New Tax Treaty with Mauritius
The recently announced new tax agreement with Mauritius is aimed at preventing tax avoidance and/or evasion by multinational corporations and will apply from 1 January 2016.
The treaty introduces Capital Gains Tax (where the disposed investments derive more than 50% of their value from immovable property) and will levy tax on interest (10%) and royalties earned (5%). The two countries aim to work together to determine the tax status of mutual companies and trusts and work together to collect outstanding taxes.
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