Clearance Certificates for Tax Holidays in Mauritius

Circular Letter from FSC Mauritius regarding Clearance Certificates for Tax Holidays

 

The Financial Services Commission (FSC) send a circular letter on the 29th of January 2018 to all licensees regarding clearance certificates for tax holidays.  The circular letter applies to the following licensees: Global Headquarters Administration, Global Treasury Activities, Overseas Family Office (single), Overseas Family Office (multiple), Investment Banking, Global Legal advisory Services and Captive Insurance.

 

The circular letter outlines the procedures to be adopted for the Licensees to benefit from the tax holidays under the second Schedule of the Income Tax Act.  All requests for tax holidays now need to be made through the FSC for onward clearance to the Mauritius Revenue Authority (MRA).  This is now on a prescribed web-based Application Form.  The Application Form needs to be completed and signed by the directors/officers of the applicant and a senior officer on behalf of the Company Secretary and send to the FSC by email to taxholidays@fscmauritius.org.

 

It is imperative that the Application Form be completed correctly and accurately.  The directors of the Applicant will be held liable for regulatory sanctions should any false information on the Application Form be discovered.  The Application Form consists of four parts: Part 1 – Applicant’s Particulars, Part 2 – Compliance Requirements, Part 3 – Requirements and Part 4 – Declaration.  Note that in Part 3 No. 3 of the Application Form, the applicant is required to tick the relevant box(es) of the requirement(s) the applicant is complying with.  The FSC may at any time require an applicant to demonstrate compliance with those requirements selected.

 

When sending the signed copy of the Application Form to the FSC (taxholidays@fscmauritius.org), it is required to insert in the “subject” field of the email the full licence number of the Applicant and the Licence held by the applicant for ease of processing.  The subject line should read as following: “Licence number – Name of Applicant – Licence held”.

 

Once the FSC receives the application, it will be processed.  If the applicant is compliant and successful, the FSC shall proceed with the recommendation for approval to the MRA with the applicant in copy.  Otherwise, the applicant will be informed of the FSC’s decision.  For more information regarding how this will impact you, you are welcome to  CONTACT us.

 

Click HERE for the Circulation Letter of the FSC

Click HERE to view the Application Form

 

Source:

Financial Services Commission Mauritius