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The Finance Act 2019 has brought further changes to the Income Tax Act. The new methodologies for calculating the tax payable by banks and Global Business companies have been fine-tuned. Freeport companies are now liable to tax at 3% on the sale of goods on the local market, subject to certain substance conditions. Tax holidays are now available to companies engaged in innovation driven activities, e-commerce and Peer-to-Peer lending.
Also, new rules on Controlled Foreign Company and Presumptive Tax on Small Enterprises have been introduced while new tax deductions are available to incentivise domestic companies. An understanding of the changes in the tax legislation is necessary to allow taxpayers to take full benefits of the new provisions.
This course will cover, amongst others, the basic principles of taxation in Mauritius, the taxability of foreign income, the partial exemption and the application of foreign tax credit, as well as the rules regarding deductibility of expenses.
At the end of the course, attendees should be able to understand the new changes brought by the Finance Act 2019, the general principles of taxation as well as evaluate the deductibility of an expense.
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Apart from corporate income tax, companies are also liable to other taxes such as Tax Deducted at Source (TDS), Corporate Social Responsibility (CSR), Solidarity Levy for Telecom Companies and special levy for banks, now administered under the VAT Act. Companies also have obligations under the Advance Payment System.
TDS is applicable on various payments made by companies such as commissions, rent payable to residents or non-residents, payments to contractors, payments to professionals and payments made to non-residents for services rendered in Mauritius. Given the existing complexities in the application of TDS, our course helps companies tackle difficulties in meeting their TDS obligations.
Freeport companies are now liable to CSR on their local sales while Real Estate Investment Trusts or non-resident sociétés do not have CSR obligations. We will also highlight the tax implications of the adoption of IFRS 16 and the effect of recognising the right of use of an asset on lessees.
At the end of the course, attendees will have a broader understanding of the application and mechanics of different taxes that affect their businesses.
Whilst Value Added Tax (“VAT”) is a tax on consumption borne by the final consumer, the supplier has the obligation to comply with the relevant laws and regulations. Not charging VAT on the right amount or at the right time may lead to considerable tax exposure. A sound knowledge of how, when and on what to apply VAT is becoming increasingly important given the diversity of supplies, both in terms of goods and services.
This course will cover the fundamentals of output VAT, which among others include charge to VAT, time of supply, VAT treatment of recharges between related companies and VAT refund scheme. Relevant tax rulings and statement of practices issued by the MRA will be analysed.
At the end of the course, attendees will understand when a business should be VAT registered and impose VAT, what are the different types of supplies, as well as the VAT treatment for certain specific transactions.
Not all input VAT incurred by a company can be claimed. Input VAT in respect of certain expenses (such as accommodation, motor cars, etc.) are simply not recoverable, while VAT incurred on common expenses should be apportioned where a company makes both taxable and exempt supplies. Often, companies do not make the right claim for input VAT. Such practices may expose businesses to significant risk of penalties and interests as the company is over-claiming input VAT.
This course will give not only a deep insight into the different aspects of irrecoverable input VAT and an analysis of tax rulings and court cases, but also changes brought by the Finance Act 2019.
A VAT registered person can now claim repayment of VAT paid on goodwill on the acquisition of a business, computer software, patents and franchise agreements. The amendments were brought by the Finance Act 2019.
At the end of the course, attendees will have a solid knowledge of the mechanics of input VAT to help their businesses improve their VAT system and reporting in order to mitigate the risk of under/over recovery of VAT.
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Account name: PricewaterhouseCoopers Ltd
Bank: The Mauritius Commercial Bank
Account Number: 000120031272
IBAN Number: MU34MCBL091200000031272000MUR
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