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The Mauritian Government has confirmed the implementation of its SME Development Scheme, which provides eligible small and medium-sized enterprises with tax incentives, among other things.
In addition to providing a subsidized interest rate on credit, SMEs within the Scheme obtain tax exemptions for the first eight years of their operations, together with value-added tax and import duty exemptions on purchases of productive equipment.
According to the Minister of Finance and Economic Development, Vishnu Lutchmeenaraidoo, speaking at a presentation on January 28, the SME Development Scheme is intended to make SMEs the main engine of economic activity in Mauritius within the next five years.
The incentives in the Scheme are extended to companies that are registered with the Small and Medium Enterprise Development Authority (SMEDA) and are engaged in a broad range of productive manufacturing, agricultural, or energy sectors capable of creating employment.
SMEs deemed eligible by SMEDA are granted an SME Development Certificate and are then entitled to the Scheme's tax and financial benefits.
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