Section 6:

6. Income to be expressed in Mauritius currency (1) Income, wherever derived, and expenses and losses, wherever incurred, shall subject to subsection (5), be expressed in terms of Mauritius currency. (2) Where income, expenditure or losses are expressed in terms of any currency other than Mauritius currency, they shall be converted into Mauritius currency at the exchange rate between Mauritius currency and the other currency. (3) For the purpose of subsection (2), the exchange rate shall be— (a) where income is remitted to Mauritius or the amount of any deduction is remitted from Mauritius during the income year in which it is derived or incurred, as the case may be, the rate in force at the date of the remittance; or (b) where income or the amount of deduction is not remitted during the income year in which it is derived or incurred, as the case may be, the rate in force at the end of that income year. (4) Notwithstanding subsections (2) and (3) but subject to subsection (5), any income tax payable by— (a) a corporation holding a Category 1 Global Business Licence under the Financial Services Act; or (b) a bank holding a banking licence under the Banking Act in respect of its banking transactions with non-residents and corporations holding a Global Business Licence under the Financial Services Act, shall be converted into Mauritius currency at the exchange rate in force at the date on which payment of tax is made to the Director-General. I5 – 16 (1) [Issue 9] Income Tax Act (5) Notwithstanding this section, where a corporation holding a Category 1 Global Business Licence under the Financial Services Act, or any other company with the approval of the Registrar of Companies, prepares its financial continued on page I5 – 17 [Issue 9] I5 – 16 (2) Revised Laws of Mauritius statements in either US dollars, Euros, GB pounds sterling, Singapore dollars, South African rands, Swiss francs or such other foreign currency as may be approved by the Director-General, it shall submit— (a) its APS Statement under section 50B; and (b) its return of income under section 116, and pay any tax specified therein in that currency. [S. 6 added by s. 12 (b) of Act 25 of 2000 w.e.f. 1 July 2000; amended by s. 46 (4) (a) of Act 13 of 2001 w.e.f. 1 December 2001; s. 9 (b) of Act 18 of 2003 w.e.f. the year of assessment commencing 1 July 2003; s. 103 (4) (a) of Act 35 of 2004 w.e.f. 10 November 2004; s. 21 (b) of Act 14 of 2009 w.e.f. 30 July 2009; s. 8 (b) of Act 37 of 2011 w.e.f. 15 December 2011.]