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Our newsletters cover a variety of tax and financial topics relevant to both individuals and corporations. Make sure to subscribe to our mailing list to get the latest insights on the tax landscape.
On 31 December 2021, the Mauritius Revenue Authority (“MRA”) released a communique to inform employers of their obligation to contribute to the PRGF as from the month of January 2022.
The Finance (Miscellaneous Provisions) Act 2021 (“FA 2021”) brought important changes to the taxation regime of trusts and foundations in Mauritius. These changes came as a surprise to the financial services industry since they were not announced in the Budget Speech 2021/2022, creating a degree of uncertainty for those trusts and foundations which so far could submit a declaration of non-residence and be exempt from tax in Mauritius.
The Finance (Miscellaneous Provisions) Act 2021 (“FA 2021”) received Presidential assent on 05 August 2021. This newsletter highlights the key fiscal measures brought to the Income Tax Act 1995 (“ITA”).
TASS was introduced for taxpayers and/or employers having outstanding tax arrears as at 31 October 2020. Where the tax arrears are settled on or before 31 December 2021, the taxpayer will benefit from 100% waiver of penalties and interest included in the tax arrears in respect of Income Tax Act 1995, Value Added Tax Act and Gambling Regulatory Authority Act.
In his much anticipated second Budget, the Minister of Finance, Economic Planning and Development set the tone for a stronger and more resilient future for the country. In many ways, it felt like the dawn of a new era – one where Mauritius will have to reinvent itself in order to achieve sustainable growth in a post-Covid world. From the announcement of a new growth sector in the Green energy industry, to the steps identified to make the country more attractive to foreigners, the focus has been placed on measures that, if successful, could indeed transform the landscape in years to come.
The Mauritius Revenue Authority (“MRA”) in collaboration with the Corporate and Business Registration Department (‘’CBRD’’) has developed a new facility for online Value Added Tax (“VAT”) registration of a company on incorporation under a single process.
On 7 April 2021, The Contribution Sociale Généralisée (Amendment) Regulations 2021 (referred hereinafter as the “Amendment Regulations”) was gazetted and the main amendment brought was the exclusion of non-citizens employees who are not tax residents of Mauritius from the purview of the Contribution Sociale Généralisée (“CSG”). This amendment shall come into operation as from 1 September 2020. Previously, a non-citizen employee employed by a Mauritian employer was required to contribute the CSG irrespective of his or her tax residency or from where the duties of his or her employment are physically performed.
The Mauritius Revenue Authority (MRA) has on 15 February 2021 issued a Statement of Practice to provide guidance on the tax treatment for entities which have adopted IFRS 15. IFRS 15 is the new standard on revenue recognition which was issued by the International Accounting Standards Board (IASB) in May 2014 and is effective for accounting periods beginning on or after 1 January 2018. An entity may adopt IFRS 15 by using one of the following methods:
In a televised statement on 23 March 2021, the Prime Minister of Mauritius announced the resumption of economic activities in a phased manner as from 1 April 2021. In this regard, the Mauritius Revenue Authority (MRA) has released two communiques on 31 March 2021 to provide clarifications on the resumption of its operations and the submission of returns and payment of taxes.
