Contribution, taxation and attractiveness: the challenges of the banking sector

A one-day conference on the theme “From competitiveness to sustainability: the banking imperative” was held on January 28 at the Caudan Arts Center. The event brought together players from the financial sector around several issues: growth opportunities, competitiveness, strategic positioning, digitization, future of digital banking, sustainable finance and adaptation to market and regulatory developments.

The Mauritian banking sector, which includes 19 banks, contributes approximately 6.5% of GDP. During her speech, the Minister of Financial Services, Dr Jyoti Jeetun, recalled that banks constitute a pillar of the economy. She highlighted that the financial services sector represents 65% of corporation tax and 35% of PAYE, thus nuanced the perception linked to bank profits.

For his part, Dhaneshwar Damry, junior minister of Finance, estimated that Mauritius has the necessary assets to attract more foreign banks. He cited the example of Singapore, where banks are largely focused on international activities, and indicated that Mauritius could host regional headquarters of African banks.

Asked about the impact of taxation, Dr Jyoti Jeetun recognized that Mauritius is based on a low-tax jurisdiction model, while mentioning the need to remain competitive. Dhaneshwar Damry emphasized the importance of innovation and efficiency, stressing that the transformation of the banking sector could reduce costs, create jobs and support the country's economic development.

View the discussion thread.

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