Request for confirmation of Tax Residency and submission of Tax Identification Number (TIN)/Tax Account Number (TAN)
Dear Valued Customer,
This communiqué aims to provide you with information on the FATCA and CRS tax regimes and their impact on your relationship with The Mauritius Commercial Bank Limited (“MCB Ltd”):
* The US government has enacted in March 2010 the Foreign Account Tax Compliance Act (FATCA), a piece of legislation designed to tackle tax evasion by US persons making use of accounts in non-US based financial institutions. In accordance with requirements of the FATCA, MCB Ltd has been duly registered by the US Internal Revenue Service (IRS) as a Participating Foreign Financial Institution (PFFI). As part of its FATCA obligations, effective 1 July 2014, MCB Ltd is required to determine/confirm “US” persons among its former and existing customers by reference to a set of US indicia given in the FATCA.
* As of 1 January 2017, Mauritius has implemented the new global standard developed by the Organisation for Economic Co-operation and Development (OECD) for the automatic exchange of information for tax purposes, commonly referred to as Common Reporting Standard (CRS). Under the framework of CRS, all financial institutions operating in jurisdictions which have signed the Convention on Mutual Administrative Assistance in Tax Matters, will have to determine their customers’ residence for tax purposes.
Accordingly, MCB Ltd is under the obligation to report annually to the Mauritius Revenue Authority (MRA) information on financial accounts (both active and closed accounts) held by non-residents (including US customers) in its books. The MRA shall consequently exchange the information with (a) the US IRS and (b) its counterparts in other jurisdictions which have agreed to implement CRS.
What is required from you?
In view of the above, kindly complete and sign the self-certification form hereunder, which will ensure that we hold accurate and up-to-date information on you, including your tax residence in line with FATCA and CRS regulations.
Please return a scanned copy of the completed self-certification form by email by 20 November 2024 latest to your Relationship Manager or to the attention of the Manager Contact Centre, on [email protected].
You should read the instructions and notes on the form carefully before filling it. You should pay particular attention to the following:
• Your Tax Identification Number (TIN) and country of tax residence are mandatory information.
If no TIN/TAN is available (the country where the customer is liable to pay taxes does not issue a TIN or equivalent to its residents or the customer is not eligible for a TIN) , please provide us with an Alternate Identification Number (e.g. social security number/ national insurance number/ citizen or personal identification code or number/ resident registration number). Kindly note that the passport number is not acceptable by us, except for minors who have not been assigned a TIN.
You may refer to the OECD website whereby the list of jurisdictions issuing TINs or their functional equivalents has been published.
https://web-archive.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/tax-identification-numbers/index.htm
• If your circumstances change and any of the information provided in this form turns out to be incorrect, please inform us immediately and provide us with an updated self-certification form within thirty (30) days of such change in circumstances.
• We continue to adhere to all relevant privacy and data protection laws applicable in Mauritius whilst discharging our obligations under the FATCA/CRS legislation.
• MCB Ltd is unable to provide you with any legal or tax advice. Under no circumstances should the present document or any written or spoken explanation relating to it be construed as tax advice. You should contact your tax advisor for any questions you may have when completing the self-certification form or if you require any legal or tax assistance on the scope and applicability of the FATCA/CRS legislation to you.
• We may require, under certain circumstances, additional supporting documentation to enable us to validate your self-certification form and shall contact you accordingly.
In case of no response from you
If the requested information is not obtained within the deadline specified in the communiqué, the Bank will have no alternative than taking the necessary actions to close the targeted customers’ account(s) and make available to them any remaining credit balance(s), provided that all related legal and documentary requirements are duly fulfilled.
Should you need any clarification about this notice, please do not hesitate to contact your Relationship Manager.
Kind regards,
MCB Team
Please disregard this notification if you have already submitted the requested tax information.
