The Finance (Miscellaneous Provisions) Act 2022 (“The Act”) has been promulgated and gazetted on 02 August 2022 and contains the amendments as announced in the Budget Speech 2022/23. The Act has catered for significant areas such as the alignment with the OECD regarding the Global Minimum tax by introducing a Domestic Top-Tax on resident companies forming part of an MNE group with global...
Our country is emerging from the Covid pandemic weaker than before in terms of the main macro-economic fundamentals or imbalances. With the uncertainty faced with the Russia-Ukraine conflict, we are now facing the spectre of inflation expected to be 8.6% in 2022. Amidst the above conditions, we were expecting some serious reforms or measures to address the situation.
For the second year in a row, the Minister of Finance had to prepare the national budget with the continuing threat of Covid-19, amidst an uncertain international economic environment, the spectre of stagflation and the low confidence levels across the general population. With an expected budget deficit of 5.6% for 2020/2021 and unemployment rate at 9.2% and a Debt-to-GDP ratio of 95%, the...
(August 2020) The Finance (Miscellaneous Provisions) Act 2020 (“the Act”) has been voted in Parliament last week without any amendments. The President of Mauritius signed the legislation on 7th August 2020. This alert covers the key tax measures contained in the Act and the dates they become effective.
Budget 2020/21 - Aggressive Government spending to boost the economy. At the outset, it must be said that the context is unprecedented and that the conditions, especially with the lockdown, were not ideal to prepare a Budget that would meet the expectations of all stakeholders. Nonetheless, expectations were high as the Minister of Finance and Economic Planning and Development, unlike his...
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