Frequent question: What is the income tax year in Mauritius?

A person is taxable in a year of assessment in respect of income derived in the preceding year (income year) (section 4). The income year starts from 1 July to end on 30 June, but a person is entitled to have an accounting year ending on a date other than 30 June.

What is the tax year in Mauritius?

The tax year in Mauritius runs from 1 July to 30 June.

What is the income tax in Mauritius?

Rates – The standard rate is 15%, but a reduced rate of 10% applies to individuals whose annual net income does not exceed MUR 650,000. A solidarity levy of 5% is applicable on annual leviable income exceeding MUR 3.5 million. Capital gains – No tax is levied on capital gains in Mauritius.

When did tax start Mauritius?

An income tax was first enacted in Mauritius in 1932 (Ordinance 21 of 1932, the Income Tax Ordinance), to come into force on 1 July 1933.

How is income tax calculated in Mauritius?

Personal income tax rates

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As of 1 July 2018, the tax rate of 15% was reduced to 10% on annual net income derived by an individual of up to 650,000 Mauritian rupees (MUR). Net income derived above MUR 650,000 will be taxed at 15%.

Is Mauritius a tax haven?

Advantages of Mauritius as a Tax Haven

Mauritius has one of the lowest tax platforms in the world. Both corporate and individual income taxes are at 15%. … Investors can rely on Mauritius for asset protection as the country is on the OECD ‘white list’ of countries deemed suitable for offshore investments.

Who pays VAT in Mauritius?

VAT is chargeable on all taxable supplies of goods and services made in Mauritius by a taxable person in the course or furtherance of any business carried on by him. VAT is also payable on the importation of goods into Mauritius, irrespective of whether the importer is a taxable person or not. The rate of VAT is 15 %.

How much is Paye in Mauritius?

In the month where an employee’s salary exceeds Rs 230,769, his employer will withhold 25% SL on the excess of emoluments received.

Calculation and withholding of tax.

An individual having an annual net income Rate of income tax
not exceeding 650,000 10%
exceeding 650,000 rupees 15%

Is there sales tax in Mauritius?

The Sales Tax Rate in Mauritius stands at 15 percent.

How do I become a tax resident in Mauritius?

An individual is considered resident in Mauritius if he or she is present in the country for 183 or more days during an income tax year (ending on 31 December), or for 270 days in aggregate during a given tax year and the previous two tax years.

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Is foreign income taxable in Mauritius?

Foreign income means income derived from outside Mauritius. It shall include emoluments, directors’ fees, annuity, and pension in respect of past services, business income, rental income, investment income and interest income. The foreign income is taxable in the hand of the resident.

Are gifts taxable in Mauritius?

There are no inheritance, estate, or gift taxes in Mauritius.

What is TDS Mauritius?

Under the system of Tax Deduction at Source (TDS), the payer is required to deduct tax at the time the payment is received by or credited to the account of the payee. This is similar to the PAYE system whereby tax is deducted by employer at the time emoluments are made available to the employee.

What’s a good salary in Mauritius?

Average Salary / Mauritius. Average salary in Mauritius is 1,090,107 MUR per year. The most typical earning is 278,251 MUR.

How is Mauritius end of year bonus calculated?

End of year bonus shall be calculated based on the ‘earnings’ of an employee during the calendar year. The bonus will be one-twelfth of the earnings of the employee. Earnings include basic wage or salary, overtime payment, any bonus related to productivity, commission and other regular payments.

What is the formula to calculate PAYE?

Step 1. Gross Income = Basic salary + allowances + commissions. Step 2. Taxable Income = Gross Income – all deductions/exemptions allowed by law e.g. NSSF, private pension.

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