{"id":998,"date":"2025-02-10T11:22:14","date_gmt":"2025-02-10T11:22:14","guid":{"rendered":"https:\/\/iqeq.com\/mu\/insights\/alteo-energy-v-arc-and-mra-a-landmark-case-re-eligibility-for-partial-exemption-on-interest-income-in-mauritius\/"},"modified":"2025-02-14T14:14:46","modified_gmt":"2025-02-14T14:14:46","slug":"alteo-energy-v-arc-and-mra-a-landmark-case-re-eligibility-for-partial-exemption-on-interest-income-in-mauritius","status":"publish","type":"post","link":"https:\/\/iqeq.com\/mu\/insights\/alteo-energy-v-arc-and-mra-a-landmark-case-re-eligibility-for-partial-exemption-on-interest-income-in-mauritius\/","title":{"rendered":"Alteo Energy v ARC and MRA: a landmark case re eligibility for partial exemption on interest income in Mauritius"},"content":{"rendered":"<section class=\"text-block standard-spacing  \">    <div class=\"container fade-in\">\n        <p><em>By Feroz Hematally, <span class=\"TextRun SCXW20985855 BCX8\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW20985855 BCX8\">Head of Tax, Africa, <\/span><span class=\"NormalTextRun SCXW20985855 BCX8\">India<\/span><span class=\"NormalTextRun SCXW20985855 BCX8\"> and Middle East<\/span><\/span><span class=\"EOP SCXW20985855 BCX8\" data-ccp-props=\"{&quot;335559739&quot;:0}\">\u00a0<\/span><\/em><\/p>\n<p><strong>On 31 January 2025, the Supreme Court of Mauritius overturned the Assessment Review Committee\u2019s (ARC) ruling and upheld that Alteo Energy Ltd (Company) is entitled to a partial exemption (PE) of 80% on its interest income.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong><\/p>\n<h2>Background<\/h2>\n<p><span data-contrast=\"none\">The principal activity of Alteo Energy Ltd is the production and sale of electricity.\u00a0 During the year ended 30 June 2019, the Company earned interest income from excess cash deposited with a sister company, representing 0.25% of its total income. The Company claimed partial exemption on the interest income in its tax return.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The Mauritius Revenue Authority (MRA) denied the claim for PE on the basis that the interest income was derived from activities not related to the Core Income Generating Activities (CIGA) of the Company.\u00a0 The case was referred to the ARC and the latter ruled in favour of the MRA. <\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<h2>The Law<\/h2>\n<p><span data-contrast=\"none\">Under the Income Tax Act (ITA), the 80% partial exemption on interest income is available to a company provided that it:\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"none\">Carries out its CIGA in Mauritius<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"none\">Employs, directly or indirectly, an adequate number of suitably qualified persons to conduct its core income generating activities<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"7\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"none\">Incurs a minimum expenditure proportionate to its level of activities<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"none\">CIGA is defined under the regulation of the ITA and <\/span><b><span data-contrast=\"none\">includes<\/span><\/b><span data-contrast=\"none\"> \u2018agreeing funding terms, setting the terms and duration of any financing, monitoring and revising any agreements, and managing any risks.\u2019<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:6,&quot;335551620&quot;:6,&quot;335559739&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h2>The Supreme Court\u2019s decision<\/h2>\n<p><span data-contrast=\"none\">The Supreme Court held that the Company is entitled to 80% PE on interest income on the following basis:\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"none\">The language of provision of the law in question is unequivocal and unambiguous to the effect that there are only the three conditions mentioned above to be met and no other further conditions<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"none\">There is no qualification in the law that the granting of the exemption is reserved to a specific type of business; the only requirement is that the company satisfies the conditions relating to the substance of its activities as prescribed\u00a0\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"none\">Referring to the parliamentary speech at the time the partial exemption regime was being introduced, the Court found that the substance conditions were introduced more in relation to Global Business Companies (GBCs) since local companies are located in Mauritius and carry their main business activities generating their main source of income locally\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"none\">The term \u2018includes\u2019 should be given its ordinary and natural meaning as well as the enlarged statutory meaning to therefore include also companies making funding agreements, monitoring and managing risks\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"none\">CIGA should be given its natural meaning, i.e. any business activities that generate the main income of the company as well as the extended statutory meaning given to CIGA to claim the partial exemption<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"2\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;multilevel&quot;}\" data-aria-posinset=\"6\" data-aria-level=\"1\"><span data-contrast=\"none\">There is no such restriction that the interest income should be derived from CIGA only or must be necessarily included in the CIGA of a company\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/li>\n<\/ul>\n<h2>Our comments<\/h2>\n<p><span data-contrast=\"none\">This judgement provides reassurance and certainty to taxpayers, especially to the Global Business Sector, on the eligibility of the partial exemption regime in relation to interest income.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;335551550&quot;:6,&quot;335551620&quot;:6}\">\u00a0<\/span><\/p>\n<h4><strong>Please <a href=\"https:\/\/iqeq.com\/mu\/locations\/mauritius\/#contact-us\">reach out\u202fto us<\/a> to further discuss your eligibility to partial exemption and how we can assist you in meeting your CIGA requirements in Mauritius.\u202f\u00a0<\/strong><\/h4>\n            <\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"","protected":false},"author":6,"featured_media":1001,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[1],"tags":[],"expertise":[39],"service_category":[17],"class_list":["post-998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ 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