The Deputy Prime Minister and Minister of Finance, Hon. Xavier Luc Duval, presented the budget for the year 2013 in parliament on Friday 9 November.
The key measures announced for the global business sector and the financial services industry are as follows:
- The introduction of a Limited Liability Partnership Bill.
- The introduction of Exempt Funds to be set up as corporate bodies and to be zero rated as regards tax.
- The setting up of Regional Treasury Centres and Regional Headquarters Administration.
- The signature of a Tax Information Exchange Agreement between Mauritius and India.
- The requirement for GBC1 companies to show commercial substance for the renewal of Tax Residency Certificates.
- Amendment of the Limited Partnership Act to clarify confidentiality provisions.
- The license fee for Management Companies will be based on turnover, rather than a fixed fee.
- Penalties and fines for late filings of statutory documents of GBC1 and GBC2 companies.
- The signature of five more Double Taxation Avoidance Agreements next year. The waiving of visa requirements for nationals of 75 countries (including 29 African countries).
- Amendment of the Insolvency Act to enable (i) the Director of Insolvency Service to issue practice directions on procedure and (ii) to enable the recognition and enforcement of arbitral awards in the territory of a State other than Mauritius, irrespective of whether there is such reciprocity between that State and Mauritius.
- Immigration changes to further encourage highly skilled professionals and investors to establish residence in Mauritius.
Please click here to read the whole speech, together with the explanatory notes, from the Minister of Finance.