Category: About Mauritius
The applicable Solidarity levy on the Turnover component has been reduced from 1.5% to 1%.
Companies with a loss are still compelled to pay the 1% levy.
The incentive tax rate of 5% (third tax band) has been eliminated. As of YOA 2022/2023, the tax rates for banks will be as follows:
The 15% investment tax credit over three years on new plant and apparatus (excluding motor vehicles) is extended to the fiscal year 2025/2026 for manufacturers.
Clarification provided that manufacturing companies producing both alcoholic and non-alcoholic beverages may claim the investment tax credit for expenditures on plant and apparatus used exclusively for the production of non-alcoholic beverages.
The double deduction for market research and product development expenses will no longer be restricted to the African market. However, this incentive is restricted to businesses with an annual revenue of less than MUR500 million
The tax rate for manufacturers of medical devices will be reduced by 3%. Exemption from tax on interest income for:
Deduction of three times the amount of donations made by companies to NGOs involved in: supporting persons with health issues and disabilities, street children protection, and rehabilitation programmes, up to MUR1 million;
Introduction of a progressive tax system
All income will be taxed incrementally, i.e., chargeable income will be divided into various revenue brackets. Each tax category will have a specific tax rate beginning at 0% and ending at 20%.
It is proposed that a person will not be required to pay solidarity levy at a rate of 25% on leviable income exceeding MUR3 Million (capped at 10% of net income including local dividend).
Alignment of special levy to 5.5 percent for all banks, regardless of operating income amount.
MRA will launch a portal to assess vendors' Electronic Billing Systems and ensure that invoices are in a standardised e-invoicing format.
Limit for cost of construction of MUR3 Million reintroduced for VAT refund on residential building, house or flat; and
Name and address of non-business persons must be specified on invoices issued by VAT registered persons, upon request, to facilitate VAT refund.
Instead of being eligible for a VAT refund, event organisers are now exempt from paying VAT on accommodation costs; and
Construction of a purpose-built facility for the provision of primary and secondary education is now exempt from VAT.
Clarification that input tax credit may be claimed beginning on the date of voluntary registration.
Home Ownership Scheme (HOS) and Home Loan Payment Scheme (HLPS) — 5% refund under HOS and HLPS extended until 30 June 2024.
Negative excise tax (refund) on electric car purchase — Refund of 10% (up to a maximum of MUR200,000) of the value at importation of electric motor car or electric motor vehicle for transporting products, extended until 30 June 2024.
For transfer of shares (in a company holding immovable property) exceeding MUR200,000 in value and requiring a supporting certificate from a professional Accountant, the duty/taxes (e.g. registration duty and land transfer tax) will be levied on the greater of the value declared in the deed of transfer or the value declared in the certificate. Currently, the tax is based on the certificate's value.
When a person acquires more than 20% of the share capital in a company and an option has been made to be taxed on the value of the transferred shares, a description of immovable property held by the company and a site plan must be provided at the time of registration of the deed of transfer. The objection procedure following an assessment of the value of transferred shares applies equally to the transferee and transferor if the transferor is subject to land transfer tax.
#MauritiusTaxReforms #TaxIncentives #EmploymentTaxDeductions #SolidarityLevyReduction #TaxExemptions #InvestmentTaxCredits #NonProfitDonationsTaxBenefits #VATRefunds
Proudly Promoting Mauritius:
Mauritius Life | Veri Global | Property Finder
We are delighted to work together in promoting the beauty and opportunities of Mauritius.
Our websites, Mauritius Life, Veri Global, and Property Finder, are committed to providing valuable information, resources, and services related to Mauritius, its culture, economy, real estate, and more.
Please explore our websites to discover the rich cultural heritage, breathtaking beaches, thriving economy, top-notch real estate listings, investment administration, and knowledge that Mauritius has to offer. Together, we aim to showcase the best of Mauritius and assist you in making informed decisions about living, investing, and experiencing all that this beautiful island has to offer.
Property Finder Mauritius
2023-06-08 10:46:41
TAMARIN, MAURITIUS
80 VIEWS
BEAU CHAMP, MAURITIUS
74 VIEWS
TAMARIN, MAURITIUS
244 VIEWS
RIVIERE NOIRE, MAURITIUS
265 VIEWS