Doing Business | Financing

February 08, 2012

MRA: VAT Registration Incentive Scheme

To retrieve those who are not VAT registered, the Mauritius Revenue Authority (MRA) has come up with the VAT Registration Incentive Scheme (VRIS).

It concerns businessmen, service providers and professionals who are liable to register for VAT but have so far failed to do so and whose annual turnover of taxable supplies exceeds Rs 2 million.

They shall not be prosecuted for failure to register for VAT.

The concerned persons will have to apply for VAT registration before March 31. “Non-registered persons concerned by this scheme fall under two categories. There are those who do not add VAT on the sale price, and others who claim it on their prices, but who do not remit it to the MRA. What they don’t realise is that they can fully recover the tax paid to the MRA by being VAT registered entities,” added officers.

Text by the Independent
 

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