During the recent World Bank and Board of Investment conference held in Mauritius, Mauritian Finance Minister Rama Sithanen outlined the key benefits arising from the reform of the country’s taxation.
In his speech, which centered on “reform and resilience of the Mauritian economy,” Rama Sithanen emphasized the fact that reform of the economy had enabled Mauritius to weather the effects of the international economic crisis.
The Finance Minister explained that prior to reform there had been too many tax scales, rates and appendices. Consequently, a harmonized tax rate of 15% (lowered from 30%) was introduced for both businesses and individuals, with a minimal number of exceptions, he added.
The reform of the country’s taxation also included improvements to the system of revenue collection, Sithanen continued. As a result, foreign investments increased.
The government’s new tax policy is designed to benefit small- and medium-sized enterprises, which were previously taxed at 30% while larger companies benefited from fiscal reductions.
Sithanen also underlined the fact that there is now a synergy between the public and private sector, which has also contributed to the success of the reforms.
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