Do you have to pay tax on your savings in Mauritius?

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5 users

In the UK for example, if you have money in the bank, you have to pay tax on the interest accrued on the savings. So after your tax allowance, any other money that you make, be it from savings account, other wages, stock and shares, they all count towards your taxable income. Is it the same in Mauritius or do you just pay tax on your monthly wages?

4 Replies

sphinx Level 2

Sure you do. Mauritius Revenue Authority (MRA) will try to get as much money as they can from you. So if you think that your money in the bank is safe and not taxable, think again!

1 Reply

avish Level 1

I've got an account with PEL (Mauritius Housing), do I need to pay tax as well?

gices Level 6

@avish : Please try to write in the same language in which the question is set as I had to translate your comment from Creole to English. We have distinct sections for each language (see the FAQ).

To answer your question, each person receives an allowance which depends on the circumstances of the individual. For example, if you don't have any dependents and your total income is below Rs255,000 in a year, you don't have to pay any tax. If you exceed that amount, then you will be taxed. Income is any money that you get (wages, shares, interest etc).