MAURITIUS: Reform of global business license and foreign taxation rules

Mauritius' National Assembly passed the Finance (Miscellaneous Provision) Act on 31 July, giving effect to the global business license (GBL) and business taxation measures announced in Budget 2018-2019. From 1 January 2019, the deemed foreign tax credit regime will be abolished and companies holding a Mauritius GBL will be taxed at 15 per cent. An 80 per cent partial exemption regime will apply to foreign income streams, subject to pre-defined substance requirements and grand fathering exemptions where companies were licensed before 17 October 2017....