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Mauritius
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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.
