MAURITIUS Law and Practice Contributed by: Bhavna Ramsurun, Pinki Mahata, Lorna Senivassen and Shreya Mungur, BLC Robert & Associates
4. Legal, Regulatory or Tax Changes 4.1 Recent Developments and Proposals for Reform Introduction of Corporate Climate Responsibility Levy Starting from 1 July 2024, every company (as defined in the Income Tax Act and which includes a société ) is liable to pay a corporate climate responsibility levy of 2% on its charge - able income in respect of each year of assess - ment where the turnover of the company for that year of assessment exceeds MUR50 million. Entities such as companies, PCCs, VCCs, resi - dent sociétés (including limited partnerships), foundations and trusts that are tax resident in Mauritius and derive chargeable income from any source and entities that are not tax resident but derive chargeable income from a Mauritian source, shall be subject to the corporate climate responsibility levy if they meet the minimum turnover criteria. This includes entities holding a GBL that derive chargeable income from any sources. New Post-Licensing Fees Effective as of 1 August 2024, new post-licens - ing fees to be paid to the FSC will be applica - ble in relation to certain matters. These matters include but are not limited to applying for dupli - cate licences, as well as processing a change of name, a change in management company, and
3.5 Fund Finance Funds in Mauritius can access fund finance for subscription financing and/or leverage. A retail fund formed as a CIS can only borrow money or create a charge over its assets when: • the transaction is only a temporary measure to accommodate a request for the redemp - tion of securities of that fund, and the out - standing amount of all borrowings does not exceed 5% of the fund; or • the charge secures a claim for fees and expenses incurred for services rendered while redeeming those securities. CEFs are not subject to any borrowing restric - tion. Retail CEFs would follow the usual lending practices and take into account the assets and receivables of the fund. There can be issues in financing CEFs where the fund documents set out limitations on the creation of security over The tax regime that applies to AIFs also applies to retail funds in the manner described in 2.6 Tax Regime . An investor in a retail fund is taxed in the same manner as an investor in an AIF, as described in 2.6 Tax Regime , and there is no special or preferential tax regime for investors participating in retail funds. assets of the fund. 3.6 Tax Regime
a change in registered agent. Applications for FSC Licences
The Financial Services Act 2007 was amended to include a new section that provides that appli - cations for licences will be expedited and must be granted within ten working days from the date
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