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April 2015

EXTENSION OF 2014 ROE DEADLINE

The deadline for the 2014 Return of Earnings form (W.As.8) has been extended to 29 May 2015. The 2014 assessment period will be opened for transacting on the ROE website from 1 April 2015.

TAX-FREE SAVINGS ACCOUNTS

What is a Tax-Free Savings Account?   Tax-free savings accounts were introduced by National Treasury to encourage individuals to save with the benefit of the account being 100% tax free. These accounts came into effect on 1 March 2015. The investment account is exempt from income tax, capital gains tax (CGT) and dividend withholding tax. Individuals are allowed to contribute R30 000 per year to a tax-free savings account and there is a lifetime maximum contribution limit of R500 000. 

RISK MANAGEMENT

Top Management Tool or Administrative Nightmare?   We have seen many organisations implement an Enterprise-wide Risk Management Process during the last few years.  Yet very few have derived any practical value from this process.

HIGHLIGHT OF MAURITIUS TAX TREATIES

Mauritius has a fully operative and extensive double tax treaty network with some 42 countries across the globe, with 6 more treaties awaiting ratification. Below is a highlight of the DTAs already in place:

COMPLIANCE WITH ANTI-BRIBERY AND CORRUPTION LEGISLATION

In recent years, there has been increasing concern internationally about bribery and corruption. As a result, many countries have passed laws (or have sought to implement existing laws more actively) that target bribery and corruption, both inside and beyond their national borders. Apart from any reputational risk management issues, penalties for non-compliance are potentially very severe for offending parties, so it’s not just a case of “doing the right thing” from an ethical standpoint.