Mauritius: Budget Highlights 2024/2025

Mauritius: Budget Highlights 2024/2025

On June 7, 2024, Dr. the Honourable Renganaden Padayachy, the Minister of Finance, Economic Planning, and Development, presented the budget for the 2024/2025 tax year. The following payroll-related tax measures were announced:

Exempt Income
• The exemption threshold for lump sums received as pension, retirement, or severance allowance will increase from Rs 2.5 million to Rs 3 million.

Tax Deductions
• The income tax deduction for individuals donating to NGOs and charitable institutions will increase from Rs 50,000 to Rs 100,000.
• A new annual income tax deduction of Rs 60,000 per child will be available for parents with children in full-time education at fee-paying private schools.
• A new income tax deduction of Rs 30,000 will be introduced for employing a carer to support a parent or grandparent.

Tax Rates
• No changes to the current tax rates were announced.

These changes will be implemented once the Finance Act is published.

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