Many business owners find that managing their finances can be a real headache.
Are you a business owner feeling weighed down by the stress of accounting and payroll? Do you spend hours every month tallying up expenses, filling in payroll forms and keeping track of your accounts?
If so, you’re not alone.
But what if there was an easier way?
Loita can take that load off your shoulders, so you can focus on what you do best – running your business.
We offer expert accounting and payroll services, tailored to meet your specific needs.
We take care of the paperwork.
The dedicated accountant assigned to your company will make sure that the accounting is streamlined and effective based on your reporting requirements.
This means if you are an SME you’ll have your annual statements according to International Financial Reporting Standards (IFRS) / IFR for SMEs.
The Companies Act 2001 requires that all companies, except for small to medium sized ones which do not qualify as Public Interest Entities (PIEs), prepare financial statements in accordance with International Financial Reporting Standards for auditing.
Which companies qualify as PIEs?
Companies that exceed one of the following thresholds in two consecutive periods will be considered PIEs under Financial Reporting Act (FRA) 2004 (amended and consolidated 2013): annual turnover exceeding 200 million rupees or total assets surpassing 500 Million Rupees respectively.
Professional accountants in Mauritius follow a set of rules put forth by MIPA. These rigorous standards ensure that all financial transactions are recorded accurately on behalf of our clients.
To practice professional accountancy in Mauritius, you have to be a member of one
of the bodies that’s listed under FRA or any other authorised by MIPA. You’ll also need post-qualification experience and meet other criteria set out for eligibility, which is why it is best to partner with someone with local knowledge and experience.
PAYROLL – what you need to know
When you become an employer in Mauritius you have 14 days to register with the MRA by completing the PAYE Employer Registration Form (ERF).
Once registered you will receive :
Your PAYE Employer Registration Number (PAYE Employer Registration No.) and the PAYE Employee Declaration Forms (EDF) to be filled in by your employees.
This is a little more serious than some may realise because failing to comply within the specified time period is seen as an offence and the employer is subject to penalties .
When it comes to payroll it is acceptable in Mauritius to supply staff with an online payslip – this information has to be kept for at least 10 years.
As a side note it is an absolute requirement that every employee has a contract in place with clear parameters for the working relationship.
How does social security work in Mauritius?
Since September 2020 a Contribution Sociale Généralisée (CSG) has been introduced which now replaces the NPF or National Pensions Fund.
If an employee is earning a basic wage or salary that does not exceed MUR 50,000 in a month then they contribute 1,5% of their basic wage, if they earn more than the MUR 50,000 in a month then their contribution is 3% of their basic wage.
The National Solidarity fund requires a contribution of 1,5% from the employee up to a maximum of MUR 19, 900 per month. The employer contribution is then 3% for those employees whose basic salary is below the MUR 50,000 mark and 6% for those employees who earn more than that a month.
The ceiling amount per employee being MUR 19, 900 per month for this financial year.
If you need more detailed information on accounting services and payroll then contact me for a meeting.