Finance miscellaneous provisions act the act in mauritius new changes

The Finance Miscellaneous Provisions Act is a legislation in Mauritius that provides for various financial and administrative matters. Here are some of the new changes introduced by the Finance Miscellaneous Provisions Act, 2020:

1. Taxation of Digital Economy: The Act introduces a new tax regime for the digital economy, which includes the taxation of digital services, e-commerce, and online transactions. This is aimed at ensuring that digital businesses operating in Mauritius contribute to the country's tax revenue.
2. VAT on Online Services: The Act introduces Value-Added Tax (VAT) on online services, including digital services, e-commerce, and online transactions. This is expected to increase the government's revenue and provide a level playing field for local businesses.
3. Taxation of Cryptocurrencies: The Act introduces taxation on cryptocurrencies, including Bitcoin, Ethereum, and other digital currencies. This is aimed at regulating the use of cryptocurrencies and ensuring that they are taxed in a similar manner to traditional currencies.
4. Changes to the Tax Residency Rules: The Act introduces changes to the tax residency rules, which will affect individuals and companies. The changes aim to simplify the tax residency rules and ensure that individuals and companies are taxed in accordance with their true economic presence in Mauritius.
5. Introduction of a New Tax on High-Value Transactions: The Act introduces a new tax on high-value transactions, including transactions involving the sale of immovable property, shares, and other high-value assets. This is aimed at reducing tax evasion and increasing government revenue.
6. Changes to the Stamp Duty Act: The Act introduces changes to the Stamp Duty Act, which will affect the calculation of stamp duty on property transactions. The changes aim to simplify the stamp duty regime and reduce the administrative burden on taxpayers.
7. Introduction of a New Tax on Financial Institutions: The Act introduces a new tax on financial institutions, including banks, insurance companies, and other financial institutions. This is aimed at increasing government revenue and ensuring that financial institutions contribute to the country's tax revenue.
8. Changes to the Customs Act: The Act introduces changes to the Customs Act, which will affect the calculation of customs duties and other import-related taxes. The changes aim to simplify the customs regime and reduce the administrative burden on importers.
9. Introduction of a New Tax on Luxury Goods: The Act introduces a new tax on luxury goods, including high-end vehicles, jewelry, and other luxury items. This is aimed at reducing tax evasion and increasing government revenue.
10. Changes to the Income Tax Act: The Act introduces changes to the Income Tax Act, which will affect the calculation of income tax and other tax-related matters. The changes aim to simplify the income tax regime and reduce the administrative burden on taxpayers.

These are some of the new changes introduced by the Finance Miscellaneous Provisions Act, 2020. The Act aims to simplify the tax regime, reduce tax evasion, and increase government revenue.