MAURITIUS: Eighty per cent tax exemption on foreign profits

Mauritius’ 2018-2019 budget abolishes the deemed foreign tax credit regime currently available to companies holding a Category 1 global business licence, as from 31 December this year. Instead, all non-bank businesses will be exempted from income tax on 80 per cent of their foreign source dividends and profits attributable to a foreign permanent establishment, interest and royalties, and income from the provision of certain financial services. Citizenship will be offered to individuals at a cost of USD1 million.