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TopFM: A case worth challenging?

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This case is centred on whether unrelieved tax losses, incurred in the ordinary course of business prior to the amalgamation, of Skywave Ltd (“Skywave”) could be transferred to TopFM Ltd (“TopFM”) following its amalgamation. The dispute arose after the Mauritius Revenue Authority (“MRA”) disallowed the transfer of Skywave’s losses to TopFM arguing that the conditions under section 59A of the Income Tax Act (“ITA”), which they believe governs the transfer of losses in case of merger or takeover, were not met.

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Tax Mind 2023 May

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Anthony Leung Shing, ACA, CTA

Anthony Leung Shing, ACA, CTA

EMA Deputy Regional Senior Partner, Country Senior Partner, PwC Mauritius

Tel: +230 404 5071

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Dheerend Puholoo, ACCA

Dheerend Puholoo, ACCA

Tax Leader, PwC Mauritius

Tel: +230 404 5079

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