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On 29 July 2022, the Mauritian Parliament passed the Finance (Miscellaneous) Provisions Act 2022 (the “FA 2022”), which enacts into law the measures announced by the Honourable Minister of Finance in the Budget Speech 2022-2023.
In line with the Budget Speech, the FA 2022 displays a strong social element aimed at alleviating hardships suffered by the lower and middle classes as the country gradually comes out of the economic crisis caused by the Covid-19 pandemic but faces the new challenge of rising inflation resulting from the Russia-Ukraine war and depreciation of the rupee. In parallel, the FA 2022 strengthens the regulatory landscape as part of the ongoing efforts to keep Mauritius a compliant jurisdiction following its removal from the EU anti-money laundering blacklist, whilst at the same time enacting some environment-friendly measures.
Below is an overview of key measures in the FA 2022 that will impact businesses – it does not purport to be a comprehensive coverage of all of the FA 2022’s provisions and should not be construed as being legal advice.
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Should you have any questions regarding the information in the Finance (Miscellaneous Provisions) Act 2022, please do not hesitate to contact Bhavna Ramsurun.