Dear Valued Customers and Partners, We are pleased to release the first edition of Evolve -Tax News for 2020. This edition sheds lights on an important measure proposed in the Indian Budget 2020 which will be beneficial for Mauritius. We also share our insights on the VAT impact on invoicing, a daily practice in businesses. You will have the opportunity to take note of the existing powers of the Mauritius Revenue Authority to counter tax avoidance schemes. Finally, we summarise some tax updates from around the world. The Tax Team
Indian Budget 2020
The Dividend Distribution Tax (DDT) on companies in India will be replaced by a tax on dividend (Dividend Tax), as per the Indian Budget 2020. We made an analysis of the implications for the Mauritius investors.
Invoice- An important element in Value Added Tax (“VAT”) spheres
Invoice/VAT invoice is one of the essential documents to be kept in records and is an important determinant of the tax point for VAT purposes. Lack of awareness on the importance of this piece of paper may lead to significant output VAT underdeclared or input VAT overclaimed.
Artificially relieving any person from paying its income tax liability or to avoid/ reduce or postpone any income tax liability is an offence and is prohibited.The anti-avoidance provisions of the Income Tax Act 1995 address such practices.
Disclaimer: The content of this publication has been prepared for general guidance only based on information available to date and does not constitute professional advice . We do not provide any guarantee or indemnity that any interpretation will ultimately be sustained in the event of a challenge by the relevant authorities. The laws, practices and interpretations, on which this publication is based, may change over time. Therefore, you are cautioned to keep abreast of such changes and should consult us, as appropriate, if time has passed or circumstances have changed. Rogers Capital Corporate Services Limited, its directors, officers, employees and agents do not accept any liability or duty of care for any loss arising from any action taken in reliance to information contained in this publication or for any decision based on it.