The ‘Finance Bill’, was voted with amendments in the National Assembly lats week. In his speech, the PM stressed the importance of the amendments of several important laws that will further promote the country and improve the quality of life of Mauritians.
The Finance (Miscellaneous Provisions) Act 2021 (“FA 2021”) received the President’s assent on 5 August 2021. FA 2021 provides to amend a number of legislations for implementation of measures announced in the Budget Speech 2021. This alert covers the key fiscal and regulatory amendments provided by the Act and theireffective dates.
Some of the key fiscal amendments brought by FA 2021 are the extension of the 80% partial exemption regime to cover income from additional activities such as investment dealers licensed by the FSC and leasing of locomotives and trains including rail leasing. Another notable amendment is that Trusts and Foundations would no longer be eligible to make declaration of non-residence and be exempt from income tax in Mauritius. The country is further opening-up to foreigners with the new 10-year Family Occupation Permit and also relaxing taxation for individuals holding Premium Visa working remotely from Mauritius. The Income Tax Act 1995 is also being amended to clarify that the arm`s length provision is applicable to all business or incomeearning activities carried out in or from Mauritius.