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The Mauritius Revenue Authority (MRA) has issued a final reminder to taxpayers that Friday, October 30, is the deadline for submitting income tax returns. Failure to meet this cutoff will result in financial penalties for both late filings and outstanding tax payments. For late submissions, the MRA will impose a penalty of Rs 2,000 per month of delay. This penalty is capped at Rs 5,000 for individuals and small and medium-sized enterprises (SMEs) with an annual turnover not exceeding Rs 10 million. For all other taxpayers, the penalty ceiling is set at Rs 20,000. Separate penalties apply to late payments. Individuals and SMEs with a turnover under Rs 10 million face an immediate 1% penalty on the tax due, while other taxpayers are subject to a 2.5% penalty. Additionally, an interest charge of 0.25% per month or part thereof will be levied on any outstanding balance until the debt is settled in full. The MRA expects to receive approximately 300,000 tax returns for the 2026/27 financial year, a decrease from the 348,153 returns filed the previous year. Officials attribute this decline to recent tax reforms, which increased the zero-rate tax threshold from Rs 390,000 to Rs 500,000 and simplified the tax structure from 11 brackets to three. Under the current system, the first Rs 500,000 of taxable income is taxed at 0%, the next Rs 500,000 at 10%, and any remaining balance at 20%. Despite the projected decrease in the number of filings, the MRA anticipates a 10% increase in tax revenue. Following the collection of Rs 2.5 billion during the 2025/26 financial year, the authority projects that collections for the 2026/27 period will reach Rs 2.7 billion. Taxpayers are encouraged to complete their filings before the Friday deadline to avoid these penalties and interest charges. Article source: NewsMoris | Image credit: NewsMoris
The Mauritius Revenue Authority (MRA) has issued a final reminder to taxpayers that Friday, October 30, is the deadline for submitting income tax returns. Failure to meet this cutoff will result in financial penalties for both late filings and outstanding tax payments. For late submissions, the MRA will impose a penalty of Rs 2,000 per month of delay. This penalty is capped at Rs 5,000 for individuals and small and medium-sized enterprises (SMEs) with an annual turnover not exceeding Rs 10 million. For all other taxpayers, the penalty ceiling is set at Rs 20,000. Separate penalties apply to late payments. Individuals and SMEs with a turnover under Rs 10 million face an immediate 1% penalty on the tax due, while other taxpayers are subject to a 2.5% penalty. Additionally, an interest charge of 0.25% per month or part thereof will be levied on any outstanding balance until the debt is settled in full. The MRA expects to receive approximately 300,000 tax returns for the 2026/27 financial year, a decrease from the 348,153 returns filed the previous year. Officials attribute this decline to recent tax reforms, which increased the zero-rate tax threshold from Rs 390,000 to Rs 500,000 and simplified the tax structure from 11 brackets to three. Under the current system, the first Rs 500,000 of taxable income is taxed at 0%, the next Rs 500,000 at 10%, and any remaining balance at 20%. Despite the projected decrease in the number of filings, the MRA anticipates a 10% increase in tax revenue. Following the collection of Rs 2.5 billion during the 2025/26 financial year, the authority projects that collections for the 2026/27 period will reach Rs 2.7 billion. Taxpayers are encouraged to complete their filings before the Friday deadline to avoid these penalties and interest charges.
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