News › Weekly Alert Article
The Finance Act 2010
The Finance Act 2010 was tabled at the Mauritius Parliament for approval on 17 December 2010. It provides the implementation of measures announced in the Budget Speech relating to taxation, national finance and matters consequential or incidental thereto. Taxand Mauritius highlights the key fiscal measures applicable to companies and individuals.
Companies holding Category 1 Global Business Licence ("GBL1") will be allowed to deal with residents. In this respect, the Financial Services Act 2007 ("FSA 2007") is being amended to allow Category 1 Global Business Licence holders to:
- Conduct business in Mauritius
- Deal with a person resident in Mauritius or with a corporation holding a Category 2 Global Business Licence; or
- Hold shares or other interest in a corporation resident in Mauritius
Residents in (1) and (2) above has the same meaning as in the Income Tax Act 1995 ("ITA 1995"), that is, in case of a company, if it is incorporated or has central control and management in Mauritius. Taxand Mauritius also comments that "With the above enabling amendment to the FSA 2007, a GBL1 can do more business in Mauritius and this reinforces the commercial substance of a GBL1."
Your Taxand contact for further queries is:
T. +230 405 2002
Download the full report here