(PART OF THE ASIACITI GROUP)
In the recent 1997/98 Budget, the following measures pertaining to our offshore sector were announced :
1. The Offshore Trusts Act 1992 is being amended to remove anomalies regarding the tax treatment of offshore trusts and also to exempt offshore unit trusts from the provisions of the domestic Unit Trust Act.
2. Annual licence fees of companies set up specifically to act as 'nominee holding companies" are reduced from USD 1,500 to USD 250.
3. Interests earned by offshore companies on call and deposit accounts with offshore and domestic banks will be exempted from income tax.
4. Approved companies engaged in aircraft leasing activities are allowed to claim 100 per cent capital allowances in the first year.
5. The International Companies Act 1994 will be amended to allow the conversion of an international company into an offshore company. Moreover, an offshore company wishing to convert to the status of an international company will pay a reduced conversion fee of USD 300 instead of USD 400.
It should be pointed out that Mauritius is one of the few offshore jurisdictions which have a FRC Embassy and this facilitates authentication of corporate documentation in Chinese language".
The content of this article is intended to provide general information on the subject matter. The reader should therefore obtain professional advice specific to their circumstances.
Budget Highlights
