Levy on Companies
Companies or group of companies having gross income exceeding Rs500m will be subject to levy on their annual gross income as follows:
No levy applicable to companies holding a Global Business Licence and companies in the tourism sector.
Solidarity Levy on Telephony Service Providers
- Solidarity Levy on telephony service providers will be made permanent
Profitable companies will continue to be liable to levy at 5% of accounting profit + 1.5% of turnover
Non-profitable companies will now be liable to levy of 1.5% of turnover
Alternative Minimum Tax (AMT) on life insurance business
Companies carrying out life insurance business will be liable to tax under the existing system or under AMT, whichever is the higher
AMT will be calculated at 10% on the profit attributable to shareholders adjusted for capital gains or losses
Accelerated Depreciation
Accelerated depreciation available on assets acquired as follows:
Investment Tax Credit (“ITC”)
15% ITC available to all manufacturing companies over 3 years
Export incentives
- 50% refund on the costs of certification, testing and accreditation of local laboratories
Additional Tax Deduction
- Double deductions on:
- Plant and machinery acquired by companies affected by COVID-19 during the period 01 March 2020 to 30 June 2020
- Cost of acquisition of patents and franchises including associated costs to comply with international quality standards and norms
- R&D expenditures incurred by Medical R&D centres
Tax Holidays
Double deductions on:
- 8 year tax holiday for companies engaged in:
- Inland aquaculture scheme
- Manufacture of nutraceutical products subject to operations started on or after 04 June 2020
- Manufacture of pharmaceutical products, medical devices or high-tech products if the company has started operations on or after 08 June 2017
- Worldwide institution setting up branch campuses in Mauritius will also benefit from the 8 year tax holiday
Partial Exemption Regime
- 80% partial exemption regime on interest income does not cover the following:
- Non-bank deposit taking institutions;
- Money changers;
- Foreign exchange dealers;
- Insurance companies;
- Leasing companies; and
- Companies providing factoring, hire purchase facilities or credit sale facilities
Deferred Duty and Tax Scheme
- Companies under the Deferred Duty and Tax Scheme and the Mauritius Duty Free Paradise will be allowed to sell their goods on the local market provided they pay taxes
