Mauritius: Tax spared
The agreement provides for credit to be given for tax `spared’ (see INTM161270 & 161280) in Mauritius under the provisions of Mauritius law set out in Article 24(2). The relief is, however, restricted to tax `spared’ in Mauritius for a period of 10 years in respect of any one source of income. All amounts of `tax spared’ for which credit relief is given should be reported as mentioned at INTM161290.
It has been agreed that the provisions of the Second Schedule of the Income Tax Act 1995 are of a substantially similar character to those provided under sections 33 and 34 of the Mauritius Income Tax Act 1975. Tax spared under the Second Schedule of the Income Tax Act 1975 will be available for matching credit if the provisions of sub-paragraphs (c) and (d) of paragraph 2 of Article 24 (see DT13173) are satisfied.