[World Tax News] Mauritius to Implement 2% Corporate Climate Responsibility (CCR) Levy and More

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  • Last Updated on 31 August, 2024

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Editorial Team – [2024] 165 taxmann.com 813 (Article)

World Tax News provides a weekly snippet of tax news from around the globe. Here is a glimpse of the tax happening in the world this week.

1. Mauritius to implement 2% Corporate Climate Responsibility (CCR) levy

The Mauritius Revenue Authority has notified the Finance (Miscellaneous Provisions) Act 2024. This Act implements the measures outlined in the 2024-2025 Budget. Key tax-related provisions include:

  • The introduction of a Corporate Climate Responsibility (CCR) levy at 2% of a company’s profits, effective from 1 July 2024. Companies with a turnover below MUR 50 million are exempt from this levy.
  • The renewal of the Tax Arrears Settlement (Payment) Scheme offers a full waiver of penalties and interest for taxes or contributions arrears as of 30 June 2024, provided they are fully paid by 26 June 2025 and the application is submitted by 31 March 2025.
  • The 15% investment tax credit has been extended over three years to cover artificial intelligence and patents, effective 1 July 2024.
  • The introduction of a 25% tax credit for companies investing in corporate nurseries (child day care), based on the investment cost (capital expenditure), will start on 1 July 2024.
  • The removal of the 3% tax rate on income from intellectual property assets for manufacturing companies in the medical, biotechnology, or pharmaceutical sectors, effective from 1 July 2025, to align with international standards.

Source: Finance (Miscellaneous Provisions) Act 2024

2. New Zealand seeks public consultation on long-term insights briefing

The New Zealand Inland Revenue is seeking feedback on the scope of its next long-term insights briefing.

Long-term insights briefings are future-focused think pieces that government departments produce every three years. They provide information on long-term trends, risks and opportunities, and possible policy responses. The briefings are developed by departments independently of ministers and are not current government policy.

Inland Revenue is proposing that its next long-term insights briefing explores what broad structure of the tax system would be suitable for the future, given long-term fiscal pressures and current tensions in our system. The briefing would approach this topic by focusing on two elements of the tax system: the regimes through which income and consumption are taxed and the mix of tax bases.

The closing date for feedback is 4 October 2024.

Source: Public Consultation on long-term insights briefing

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