Budget Speech 2016/2017 – ‘A New Era of Development’

Extracts of the Budget Speech 2016/2017 – ‘A New Era of Development’

The Hon. Pravind Jugnauth, the Minister of Finance and Economic Development presented, on 29 July 2016, the national Budget speech 2016/ 2017. Some of the measures relating to the financial services sector include:

Financial services: reaching out to new markets

• GBC2 companies will now be allowed to invest in listed securities.
• Companies holding a ‘Global Headquarters Administration Licence’ issued by the FSC will be granted an 8- year tax holiday.
• Companies with the following licences issued by the FSC will be provided with a 5-year tax holiday:

(a) a ‘Treasury Management Centre License’;
(b) an Asset and Fund Managers license and managing a minimum asset base of USD 100 million;
(c) international law firms with a Global Legal Advisory Services License. To that effect, a

‘Limited Liability Partnership Bill’ will be introduced;
(d) an ‘Investment Banking and Corporate Advisory License’;
(e) an Overseas Family Corporation’ license.

• Foreign Ultra High Net Worth Individuals investing a minimum of USD 25 million in Mauritius will be provided with a 5-year tax holiday. These tax holidays will be subject to meeting conditions of employment creation and substance.

Click here to download the full Budget Speech 2016/2017