2021/22 Budget announces several new tax incentives
01 Jun 2021
The 2021/22 Budget, presented on 11 June 2021, offers several tax incentives which include (i) Double tax deduction on expenditure incurred for R&D targeting African market; and acquisition of specialised software and systems. (ii) Carry forward of unrelieved investment tax credit for manufacturing companies extended to 10 years; (iii) Private universities set-up in Mauritius to benefit from a concessionary tax rate of 3% instead of 15%.
Biotechnology and pharmaceutical companies have full tax credit on costs of acquisition of patents; and will be subject to tax at rate of 3% instead of 15%.
Also, it offers an 8-year tax holiday to new companies on prescribed sectors/activities concerned subject to registering with the Economic Development Board; 5% tax credit to manufacturing companies on new plant and machinery over three years until 30 June 2023.
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Type:
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Promotion and facilitation (Investment incentives)
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