• As someone who knows little about running a business from a financial and statutory perspective I find Ramanah & Associates very reliable and helpful in ensuring I meet all my statutory obligations. A very organized and proficient service
    Author : Carla Ramanah
    Stable Manager
    Forbach Stable
  • This is to certify that Ramanah & associates has undertaken our financial and secretarial duties since incorporation of our company and has performed its task without delay.Its staff is painstaking and diligent. Our records are kept in full confidentiality and we trust them for their intelligent counselling of our financial management. We sincerely support them for any future endeavours.
    Author : Vijay Luchmun
    Managing Director
    Vijay Trading Co Ltd
  • It's my pleasure to inform you that your company has always delighted us of prompt services and suggest others not to hesitate to approach your company for the excellent services.
    Author : Mrs Woocheet
    Director
    Jayelec Company Limited
Testimonial

Customer Testimonials

" As someone who knows little about running a business from a financial and statutory perspective I find Ramanah & Associates very reliable and helpful in ensuring I meet all my statutory obligations. A very organized and proficient service ! "-Carla RamanahStable Manager Forbach Stable
" This is to certify that Ramanah & associates has undertaken our financial and secretarial duties since incorporation of our company and has performed its task without delay.Its staff is painstaking and diligent. Our records are kept in full confidentiality and we trust them for their intelligent counselling of our financial management. We sincerely support them for any future endeavours. ! "-Vijay Luchmun Managing Director Vijay Trading Co Ltd
" It's my pleasure to inform you that your company has always delighted us of prompt services and suggest others not to hesitate to approach your company for the excellent services. ! "-Mrs Woocheet Director Jayelec Company Limited
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News

Office closure - 20 September 2012

Please note the following office closures for end of year season: Our UK office will be closed from 24 December 2014 to 02 January 2015.Our Mauritian office will be closed on December 24 until 06 January 2015. Please send all urgent queries to info@vagrouplimited.com and we will try to contact you as soon as we can. Our team wishes you a Merry Christmas and a Happy New Year 2015. ....


FATCA - 19 September 2013

<p>The FATCA fever has finally reached Mauritius. But what is FATCA? How will it work and what is its impact on the Mauritian business scene. See below a brief interpretation on this current issue.</p> <p>The US IRS has estimated that they have lost around 3.09 trillion USD because of tax evasion in the last ten years. In the current economic austerity times and economic downturn, the US senate legislated FATCA to stop tax leakage. FATCA stands for Foreign Account Tax Compliance Act. The US government legislated FATCA in March 2010. It is aimed at US taxpayers avoiding tax using foreign accounts. The FATCA rule generally becomes effective with respect to certain payments made on or after January 1, 2014.</p> <p>FATCA requires foreign financial institutions (FFIs) that deal with US individuals or entities to enter into an agreement with the IRS and to report to the US tax authority about accounts or foreign entities on which US taxpayers have significant interest ownership. FFIs are non-US entities that accept deposits in the ordinary course of business, hold financial assets for the account of others as a substantial portion of their business, engage primarily in the business of investing, reinvesting, or trading in securities, partnership interests or commodities, or conduct certain business as insurance companies. This will include not only banks, insurance companies and broker-dealers but will extend to clearing organisations, trust companies, hedge funds, private equity funds, property funds and pension funds.&nbsp; It will also include securitisation vehicles and other investment vehicles. A FFI that enters into agreement with the IRS is called a participating Foreign Financial Institution. An FFI that does not enter into an agreement with the US IRS are non participating FFI and are subject to the 30% withholding tax.</p> <p>Under FATCA if a FFI is non compliant then a 30% Withholding tax will be withheld on any payment it receives from US based entities but also payments it receives/will receive from other compliant FFI. A US account holder that refuses to give consent to an FFI to pass its information to the IRS, will be a &quot;recalcitrant account holder&quot; and payments made by it, and accounts held by it, will be subject to a 30% withholding tax. The withholding tax applies to all payments that are &quot;withholdable &nbsp;payments.</p> <div>There are two type of payments that are affected by FATCA:</div> <p><b><u>Witholdable payments</u></b></p> <p>This will include interest, dividend and proceed from sales of assets that give rise to US source income.</p> <div><b><u>Passthru Payments</u></b></div> <p>Passthru payments are withholdable payments and payments that are indirectly attributable to a withholdable payment</p> <div>&nbsp;</div> <div>&nbsp;</div> <div>&nbsp;</div> <div>&nbsp;</div> <p>The participating FFI is required to do the following under the agreement FFI agreement with IRS.</p> <p>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Obtain information on account holders that is necessary to determine if accounts are U.S. accounts;</p> <p>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comply with any required due diligence/verification procedures;</p> <p>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Annually report information on U.S. accounts;</p> <p>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deduct and withhold a 30% tax on pass thru payments; paid to account holders who do not supply the required information (recalcitrant account holders), or paid to a non-participating FFI.</p> <p>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attempt to obtain from U.S. accounts a waiver of applicable bank secrecy or other information disclosure limitations, and close the U.S. accounts if a waiver is not obtained within a reasonable period of time.</p> <p>Other countries are also contemplating or are already starting to put into place their own framework to introduce their own FATCA i.e the UK and other EU countries.</p> <p>In&nbsp; Mauritius&nbsp; Management companies , Global Business companies&nbsp; , Trust, insurance companies that have&nbsp; US clients or have direct or indirect involvement from US citizens will be required to register with the IRS and agree to report to the IRS certain information about their U.S. accounts, including accounts of certain foreign entities with substantial U.S. owners.</p> <p>The Financial services commission has already announced that the government of Mauritius has already signified its interest to enter an agreement with the US IRS in view of becoming FATCA compliant. However they will try to minimise the compliance burden on Mauritian financial institutions.</p> <div>&nbsp;</div> <div>&nbsp;</div> <div>&nbsp;</div> ....