\u2019s loss of revenue to offshore tax haven:<\/b> A new investigation by the International Consortium of Investigative Journalists (ICIJ) dubbed the \u2019Mauritius Leaks\u2019<\/a> reveals how western corporations use the Indian Ocean island to avoid paying taxes in poor African countries. The investigation, based on analysis of 200k confidential records from the Mauritius office of offshore law firm Conyers Dill & Pearman<\/a>, finds that companies use the country\u2019s low tax rates and tax treaties with 46 other African countries to ship untaxed income out of Africa.<\/p>\n

How do companies profit?<\/b> Mauritius has a headline corporate tax rate of 15%, which can drive down to 3% (or even 0%) by using foreign tax credits, and through its Global Business License 1 allows companies with operations outside the country to instead pay its low rates. For a company \u2018resident\u2019 in Mauritius there is \u201calmost always\u201d<\/a> no capital gains tax, which otherwise could amount to 30-35% in many African countries. Mauritius has signed double taxation agreements (DTA) with 46 countries,<\/b> allowing companies to avoid capital gains tax and withholding taxes on dividends, interest and royalties. Despite Mauritius making some concessions to tax reform in January, tax advisers who spoke to ICIJ said that \u201creforms may be little more than box-checking designed to keep the country off international blacklists.\u201d<\/p>\n

How is Egypt affected?<\/b> Egypt and Mauritius entered into a DTA<\/a> back in 2014 which made Mauritian residents \u201cgenerally exempt\u201d of capital gains tax, and reduced withholding taxes on royalties and interest to 10% from 20%. And of course companies that should be paying tax at the rate set by the Egyptian government are able to instead reside in Mauritius and drastically reduce their tax bill. It is unknown how much tax revenue Egypt is missing out on, but Tax Authority officials interviewed by ICIJ said the Mauritius treaty is having a crippling effect.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u2018Mauritius Leaks\u2019 reveal Africa\u2019s loss of revenue to offshore tax haven: A new investigation by the International Consortium of Investigative Journalists (ICIJ) dubbed the \u2019Mauritius Leaks\u2019 reveals how western corporations use the Indian Ocean island to avoid paying taxes in poor African countries. The investigation, based on analysis of 200k confidential records from the Mauritius […]<\/p>\n","protected":false},"author":1,"featured_media":597412,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9003],"tags":[72,2397],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-597411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-worth-reading","tag-enterpriseam","tag-worth-reading","wpautop","entry"],"acf":{"mongo_id":"e428b092-714c-4b7c-90dc-e75865548326","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2019\/7\/2248.jpg","photo_position":"above","related_issue":[597394],"teaser":"","voice_url":""},"yoast_head":"\n\u2018Mauritius Leaks\u2019 shows Africa\u2019s loss of revenue to wealthy offshore tax haven - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/07\/25\/mauritius-leaks-shows-africas-loss-of-revenue-to-wealthy-offshore-tax-haven\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018Mauritius Leaks\u2019 shows Africa\u2019s loss of revenue to wealthy offshore tax haven\" \/>\n<meta property=\"og:description\" content=\"\u2018Mauritius Leaks\u2019 reveal Africa\u2019s loss of revenue to offshore tax haven: A new investigation by the International Consortium of Investigative Journalists (ICIJ) dubbed the \u2019Mauritius Leaks\u2019 reveals how western corporations use the Indian Ocean island to avoid paying taxes in poor African countries. 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The East African island nation\u2019s new requirements include the absence of plant and soil remains and mold from Egyptian shipments, and refraining from using non-sterilized straw or peat moss packaging.\u2026","rel":"","context":"In "Diplomacy + Foreign Trade"","block_context":{"text":"Diplomacy + Foreign Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/diplomacy-foreign-trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":637053,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/07\/paradise-papers-leak-implicates-world-figures-and-major-corporations\/","url_meta":{"origin":597411,"position":2},"title":"Paradise Papers leak implicates world figures and major corporations","author":"enterpriseam admin","date":"7 November 2017","format":false,"excerpt":"After the Panama Leaks, we now have the \u201cParadise Papers\u201d: A new series of leaks focusing on alleged tax dodging by leading politicians, business figures and corporations were revealed in what is being dubbed as the \u201cParadise Papers.\u201d The focus of the leak is Appleby, a law firm that provides\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":624869,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/20\/is-egypt-the-second-wealthiest-country-in-africa\/","url_meta":{"origin":597411,"position":3},"title":"Is Egypt the second-wealthiest country in Africa?","author":"enterpriseam admin","date":"20 September 2018","format":false,"excerpt":"**#8 Egypt is the second-wealthiest country in Africa by total wealth, but a distant sixth in wealth per capita as measured in 2017, according to AfrAsia Bank\u2019s Africa Wealth Report 2018 (pdf). South Africa led the list of the continent\u2019s wealthiest countries. The report by the Mauritius-based bank drills into\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":545558,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/04\/offshore-group-including-company-execs-make-a-play-for-domty\/","url_meta":{"origin":597411,"position":4},"title":"Offshore group including company execs make a play for Domty","author":"enterpriseam admin","date":"4 April 2022","format":false,"excerpt":"Domty up for grabs: A group led by Expedition Investments has submitted a non-binding offer for a majority stake in cheese maker Domty, the company announced in a statement (pdf) to the EGX. The group is looking to acquire up to 90% of the food producer at EGP 5.00 per\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/106.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":551063,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/23\/egypt-has-the-second-highest-private-income-holdings-on-the-continent\/","url_meta":{"origin":597411,"position":5},"title":"Egypt has the second highest private income holdings on the continent","author":"enterpriseam admin","date":"23 May 2022","format":false,"excerpt":"Egypt has the second-highest amount of private wealth in Africa with some USD 307 bn in private holdings, according to a new report (pdf) from investment firm Henley and Partners. This puts the country second only to South Africa, which dominates the list with almost double the amount of private\u2026","rel":"","context":"In "THE MACRO PICTURE"","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/516.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597411","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=597411"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597411\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/597394"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/597412"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=597411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=597411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=597411"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=597411"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=597411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}