Mauritius Amends Tax Laws Exempting Land Transactions from Income Tax

[...]incentives have not been addressed in the Income Tax Act, Land (Duties and Taxes) Act, Registration Duty Act, and the Value Added Tax Act. The Investment Promotion (Property Development Scheme) (Amendment) Regulations 2019 introduced an exemption providing that a PDS company that implements a p...

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Bibliographic Details
Published in:Journal of International Taxation 2019-09, Vol.30 (9), p.8-9
Main Authors: Olaogun, Dele A, Owodally, Ryaad
Format: Article
Language:English
Subjects:
Amended tax returns
Income taxes
International taxation
Property transfers
Smart cities
Social responsibility
Tax exemptions
Tax refunds
Value added
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Summary:[...]incentives have not been addressed in the Income Tax Act, Land (Duties and Taxes) Act, Registration Duty Act, and the Value Added Tax Act. The Investment Promotion (Property Development Scheme) (Amendment) Regulations 2019 introduced an exemption providing that a PDS company that implements a project for senior living is exempt from income tax for a total period of five years on income from residential projects for the exclusive use by retired persons, including the provision of services and related facilities. With the retrospective effect of the amendment, it is not clear if the Mauritius Revenue Authority (MRA) would apply penalties for the late submission of an annual tax return, where an amended tax return is submitted solely as a result of the amendment.
ISSN:1049-6378