ARTICLE · 10 FEBRUARY 2021

Global Business Companies Licensed On Or Before 16 October 2017 Should Prepare For Major Changes This Year

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Reforms made to the Mauritius global business regime in 2018 will have a profound impact on global businesses in the country in the coming year, impacting both their licences to operate...

MauritiusTax

Nafiisah Jeehoo

Reforms made to the Mauritius global business regime in 2018 will have a profound impact on global businesses in the country in the coming year, impacting both their licences to operate and the tax regime applied.

Following the 2018-19 budget speech and the amendments made to the Financial Services Act 2007, the categories of business licences applied to global businesses were changed as follows:

The category 1 global business licence (GBL 1) was renamed as global business licence (GBL). A GBL entity, also known as a GBC entity, has most of the attributes of a GBL 1 entity save that the taxation thereof is different. The deemed foreign tax credit of 80% available to GBL 1 entities, and which guaranteed a maximum taxation of 3% for entities holding GBL 1, was eliminated as from 1 January 2019 and a new partial exemption regime was introduced.

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