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Revised rules for foreign investments by South African Individuals
South African Reserve Bank “loop” structure – REVISED RULES FOR FOREIGN INVESTMENTS BY SOUTH AFRICAN INDIVIDUALS- EXCHANGE CONTROL CIRCULAR NO 18/2019 South African residents face restrictions known as exchange controls on transactions involving foreign currency. These are aimed both at protecting South Africa’s foreign currency reserves and controlling movements of…
Key Action Steps BVI Companies and Legal Entities Must take Before the End of 2019
On 9 October 2019, the BVI International Tax Authority (ITA) issued and released the long-awaited Rules on Economic Substance, a finalization of the draft guidelines and rules that were provided in late April. The rules will take effect on the date when the Beneficial Ownership Secure Search System (Amendment) (No.…
Corporate Tax Holidays in Mauritius
As part of the honourable Finance Minister’s annual budget speech, tax holidays provided to companies are announced. Click here to download the full article.
How to Distribute UK Residential Property from Offshore Companies
When distributing UK residential property from an offshore property holding company into the names of the beneficial owners or shareholders of the company, it is important to consider the various UK tax implications relevant to the distribution option. Generally, there are two distribution options to choose from: a distribution in…
Mauritius Key Tax Amendments: Finance Act 2019 – Key amendments and commentary
Further to the budgetary speech on 10 June 2018, the Finance Miscellaneous Provisions Act 2019 (the Act) received the Acting President’s agreement on 25 July 2019. The Act incorporates the various measures announced by the Minister of Finance. In this article and summary PDF we will cover the key amendments…
New double tax agreement between Mauritius and Kenya
Following a tumultuous start, a new Double Taxation Agreement (DTA) has been ratified between Kenya and Mauritius. While some details still need to be finalised, this bodes well for investors who want to diversify their portfolios into Africa. Background: Why the previous treaty was not finalised The original treaty became…
BVI Economic Substance Code Published
The move to require substance of entities established in the BVI has now received some clarity with the publication on 23 April 2019 by the BVI International Tax Authority of the draft Economic Substance Code (the Code). This complements the previously published Economic Substance (Companies and Limited Partnerships) Act, 2018…
Draft BVI guidance on economic substance requirements expected April
Industry Alert: Draft BVI guidance on economic substance requirements expected late April 2019 Earlier this year, the government of the British Virgin Islands (BVI) enacted the Economic Substance (Companies and Limited Partnerships) Act of 2018 that came into effect on 1 January 2019. In a nutshell, the Act aims to…
Financially emigrating from South Africa? Let us help you
Financially emigrating from South Africa? Here’s why you should consider living in Mauritius… Following recent changes in the South African Revenue Service’s stance on foreign services tax exemption from offshore salaries, many people are unsure how this could affect them going forward. Let’s explore who could benefit from financial emigration…
The Africa Board: How the Mauritius Stock Exchange innovates!
With a strong growth record and increasingly substantial international presence, the Mauritius Stock Exchange has become an attractive platform for Africa-focused ventures. Now, with its sights firmly set on future growth and innovation, the launch of the new Africa Board continues to position it as a preferred partner for companies…