- Under the Finance Act 2026, services supplied by a holder of a management licence under the Financial Services Act to certain specified entities are exempt from VAT from 1 October 2026.
- The exemption applies to corporations holding a Global Business Licence, trusts with a non-resident settlor and majority non-resident beneficiaries, and foundations with a non-resident founder and majority non-resident beneficiaries.
- Services provided to those entities before 1 October 2026 are treated as zero-rated supplies.
Source: mra.mu
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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