Understanding FATCA & CRS Reporting
In today’s interconnected financial world, transparency is non-negotiable. Two key frameworks — FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standard) — play a vital role in promoting global tax compliance.
Both frameworks have been adopted in Mauritius, a member of the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes.
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FATCA was introduced by the U.S. Internal Revenue Service (IRS) under an Intergovernmental Agreement (IGA) with Mauritius. It requires financial institutions to identify and report U.S. account holders. Non-compliance can result in a 30 % withholding tax on U.S.-source income.
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CRS, developed by the OECD, was implemented in Mauritius through the Common Reporting Standard Regulations 2017 and the Multilateral Competent Authority Agreement (MCAA). It mandates reporting on account holders who are tax residents of other participating jurisdictions.
Together, FATCA & CRS make global financial systems more transparent and resilient against tax evasion.
Why FATCA & CRS Compliance Matters
Being FATCA & CRS compliant is not just a legal obligation — it’s a strategic advantage.
- Builds global trust: Strengthens confidence among international regulators, investors, and counterparties.
- Avoids reputational and financial risk: Non-compliance can lead to blacklisting, banking restrictions, and exclusion from investment platforms.
- Demonstrates good governance: Compliance reflects strong ethics, corporate governance, and alignment with AML/CFT frameworks.
- Ensures legal conformity: Both FATCA and CRS carry domestic administrative penalties for failure to report, maintain due diligence, or submit records on time.
In short, compliance isn’t optional — it’s essential to sustaining credibility, operational continuity, and access to international markets.
Legal Requirements in Mauritius
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FATCA IGA (Model 1) signed on 27 December 2013 — implemented through amendments to the Income Tax Act 1995.
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CRS Regulations 2017 effective 1 January 2017, via the OECD MCAA.
Key Features of FATCA & CRS:
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Annual reporting deadline: 31 July
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Record-keeping requirement: minimum of 5 years
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NIL reporting mandatory when no reportable accounts exist
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Administrative penalties applicable for late or inaccurate submissions
While FATCA targets U.S. persons, CRS extends to tax residents of all participating jurisdictions, making it a broader compliance framework.
Our FATCA & CRS Services
At Algorythmics, we simplify compliance so that you can focus on your business.
Our FATCA & CRS Reporting Services are designed to:
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Streamline data collection, validation, and reporting workflows
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Automate due diligence and record-keeping
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Reduce compliance costs and operational burden
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Ensure timely and accurate submissions to the Mauritius Revenue Authority (MRA)
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Maintain full alignment with OECD and IRS standards
With technology-driven compliance solutions, we empower financial institutions to meet reporting requirements efficiently, accurately, and confidently.
Partner with Algorythmics
In an era of increasing regulatory scrutiny, compliance with FATCA and CRS is a mark of integrity, trust, and forward-thinking governance.
Let Algorythmics help your business stay compliant, transparent, and globally connected.
Learn more about our FATCA & CRS solutions here.
About the Collaboration
This initiative is the result of a close collaboration between Algorythmics and NFS Group Global Ltd.
