Mauritius VAT Ruling Clarifies Tax Treatment for Partial Bank Acquisitions

• The Mauritian Official Gazette published VAT Ruling No. 119 on March 29
• The ruling clarifies VAT treatment for partial bank acquisitions
• A bank acquired certain operations of another bank without acquiring the bank itself
• The acquisition included employees, customers, and a leasehold property branch
• The taxpayer sought clarification on VAT treatment for this partial acquisition
• The Revenue Authority stated the transaction does not qualify as an exempt transfer of a business as a going concern
• The other bank will not cease business operations
• The acquisition is subject to VAT at the rate specified in the Fourth Schedule of the VAT Act

Source: news.bloombergtax.com

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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