The Mauritian Minister of Finance in his Budget speech on 31st May 1996 announced a series of measures aimed at encouraging the continued development of Mauritius as a successful export-orientated economy, encapsulated in the tag "Mauritius Incorporated".
Among the measures he announced were abolition of the 15 per cent tax for companies holding Export Processing Zone certificates; the formation of a Capital Markets Development Committee to monitor developments in the stock market, insider dealing and the internationalization of the capital market; a tax in the hands of individual recipients of dividends paid by companies other than offshore, freeport and international companies, hitherto untaxed; and a 10 per cent dividend withholding tax.
A major overhaul of the main Mauritian company legislation, the Companies Act 1984, is planned for later in the year.
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The Mauritian Budget 1996 Promotes
