{"id":1656,"date":"2020-06-04T23:33:45","date_gmt":"2020-06-04T19:33:45","guid":{"rendered":"https:\/\/venturelawltd-com.stackstaging.com\/?p=1656"},"modified":"2020-06-04T23:33:45","modified_gmt":"2020-06-04T19:33:45","slug":"budget-highlights-2020-2021","status":"publish","type":"post","link":"https:\/\/www.venturelawltd.com\/index.php\/2020\/06\/04\/budget-highlights-2020-2021\/","title":{"rendered":"BUDGET HIGHLIGHTS 2020-2021"},"content":{"rendered":"

Propelling Mauritius into the New Normal<\/span><\/p>\n

Financial Services <\/span>
\n\u2022 Suite of new financial products including Central Bank digital currency, Variable Capital Companies,\u00a0 debut Sukuk issuance and Green and Blue Bond issuance by Bank of Mauritius;<\/span>
\n\u2022 Introducing new frameworks for digital banking, private banking and wealth management;<\/span>
\n\u2022 Setting up of Venture Capital Market for start ups and SMES in Mauritius Stock Exchange;<\/span>
\n\u2022 Implementation of the five remaining recommendations under the Financial Action Task Force (FATF) Action Plan by September 2020, including risk-based supervisions and timely access to beneficial ownership information;<\/span>
\n\u2022 New AML\/CFT provisions to complement existing AML\/CFT laws;<\/span>
\n\u2022 Setting up of a specialised Financial Offences Court.<\/span><\/li>\n
Fairer Tax Treatment<\/span>
\n\u2022 Income starting from Rs 3 million subject to 25% solidarity levy;<\/span>
\n\u2022 Companies\/Group of companies generating gross income in excess of Rs 500 million subject to levy of:<\/span>
\n\uf0d8 > 0.3% for insurance companies, financial institutions, service providers and property holding \u00a0 companies;<\/span>
\n\uf0d8 > 0.1% for other companies;<\/span>
\n\u2022 not applicable to companies operating in tourism sector or to global business companies.<\/span><\/li>\n
Best in Class for Business<\/span>
\n\u2022 Digital platform from company formation, licensing, property registration, Bank centralized KYC to customs clearance services amongst others.<\/span><\/li>\n
Gateway for Foreigners<\/span>
\n\u2022 Right to work permit (Occupation Permit \u2013 \u201cOP\u201d) and right to reside permit (Residence Permit \u2013 \u201cRP\u201d) merged into one single permit;<\/span>
\n\u2022 Eligible retirees now entitled to work and\/or reside in Mauritius for 10 years, renewable;<\/span>
\n\u2022 Minimum investment amount for obtaining right to work in Mauritius is now reduced to USD 50,000;<\/span>
\n\u2022 Spouse of an OP holder can now invest or work in Mauritius without a permit and parents of OP holders may now live in Mauritius without a permit;<\/span>
\n\u2022 Acquisition of real estate by foreign buyers through digital Power of Attorney;<\/span>
\n\u2022 Professionals with an OP and foreign retirees with a RP will be able to invest in other ventures without any shareholding restriction;<\/span>
\n\u2022 Non-citizens who have a RP under the various real estate schemes will no longer require an OP to invest and work in Mauritius.<\/span><\/li>\n
Tourism<\/span>
\n\u2022 Striking a commercial partnership with Liverpool Football Club for the promotion of the Mauritius destination;<\/span>
\n\u2022 Aparthotels Scheme enabling hotels to convert part of their accommodation units into sellable serviced apartments;<\/span>
\n\u2022 Invest Hotel Scheme enabling owners to occupy their units for 90 days annually;<\/span>
\n\u2022 Special arrangements at the airport for high net worth tourists arriving in private jets;<\/span>
\n\u2022 Licensees of Tourism Authority and Beach Authority exempt from payment of licence fees for two years.<\/span><\/li>\n
Blue Economy<\/span>
\n\u2022 8-year tax holiday, duty and VAT exemption applicable to inland aquaculture scheme;<\/span>
\n\u2022 Single licence for chartered yacht encompassing multiple berthing options, rights for helicopter flights and gaming.<\/span><\/li>\n
Digital Transformation<\/span>
\n\u2022 Setting up data technology park specialising inter alia, on deep artificial intelligence and additive manufacturing;<\/span>
\n\u2022 Mauritius Digital Transformation Agency set up to champion digital transformation across public sector;<\/span>
\n\u2022 New sandbox framework for innovative technology.<\/span><\/li>\n
Pension<\/span>
\n\u2022 Replacing the National Pension Fund contributions by the Contribution Sociale G\u00e9n\u00e9ralis\u00e9, employees :<\/span>
\n\uf0d8 employees earning Rs 50,000 or less monthly:<\/span>
\n\uf0a7 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 > contribution by employees 1.5%, and employers 3%<\/span>
\n\uf0d8 employees earning more than Rs 50,000 monthly:\u00a0<\/span>
\n\uf0a7 \u00a0 \u00a0 \u00a0 \u00a0\u00a0 > contribution by employees 3% and employers 6%<\/span><\/li>\n
Education<\/span>
\n\u2022 8-year tax holiday and other tax incentives to attract top 500 global institutions to set up branch campuses in Mauritius.<\/span><\/li>\n
Construction<\/span>
\n\u2022 12,000 social housing units to be built across the whole island;<\/span>
\n\u2022 Fast tracking 34 investment projects worth around Rs 62 billion rupees;<\/span>
\n\u2022 Various fiscal incentives for construction of pharmaceutical manufacturing factories, food processing plants and warehouses;<\/span>
\n\u2022 Waiver of application fees for Building and Land Use Permit.<\/span><\/li>\n
Agriculture<\/span>
\n\u2022 Ensuring food security through Farm to Fork concept;<\/span>
\n\u2022 Matching demand and supply for land to be used for food production through a centralised digital Land Bank accessible to the public;<\/span>
\n\u2022 Possibility for small planters to convert 10% agricultural land for residential or commercial purpose.<\/span><\/li>\n
Manufacturing<\/span>
\n\u2022 Promoting and protecting the \u201cMade in Mauritius\u201d brand through quotas and shelf-spaces in supermarkets;<\/span>
\n\u2022 15% investment tax credit over 3 years to all manufacturing companies;<\/span>
\n\u2022 Double deduction on the cost of acquisition of patents and franchises;<\/span>
\n\u2022 Financial support to enterprises producing hygienic goods;<\/span>
\n\u2022 2-year Government support to \u201cMade in Mauritius\u201d warehouses in Tanzania and Mozambique.<\/span><\/li>\n
Export<\/span>
\n\u2022 Port dues and terminal handling charges for exports waived from July to December 2020 and halved during the first semester of 2021;<\/span>
\n\u2022 Freight Rebate Scheme for exports extended to Africa;<\/span>
\n\u2022 Trade Promotion and Marketing Scheme extended for exports to Japan, Australia, Canada and the Middle East.<\/span><\/li>\n
Health Services<\/span>
\n\u2022 Fiscal incentives to companies operating in life sciences and medical R&D.<\/span><\/li>\n
Africa<\/span>
\n\u2022 Mauritius investment into African projects including Special Economic Zones.<\/span><\/li>\n<\/ul>\n<\/body>","protected":false},"excerpt":{"rendered":"
Propelling Mauritius into the New Normal Financial Services \u2022 Suite of new financial products including Central Bank digital currency, Variable Capital Companies,\u00a0 debut Sukuk issuance and Green and Blue Bond issuance by Bank of Mauritius; \u2022 Introducing new frameworks for digital banking, private banking and wealth management; \u2022 Setting up of Venture Capital Market for<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[52],"tags":[],"class_list":["post-1656","post","type-post","status-publish","format-standard","hentry","category-budget"],"_links":{"self":[{"href":"https:\/\/www.venturelawltd.com\/index.php\/wp-json\/wp\/v2\/posts\/1656","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.venturelawltd.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.venturelawltd.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.venturelawltd.com\/index.php\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.venturelawltd.com\/index.php\/wp-json\/wp\/v2\/comments?post=1656"}],"version-history":[{"count":15,"href":"https:\/\/www.venturelawltd.com\/index.php\/wp-json\/wp\/v2\/posts\/1656\/revisions"}],"predecessor-version":[{"id":1671,"href":"https:\/\/www.venturelawltd.com\/index.php\/wp-json\/wp\/v2\/posts\/1656\/revisions\/1671"}],"wp:attachment":[{"href":"https:\/\/www.venturelawltd.com\/index.php\/wp-json\/wp\/v2\/media?parent=1656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.venturelawltd.com\/index.php\/wp-json\/wp\/v2\/categories?post=1656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.venturelawltd.com\/index.php\/wp-json\/wp\/v2\/tags?post=1656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}