Budget 2018/2019 Our technical analysis and synopsis
|
|
- Nelson Norris
- 6 years ago
- Views:
Transcription
1 Budget 2018/2019 Our technical analysis and synopsis 15 June 2018
2
3 1. Executive summary Pg 3 2. Personal income tax Pg 4 3. Corporate tax Pg 5 4. Tax administration Pg 9 5. Value Added Tax Pg Budget outturn and estimates Pg Background Pg The 7 main strategies Pg 12 3 Budget 2018/2019 June 2018
4 1. Executive Summary This Budget Alert is based on the Budget Speech presented to the National Assembly by the Prime Minister, Minister of Home Affairs, External Communications and National Development Unit and Minister of Finance and Economic Development, the Honourable Pravind Kumar Jugnauth on 14 June This is the fourth Budget of the Minister under the present regime. It is a seven-pronged Budget which builds on the foundations laid in the previous Budgets. A number of measures are aimed at increasing the standard of living of fellow citizens and stimulating the agricultural sector. We welcome the various measures proposed to reform the financial and banking services sector in line with the international tax landscape. There would be major changes in the taxation regime of banks. The Work@Home scheme aims at raising productivity and increasing gender equality in the labour workforce and should be welcomed by the working population. The double tax deduction on wage and salary costs will act as an incentive for domestic companies to adopt this global concept. This measure is likely to encourage more women to join the labour workforce. The Minister did not raise the standard rate of Value Added Tax ( VAT ), but instead removed VAT on a number of products. The reduction and removal of customs duty on a number of products would also reduce the taxable value for VAT purposes where the goods in question are standard rated. We are disappointed once again that a group relief provision was not introduced for income tax and VAT purposes although a number of representations have been made. Combined with the time limit on the utilisation of tax losses, this may lead to an unnecessary fiscal cost for a group of companies. We already have a group relief provision on intercompany transactions for land transfer tax and registration duty purposes. In the current economic conditions, a number of entities spanning a number of sectors are engaged in cost cutting strategies and a number of restructuring exercises are being made; such exercises are for bona fide commercial reasons. To conclude, this budget focuses on widening circles of opportunities, encouraging consumption of local products, rejuvenating the agricultural sector amongst others. Its success will depend on the extent to which the measures are implemented and applied bearing in mind their underlying objectives. 3 Budget 2018/2019 June 2018
5 2. Personal income tax Negative income tax supported by national minimum wage Employees with a monthly earnings of Rs 9,900 or less are entitled to the Negative Income Tax ( NIT ). The allowance would be based on the monthly basic salary instead of total earnings as from 1 July However, an employee with a monthly total earnings over Rs 20,000 will not be eligible to NIT. The objective of the amendment is to ensure that the NIT does not become a disincentive and at the same time does not penalise employees performing overtime. Some other conditions have been removed so that an employee may be entitled to NIT. For example, he should not be required to be a full-time employee, in so far as he works for at least 24 hours over three days in a week. He will be eligible to the NIT as from the first month of employment. It is hoped that the measure will benefit society in the long run and will have a catalyst effect for the individuals concerned. Income exemption threshold ( IET ) The basic Income Exemption Threshold has been increased by Rs 5,000 for all categories as depicted below: Current Proposed Rs Individual with no dependent 300, ,000 Individual with one dependent 410, ,000 Individual with two dependents 475, ,000 Individual with three dependents 520, ,000 Individual with 4 or more dependents 550, ,000 Retired/disabled person with no dependent 350, ,000 Retired/disabled person with one dependent 460, ,000 This measure will also impact on the exempt portion of the retirement pension of Mauritian citizens living abroad. The fact that the increase is based on a flat amount for all the IET categories implies that the percentage increase will vary for each categories. Budget 2018/2019 June
6 Rates of income tax Individuals with yearly net income of Rs 650,000 will be taxed at a rate of 10% instead of 15%. This measure seeks to alleviate the tax burden for the middle class people. Once the yearly net income exceeds Rs 650,000, the applicable tax rate would be 15% as the measure is not an introduction of a progressive system of income tax. We are disappointed to see that no amendment would be made to the solidarity tax introduced last year for certain resident individuals. It would appear that the measure applies to residents and non-residents and the nature of the income and its source would not be relevant. Additional deduction for tertiary education The additional income exemption threshold for individuals with dependents pursuing an undergraduate course is being increased from Rs 135,000 to Rs 175,000 where the undergraduate course is pursued in Mauritius. Where the undergraduate course is pursued outside Mauritius, the threshold is being increased from Rs 135,000 to Rs 200,000. The percentage increase is more than 25% and this measure is consistent with the policy to increase the standard of living of Mauritius. We wish to emphasize that the individuals should ensure that they keep the relevant evidence. Rainwater harvesting An individual investing on rainwater harvesting system will be allowed to deduct the total cost from his taxable income. This is a measure which would encourage Mauritians to adopt the Maurice Ile Durable policy and would encourage self-sufficiency. Whilst the measure is welcomed, time will tell if the tax incentive has been sufficient to encourage individuals to invest in a rainwater harvesting system. Interest relief under Islamic Finance Arrangement The profit charge payable under Islamic Financing Arrangement for the construction of a house would now qualify for interest relief if the arrangement is being secured on an immovable property. This measure extends the scope of the interest relief. The measure seeks to place all individuals who borrow for the purposes of a construction project on a level playing field. Exemption on termination payment for employees The exemption threshold on lump sum paid to an individual as form of severance allowance, pension or retiring allowance has been raised from Rs 2,000,000 to Rs 2,500,000. The individuals in question would welcome this measure as the increase in the exempt portion is 25%. The effective tax savings depend on a number of factors like the applicable IET and the liability of the individual to the Solidarity Levy. Income tax on Winnings Tax would now be withheld on betting gains where such amount exceeding Rs 100,000 obtained from Lotto, Loterie Verte, casinos and gaming houses. This is a new measure for taxing gains. The relevant entities will be required to remit the tax withheld and submit an annual statement to the Mauritius Revenue Authority ( MRA ). Statement of assets and liabilities The law will be amended so that the due date for the submission of the statement of assets and liabilities ( SAL ) is extended by one year: the SAL would be submitted with the tax return for the year ending 30 June 2018 for the relevant individuals. A further amendment would be made so that the SAL would not apply to an individual who has submitted his tax return during the last five years. The amendments are welcomed. However, the practical challenges and data security should be discussed and agreed with the MRA for individuals who would be required to submit the SAL. 3. Corporate tax Deductions relating to staff members working from home Employers would be able to claim twice the amount of their wage bills in relation to employees working under the work@home scheme. Employers would also be eligible to an annual income tax credit ( ITC ) equivalent to 5% of the cost of investing in the required IT systems. The ITC will be available for a maximum of three years and is in addition to any annual allowances on such assets. The Employment Rights Act will be amended to address the legal aspect of this proposal. This measure demonstrates the Government s intention to promote the work at home philosophy. It appears that the status of the employer is not relevant so that it may apply to an individual acting as an independent contractor. This philosophy is already in place in certain developed economies. Whilst the ITC applies for a maximum of three years, the double deduction for the wage bill would be restricted to the first 2 employment years. Employers should be able to demonstrate the time spent by the employees working at home to benefit from the above incentives: the legal arrangements between the employers and the employees should also reflect the time spent by the employees working at home. We believe that a guideline should be issued to clarify on how the time spent by the relevant employees should be determined taking into consideration a number of economic factors. The speech does not specify the commencement date for this measure and whether it would also apply to part-time and seasonal employees. The interaction of this measure with the double deduction for Rodrigues-based employees and disabled employees, the employment cost may be relieved four times for tax purposes. 5 Budget 2018/2019 June 2018
7 Cessation of the Category 2 Global Business Licence ( GBL 2 ) regime The Financial Services Commission ( FSC ) will cease to issue Category 2 Global Business Licence as from 1 January 2019 and a single Global Business Licence ( GBL ) will be issued by the FSC. Companies holding a GBL2 Licence issued by the FSC prior to 16 October 2017 will be exempt from income tax until 30 June It is further provided that the current income tax exemption for companies holding a GBL2 Licence issued by the FSC on or after 16 October 2017 would be reviewed. We believe that the amending laws should specify the basis for computing any deductible expenses and annual allowances: it would also be important to assess whether the Corporate Social Responsibility ( CSR ) charge would apply for such companies. Alignment of the taxation system for companies holding Category 1 Global Business Licences with domestic companies Companies holding a Category 1 Global Business Licence ( GBL1 ) under the Financial Services Act 2007 would no longer be able to compute their foreign tax on the basis of the presumed foreign tax amount. This measure would be effective as from 31 December A partial exemption regime will be introduced whereby 80% of the specified income of Mauritian resident companies will be exempt from tax: the specified income for this purpose includes the following: Foreign dividends and profits attributable to foreign permanent establishments; Interest and royalties; and Income from the provision of specified financial services. In the event that the company holds a GBL 1, it will be required to comply with pre-defined substantial activities so that its specified income is exempt from tax. Where the partial exemption is not available, the current credit system would continue to be applicable. The effective date of 31 December 2018 implies that an apportionment is required where the company does not have a calendar year end. It does not appear that companies currently holding a GBL1 will be required to make any CSR contributions. Moreover, the income tax exemption on the payment of interests and royalties to non-residents by companies holding a GBL1 still applies: the exemption relating to interests on deposit and savings accounts as well as trading profits on sale of securities would also apply. We presume that amendments would have to be made to other laws like the Companies Act and Value Added Tax Act as a result of the change in the regulatory framework. This measure aligns the taxation system for all Mauritian resident companies and seeks to treat all residents on an equal footing. The partial exemption regime provides for a unilateral exemption of 80% for the specified income. Resident individuals may not be able to claim such exemption on similar foreign income. Budget 2018/2019 June
8 Clarity is required on the interaction of the partial exemption with the credit system. We believe that a company should be able to apply the credit system if this is to its advantage. For example, in the context of Indian sourced dividend income, the Indian Dividend Distribution Tax is enough to eliminate the Mauritian tax on the Indian dividends. Care is required in the application of the proposed partial exemption so that it does not have unintended consequences. Worked examples should be discussed and agreed with all stakeholders to achieve certainty in the implementation of this measure. It is uncertain if the partial exemption would apply to domestic interest and royalty income. The additional substance requirement for companies holding a GBL has not been published yet and we believe that any such additional requirement should be in line with the OECD Action point 5. Reduced corporate tax rate of 3% for companies engaged in global trading activities The corporate tax rate of 3% currently applicable on the profits made on exports would be extended to global trading activities effected by companies. The amending laws should define the activities that would be treated as global trading: it appears that international trading of goods should fall within its scope. The commencement date of this measure has not been specified. Although companies would be subject to a corporate tax rate of 3%, companies other than those holding a GBL would still be required to make CSR contributions. The interaction of this measure with the tax that arises in the country of source should be understood. Where the underlying activities are performed outside of Mauritius, the arm s length test should not apply in Mauritius and would be the subject matter of the jurisdiction where the economic activities are performed. Investment tax credit Companies importing goods in semi-knocked down form would be able to claim an Investment Tax Credit ( ITC ) where at least 20% local value addition is incorporated therein: the ITC would be computed at the rate of 5% of the cost of new plant and machinery excluding motor vehicles and would be available for a maximum period of 3 years. The ITC is available in respect of investment made up to 30 June This measure is comparable to the investment tax credit provided in the Finance (Miscellaneous) Provision Act 2017 for the production of certain categories of goods: this measure does not provide for any limit on the amount of capital expenditure incurred. The treatment of any excess ITC should be clarified. However, the qualifying expenditure which would be considered as local value addition and the basis of computing the threshold of 20% should be clearly defined to remove any doubts on its application: it should be noted that this threshold may depend to a large extent on the classification of the semi knocked down products for customs duty and Value Added Tax purposes as well as the VAT registration status of the company. Budget 2018/2019 June
9 Reduced corporate tax rate of 3% for companies engaged in global trading activities The corporate tax rate of 3% currently applicable on the profits made on exports would be extended to global trading activities effected by companies. The amending laws should define the activities that would be treated as global trading: it appears that international trading of goods should fall within its scope. The commencement date of this measure has not been specified. Although companies would be subject to a corporate tax rate of 3%, companies other than those holding a GBL would still be required to make CSR contributions. The interaction of this measure with the tax that arises in the country of source should be understood. Where the underlying activities are performed outside of Mauritius, the arm s length test should not apply in Mauritius and would be the subject matter of the jurisdiction where the economic activities are performed. Investment tax credit Companies importing goods in semi-knocked down form would be able to claim an Investment Tax Credit ( ITC ) where at least 20% local value addition is incorporated therein: the ITC would be computed at the rate of 5% of the cost of new plant and machinery excluding motor vehicles and would be available for a maximum period of 3 years. The ITC is available in respect of investment made up to 30 June This measure is comparable to the investment tax credit provided in the Finance (Miscellaneous) Provision Act 2017 for the production of certain categories of goods: this measure does not provide for any limit on the amount of capital expenditure incurred. The treatment of any excess ITC should be clarified. However, the qualifying expenditure which would be considered as local value addition and the basis of computing the threshold of 20% should be clearly defined to remove any doubts on its application: it should be noted that this threshold may depend to a large extent on the classification of the semi knocked down products for customs duty and Value Added Tax purposes as well as the VAT registration status of the company. Companies operating in the Freeport sector The income tax exemption currently applicable for Freeport operators and Freeport developers on the export of goods will be removed: however, they would not be required to make any CSR contributions. A transitional provision has been introduced so that companies which have been issued with a Freeport certificate before 14 June 2018 will continue to be exempt from income tax up to 30 June A number of other measures have been introduced to modernise the Freeport sector. In view of the reduced tax rate of 3% for companies engaged in global trading activities, it would be useful to understand whether a Freeport activity would be considered as a global trading activity. Solidarity Levy on Telephony Service Providers The solidarity levy for telephony service providers will apply till 30 June 2020: the condition that the book profit should exceed 5% of its turnover for the liability to arise is being repealed. The base for the payment of solidarity levy is being widened to include all profitable telephony service providers irrespective of the level of profit made. Corporate Social Responsibility Companies will not be allowed to offset any unused tax credit against CSR payable. Companies which have been granted tax holidays will be required to contribute to CSR. We disagree with this measure on the basis that CSR is conceptually an income tax: a company should be able to relieve any foreign tax against its total Mauritian tax charge on its foreign source income. Any treaty provides relief for the full amount of domestic taxes arising on a foreign income in the recipient jurisdiction where such income has been subject to tax in the source country: to the extent that foreign taxes exceed the domestic income tax, no tax is payable in the recipient jurisdiction. The unavailability of a foreign tax credit against a CSR charge would lead to an additional tax burden where domestic companies are used in business structures. This measure discourages the use of domestic companies in cross border transactions CSR is currently computed on the chargeable income of a company: thus the chargeable income would have to be computed even though a company is exempt from income tax. The effective date for this measure has not been specified. Scope of the Deduction of Tax at Source ( DTS ) mechanism The scope of the DTS mechanism has been widened to include commission: such payment will be subject to a withholding tax rate of 3%. Additionally, the current withholding tax rate of 5% on rental payments would be increased to 10% where the recipient is a nonresident person. The withholding tax on the payment of director fees to corporate bodies would be abolished. We are of the view that the term commission should be clearly defined in view of its commercial meaning and widespread use in a number of business transactions: in the context of cross border commission payment, the tax should not generally apply where the recipient is resident in a treaty partner country. Budget 2018/2019 June
10 4. Tax administration Authorisation to conduct prosecution for offences Further to the increasing number of cases, the Director General of the MRA will have the power to include any competent officer of his office to conduct any prosecution for offences under the Revenue laws before any court, except the Supreme Court. It will be useful to understand the reasons for the increase in the number of cases. The success of a measure of this nature depends on its practical applications. 5% Payment on objection In case a person has any objection with a tax assessment made by the MRA, a 10% payment of the tax assessed is payable. The law will be amended so that an additional 5% tax will have to be paid where written representation is made to the Assessment Review Committee. Return of information Casinos, gaming houses and bookmakers will now have the obligation to submit return for withheld taxes. The success of this measure depends on a number of important factors including the basis of the assessment. Cases on point of law should be excluded from the purview of this measure. Recovery of arrears of revenue The Mauritius Revenue Act will be amended so that the recovery actions for tax arrears under the various revenue laws are streamlined. Whilst the objective of this measure is welcomed, the cases where tax arrears are not due are still a cause of concern. Unless the person has all the relevant evidence, he may have to pay a tax that has already been settled. Allocation of payment of arrears The MRA acts as a collecting agent for various governmental bodies, for example, collecting National Pension Fund ( NPF ), National Saving Fund ( NSF ) and Human Resource Development ( HRD ) Levy. However, the MRA will now have prescribed guidelines on which debts to be prioritised to be cleared. It seems that the MRA would devote its resources towards most important taxes or other collections in terms of amount and obligations to recover a debt. Expeditious Dispute Resolution of Tax Scheme ( EDRTS ) The EDRTS was restricted to assessments of less than Rs 10 Million and for periods before 1 July It will now be applied to assessments raised during the year ended 30 June It is a fact that a number of cases have been resolved under the EDRTS. To that extent, the proposed measure is welcomed. It is, however, felt that the measure should include assessments issued during the year ended 30 June Budget 2018/2019 June
11 5. Value Added Tax Special levy under the Value Added Tax Act The bank levy will be dealt with in the Value Added Tax Act instead of the Income Tax Act as from 1 July 2019: the levy will be computed on the net operating income of the domestic operations of commercial banks. We are surprised to note that although special levy would continue to be computed on the net operating income of the bank, it would be administered under the VAT Act. The levy is not of the same nature as VAT and to the extent that it is based on the net operating income, the current legislative framework appears justified. The timing of the payment and the return should be clarified. The rate applicable for the computation of the special levy has not been specified. The book profit appears to be no longer relevant with this measure. VAT refund scheme The Value Added Tax ( VAT ) refund scheme introduced by the Finance (Miscellaneous Provisions) Act 2011 would be widened to include the following goods and services: (a) Planter Branch chopper Earth auger Fogging machine Handy blower Irrigation hose Mini tiller, including blade Land preparation works; and Rental of land leased for agricultural purposes. (b) Purchase of musical instruments including guitar, drum set, dhol, flute and violin, by local artists. This measure is welcomed as it would help in the development and promotion of local artists. The effective date for this measure has not been announced. VAT for Micro, Small and Medium Sized Enterprises (MSMEs) A VAT-registered person will henceforth not be required to pay VAT on import of machinery and equipment, if the amount payable is Rs 150,000 or more. This measure aims at promoting local entrepreneurship as it is expected to ease the cash flow of businesses. We believe that any installation cost, together with the related service should be taken into consideration to determine the threshold of Rs 150,000 if the installation cost is incidental to the machinery and equipment so that it forms part of the same commercial and legal arrangement with the foreign party. Supply of manual labour in the agricultural or construction sector An individual operating in the agricultural or construction sector, such as a sirdar or a labour contractor, supplying manual labour to a VAT-registered person will be exempt from VAT. This measure is designed to promoting a more labour intensive workforce as the individual supplying manual labour would benefit from an exemption for VAT purposes. However, the individual would not be able to claim any input tax. The effective date of this measure has not been announced. Public buses The Minister announced that VAT exemption on semi low-floor bus bodies built on chassis would be extended to all buses meant for public transport. This measure is welcomed as it would help in the development and promotion of local artists. The effective date for this measure has not been announced. VAT for Micro, Small and Medium Sized Enterprises (MSMEs) A VAT-registered person will henceforth not be required to pay VAT on import of machinery and equipment, if the amount payable is Rs 150,000 or more. This measure would benefit bus owners engaged in the provision of transport for the general public. Fees on the examination of vehicles The zero-rated VAT status of fees payable for the examination of vehicles (fitness) will be extended by another two years up to 30th June The extension of the zero-rated status of fees is welcomed as the car users would not pay VAT and the service provider would generally be able to claim its input tax. Photovoltaic system All components, in addition to photovoltaic panels, generators, batteries and inverters, forming an integral part of a photovoltaic system would henceforth not be subject to VAT. Clarity should be brought on whether these components would be classified as exempt or zero-rated supplies for VAT purposes. A zero-rated status would ensure that there would be no VAT burden. Currently photovoltaic generators, panels, batteries and inverters are zero rated. Budget 2018/2019 June
12 Recovery of VAT in hospitality sector VAT paid by VAT-registered persons, whose main activity is the supply of accommodation, catering, entertainment or rental/lease of motor vehicles will be available as credit for input tax. This is a welcomed clarification in view of the number of litigations on the input tax deductibility of such expenses. Cases where such activities are not recurrent should be clarified: otherwise the principle of neutrality would be breached. VAT to be clawed back on capital goods The MRA will be empowered to claim the VAT refunded on capital goods exceeding Rs 100,000 if an operator registers voluntarily for VAT purposes solely for benefitting from VAT refund on capital goods and is subsequently deregistered for VAT purposes. This measure reinforces the power of the MRA for abusive cases on VAT refund relating to capital goods. 6. Budget outturn and estimates 7. Background Uncertainty and adversity at the global level Impact of external pressures cannot be underestimated Ambition is to have a stronger economic performance Recognition of the fundamental values in a new landscape The Budget is built on seven major strategies Annex to the Budget Speech is an integral part of the proposed measures: Part A-taxation and public finance Part B-other budget measures, like the set up of a Single Licensing Agency and the processing of work permit applications Part C-other legislations, including the Companies Act, the Employment Rights Act and the Non-Citizens (Employment Restriction) Act Budget outturn Budget deficit for is expected to be 3.2% of GDP: with a total revenue of Rs106.8 billion and total expenditure of Rs billion Public sector debt is expected to decline from 64.8% of GDP at end of 30 June 2017 to 63.4% by the end of June 2018 Budget estimates for Total expenditure: Rs billion Recurrent spending: Rs billion Capital expenditure: Rs 17.9 billion Total revenue: Rs billion Tax receipts: Rs 99.7 billion Non tax receipts: Rs 8.8 billion Grants: Rs 8.9 billion Overall budget deficit: Rs 16.3 billion-3.2% of GDP 11 Budget 2018/2019 June 2018
13 8. The seven broad strategies Strategy one: Our youth our future Our young people need the opportunity and the means to access the labour market... Our Youth Our Future Target 14,000 unemployed though a number of measures, including the following: 3,000 youths will join the National Skills Development Programme Youth Service Programme will be a new component aimed at developing soft skills like work ethics and discipline Another 3,000 unemployed will be enrolled in the National Apprenticeship Programme Introduction of SME Employment Scheme: each graduate will receive a monthly stipend of Rs 14,000 over two years of employment Youth Employment Programme will focus on job placements for HSC holders Promoting Work@Home Scheme Double deduction for wage and salary costs for first two years Annual tax credit of 5% for investment made in the relevant IT system for three years Investment of some Rs 160million in the construction of the Civil Service College at Reduit Strategy two: New opportunities for private investment... aim to foster the development of a new growth pole revolving around Artificial Intelligence, blockchain technologies and Fintech. New opportunities for private investment Set up of Mauritius Artificial Intelligence Council with members of the public and private sectors as well as international experts to drive Artificial Intelligence activities and advise Government on the appropriate course of action Set up of a steering committee under the Prime Minister s Office to ensure consistency between Ministries and ensure timely implementation of the digitization project CEB will offer a special rate of electricity to accredited data center operators having at least a Tier 3 infrastructure New scholarship scheme for students wishing to specialize in digital technology: 50 students per year will benefit from this measure on an annual basis Support to University of Mauritius so that it can double its intake of students in Computer Science and Software Engineering Provision to train students in primary and secondary schools in coding Set up of a National Regulatory Sandbox licencing for Fintech activities New licensing activities to be created by the FSC Custodian of Digital Assets and Digital Market Marketplace Objective is to provide a safeguard of digital assets by investors and enable digital assets exchange FSC will also issue guidelines on investment in crypto currency as a digital asset Thus, applicants for Fintech activities will have appropriate cyber-security and cyber-resilience policies and capacities Harmonization of laws against money-laundering, terrorist financing for banking and non-banking financial services so that they are consistent with the development in Fintech Reform in the financial services sector: New harmonized regime for Global Business companies and a separate fiscal regime for banks As from January 2019, the FSC will not issue Category 2 Global Business Licence: a grandfathering provision would apply for existing companies Global Business companies will be required to comply with enhanced substance requirements New framework to govern and improve the oversight of Management Companies FSC will work with other countries so that the competitiveness of Mauritius is enhanced as a financial centre FSC, in collaboration with the OECD, will host a Regional Centre for capacity building and combat against financial malpractices Strategy three: new wave for import substitution and revive export led activities.to boost private investment and generate jobs but also to reduce our trade and current account deficits. Import substitution Focus on production of food crops: idea is to set up 100 farms over the next two years under a Sheltered Farming Feature that will have the following features: Farms will be made available on a Ready-To-Operate basis; Provision of facilities like security and marketing by the Economic Development Board Technical assistance provided by the Food and Agricultural Research and Extension Institute Access to finance from Development Bank of Mauritius and Mauback at a reduced rate of 3% Income from the projects would be exempt from tax for the first 8 years; Budget 2018/2019 June
14 Government will ensure that the sheltered farms will be equipped with rain harvesting systems and photovoltaic technology Funds provided for the training of households in aquaponics for the production of water adaptive vegetables in freshwater ponds and basins Measures to boost food security programme: Contribution of Rs 30million by Government to a new Crop Insurance Scheme Subsidy on production of onion and potato seeds will be increased Set up of a National Animal Identification System to electronically identify each animal with a unique number Mauritius Meat Authority will set up a new system for the collection, slaughter and sale of pigs Write off of all outstanding loans contracted under the Pig Breeders Relaunching Scheme Ministerial Committee has been set up to assess the situation in the cane industry to address the various challenges Measures in connection with the Ocean economy: Creation of an Ocean Economic Unit to prepare a National Ocean Policy Paper Merger of the Mauritius Oceanography Institute and the Albion Fisheries Research Centre Development of an Ocean Observatory e-platform to support the Marine Spatial Planning Initiative of Mauritius Conduct of geotechnical study in the continental shelf management area of the Mascarene region to explore any opportunities Introduction of a Group Life Insurance Scheme for registered fisherman to cover accidents and losses at sea Allow foreign industrial fishing companies to fish in the shallow water banks provided that they sell all their fish on the Mauritian market Introduction of a grant of 60% on the cost of outboard engines and fishing nets by fishermen cooperatives: this is capped at Rs 60,000 Measures in connection with the manufacturing sector: New business parks will be set up in Cote D Or; Riche Terre and Rose Belle Strengthen trade policy an use all economic diplomacy mechanisms to address the issue of dumping Higher standards of quality and safety required for imported products Procedures on recruitment of foreign nationals will be streamlined as a result of the lack of appropriate skills Measures to boost demand for Mauritian products: focus on economic diplomacy. Government is completing its negotiations in the context of the following: The Comprehensive Economic Cooperation Partnership Agreement with India The Free Trade Agreement with China The enhanced bilateral cooperation with Saudi Arabia and Middle East Countries Renewed partnership with member states of the Commonwealth Group; and Framework agreement for the continental framework agreement for the continental FTA in Africa Introduction of a 5-year tax holiday for Mauritian companies collaborating with the Mauritius Africa Fund for the development of infrastructure in the Special Economic Zones: the tax holiday will apply to investment in SEZ infrastructure development and will benefit project developers and project financing institutions Government is working with EU to set up a loan guarantee facility to assist cross border investment within the Africa Strategy Encourage community-based and inclusive tourism Pilot project: harness the potential of Mahebourg as a Village Touristique Build on historical and green assets; like the Blue Bay marine Park and the Naval Musuem Project will be implemented through a public-private partnership endeavor New Grant Schemes will be set up under the National Arts Fund for: Encouraging emerging talents Production of art work Stimulating research in various fields of arts and culture Economic Development Board will manage two schemes to attract High Net Worth individuals. The criteria will be defined in advance and a due diligence exercise will be performed Citizenship for foreign nationals A non-refundable contribution of US1million is required to be made to a Mauritius Sovereign Fund Additional contribution of US$ 100,000 per member of family is required for the spouse and his dependents Mauritian passport A contribution of US$ 500,000 is required to the Mauritius Sovereign Fund: additional contribution of US$ 50,000 is required for each dependent Economic Development Board will also operate a Foreign Manpower Scheme to attract foreign talents: An application for an occupation permit will be processed within 5 days; and Employer will have to contribute the equivalent of one month salary per foreign worker recruited New package of fiscal and non-fiscal facilities to attract foreign retirees: they will be exempt from customs duties on the import of personal effects up to the value of Rs 2million. DBM will earmark Rs 1billion to support the Micro, Small and Medium Sized Enterprises through a number of schemes 13 Budget 2018/2019 June 2018
15 Strategy four: building the strategic and modern infrastructure Our aim is to create the physical infrastructure that measures up to our vision of the future-a future of modernity, high income and smart living Building the infrastructure Rs 37 billion will be invested in transport infrastructure over the next three years Rs 12 billion has been earmarked for the construction and upgrading of roads Investment will be made in three major projects to expand the port facilities and improve its productivity The Airport of Mauritius Limited will start procedures to extend the new passenger terminal: objective is to increase passenger handling capacity to 8 million annually Introduction of a National Regeneration Scheme under the Smart City Regulations Some Rs 5.6 billion has been earmarked for NDU projects for the construction and upgrading of drains, secondary roads and small sports facilities across the island Strategy five: Securing a sustainable development in our environment... a country with a sustainable environment that enables a healthy, productive and meaningful life Secure and protect our environment An amount of Rs 2 billion will be transferred to the National Environment Fund: the Fund will be revamped so that it can have the financial assistance from international sources like the Green Climate Fund and the Global Environment Facility. Rs 450 million has already been received from the King Salman Humanitarian Aid and Relief Centre and the Adaptation Fund Board of the United Nation The National Environment Fund will assist on a number of projects: examples are the construction of drains, the rehabilitation, protection and management of the beaches, lagoons and coral reefs Investment in a rainwater harvesting system will qualify for a deduction against the taxable income of an individual Various measures to maintain a sustainable environment: for example Government will commission a maximum of 6 solar farms and a waste-to-energy project will be implemented 14 Budget 2018/2019 June 2018
16 Strategy six: Lifting the quality of life... a decent dwelling for all families and safety for everybody Lifting the quality of life Health Construction of a new teaching hospital in Flacq Development of a medical hub at Cote d Or City Set up of a new cancer centre Provision for the acquisition of a mobile caravan to promote early detection of breast and cervical cancer Provision of Rs 100 million for e-health Sports and leisure Publication of a National Sports and Physical Activity Policy in July 2018: investment of Rs 38million to provide sports and physical activity programmes Rs 75million is being provided to support the JIOI 2019: in respect of the organisation of the game Rs 195 million is being earmarked Upgrade of 17 sporting facilities for a total amount of Rs 375 million Education Construction of 2 pre-primary units at Grand Baie and Montagne Ory Construction of a gymnasium in six State Secondary Schools Set up of specialist rooms for Food and Textile Studies and Design and Technology Increase in additional deduction for deduction for dependent child pursuing tertiary education Decent dwelling Fixed penalty will apply to additional 63 offences Fine for speeding of more than 25 km per hour increased from Rs 2,500 to Rs 10,000 Fine for disqualification will be increased from Rs 10,000 to Rs 100,000 A Cumulative Road Traffic Notice will be issued to a driver after he has committed three cumulative road traffic offences under the new system Issue of probationary driving licence for 2 years Zero tolerance of alcohol will be applied to drivers Additional mobile speed cameras will be installed to perform spot checks The Road Development Authority will be provided with Rs 600 million for road maintenance Budget 2018/2019 June
17 Strategy seven: Creating an inclusive and caring society Too many gender gaps have been with us for too long Creating an inclusive and caring society Introduction of gender considerations Inclusion of a chapter on gender mainstreaming in 3 Year Rolling Strategic Plan Conduct of a study on the introduction of gender-based budgeting Amendment to the Employment Rights Act for mothers with less than 12 months service Government will come up with a Gender Equality Bill Training of 250 Government officials to deal with gender issues Allocation of Rs 200,000 to each Ministry to promote awareness programme and implement activities on gender mainstreaming Each Ministry will be required to have a Gender Cell that will encourage greater balance in the decision making process Tax incentives to creches Enhancing support to our elderly Construction of two elderly day centres at Bambous and Chemin Grenier Specialised training for 50 carers Increase in monthly grant to employees of residential care homes and institutions from Rs 6,071 to Rs 8,500 Enhancing consumer welfare Removal of surcharge on late payments governed by the Hire Purchase and Credit Sales Act Finalisation of the Ombudsperson for Financial Services Bill to better protect consumers for all financial services Blood Glucose Strips will be subject to the maximum mark-up system so that its price for each pack of strips is expected to decrease between Rs 40 and Rs 170 Stricter control on quality of consumer goods Reduction in the price of Mogas from Rs 52 to Rs per litre Reduction in the price of gas oil from Rs to Rs 40 Reduction in the price of LPG of 12 Kg from Rs 270 to Rs Budget 2018/2019 June 2018
18 Contact us For additional information regarding this Alert, please contact the following: Ernst & Young, Mauritius Ryaad Owodally Assad Khoosee Kawsar Aumeer Kooshal Mungrah Vashist Hassea Budget 2018/2019 June
19 Budget 2018/2019 June
20 The information in this pack is intended to provide only a general outline of the subject covered. It should not be regarded as comprehensive or sufficient for making decisions, nor should it be used in place of professional advice. Accordingly, Ernst & Young accepts no responsibility for loss arising from any action taken or not taken by anyone using this pack. Further, the information in this pack will have been supplemented by matters arising from any oral presentation by us, and should be considered in the light of this additional information. If you require any further information or explanations, or specific advice, please contact us and we will be happy to discuss matters further. EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com EYGM Limited. All Rights Reserved Creative Services ref Artwork by Upton.
NATIONAL BUDGET 2018/2019 HIGHLIGHTS PURSUING OUR TRANSFORMATIVE JOURNEY
NATIONAL BUDGET 2018/2019 HIGHLIGHTS PURSUING OUR TRANSFORMATIVE JOURNEY The Prime Minister, Minister of Finance and Economic Development of Mauritius, Hon. Pravind Kumar JUGNAUTH delivered his budget
More informationThe Finance Act Grant Thornton Mauritius keeping you informed. 7 August 2018
The Finance Act 2018 Grant Thornton Mauritius keeping you informed 7 August 2018 Contents Introduction Corporate Tax Personal Tax Value Added Tax Other tax measures Contact us The Finance (Miscellaneous
More informationBudget 2018/19. Highlights. KPMG.com/mu
Budget Highlights 2018/19 KPMG.com/mu 1 Contents Our Opinion Budget Financials Economic Outlook Global Business Corporate Tax Personal Tax Indirect Taxes Tax Administration The information contained herein
More informationBUDGET BRIEF June 2018
BUDGET BRIEF 2018-2019 14 June 2018 Contents Foreword 3 Key economic indicators for Mauritius 6 Key budgetary measures 2018-2019 8 Section 1: Foreword 01. Foreword 02. Key economic indicators for Mauritius
More informationFinance. Bill Tax Alert Issue 4. July 18, KPMG.com/mu
Finance Bill 2018 Tax Alert Issue 4 July 18, 2018 KPMG.com/mu Contents Foreword Corporate Tax Global Business Personal Tax Indirect Taxes Tax administration The information contained herein is of a general
More informationBudget Analysis Leading the Mauritian economy in a challenging era. 14 June 2018
Budget Analysis Leading the Mauritian economy in a challenging era 14 June 2018 2 Pursuing our Transformative Journey Mauritius Budget 2018 2019 14 June 2018 Charting towards a high-income, inclusive society
More informationSummary of Tax Measures The Finance Bill 2018
18 July 2018 Summary of Tax Measures The Finance Bill 2018 www.pwc.com/mu/budget 2 The Finance Bill 2018 Summary of Tax Measures Table of Contents 3 Corporate Tax 8 Personal Tax 11 Income Exemption Threshold
More informationRSM (Mauritius) Budget Highlights 2018/19
RSM (Mauritius) Budget Highlights 2018/19 Personal Income Tax Income exemption threshold of all employees are increased by MUR 5,000, effective as from 1 st July 2018. Category From To Individual with
More informationBudget Synopsis. 9 June 2017
Budget 2017-2018 Synopsis 9 June 2017 Budget 2017-2018 Rising to the challenges in an increasingly volatile international environment Contents Background The five challenges Disclaimer Page 3 Background
More informationBudget 2016/2017 Our technical analysis
Our technical analysis 29 July 2016 Table of contents Page Executive summary 2 Personal income tax 3 Corporate tax 5 Tax administration 10 Value Added Tax 12 2016 Ernst & Young 24 February 20 2015 Ernst
More informationNational Budget 2018/2019 Key Insights
National Budget 2018/2019 Key Insights $ $ Editorial Financial Services FinTech Business Facilitation Tax Other Measures Rogers Capital PAGE 2 4 6 7 9 13 15 NATIONAL BUDGET - 2018/2019 1 EDITORIAL Highlights
More information3 Manufacturing Diversifying the manufacturing base Setting up of a modular near shore mobile oil refinery and onshore storage facilities at Albion. O
1 Fostering a wave of modern entrepreneurs 2 CREATING MORE JOB OPPORTUNITIES FOR ALL 1 2 Suspension of trade fees for licenses of MUR 5000 and below for a period of 3 years 8 years tax holiday extended
More informationThe Finance Bill 2017 Summary of Tax Measures
www.pwc.com/mu/budget The Finance Bill 2017 Summary of Measures 13 July 2017 Corporate Personal Other es Provisions of the Finance Bill will only become effective once it is ratified by the Parliament
More informationWidening of income tax free bracket and conditions for parent rates tax computations
Highlights The measures announced tonight by the Minister of Finance in the budget speech for 2014 include: Reductions in W&E rates as from March 2014 for individuals and as from 2015 for businesses Widening
More informationFinance Act 2017 KPMG in Mauritius Tax Alert Issue 8
Finance Act 2017 KPMG in Mauritius Tax Alert Issue 8 July 31, 2017 kpmg.com/mu Table of contents 1 Foreword 3 2 Corporate Tax 4 3 Personal Tax 7 4 Value added Tax 11 5 Other Taxes 16 6 Regulatory 21 The
More informationMauritius enacts changes to tax regime for corporations with global business licenses
17 August 2018 Global Tax Alert Mauritius enacts changes to tax regime for corporations with global business licenses NEW! EY Tax News Update: Global Edition EY s new Tax News Update: Global Edition is
More informationINTERCONTINENTAL TRUST NEWSLETTER
INTERCONTINENTAL TRUST NEWSLETTER volume 7. issue 18 Impeccable Service Intelligent Solutions Mauritius Budget 2015-16 The first budget of the newly elected government was presented by the Honourable Minister
More informationSMART M AU R I TI U S. Live. Invest. Work. Play
SMART M AU R I TI U S Live. Invest. Work. Play The Smart City Scheme is an ambitious economic development programme aimed at consolidating the Mauritian International Business and Financial Hub by creating
More informationFinance Act Key Tax Amendments. July Deloitte, Mauritius
Finance Act 2017 Key Tax Amendments July 2017 Foreword Finance Act 2017 The Finance (Miscellaneous Provisions) Act 2017 ( FA 2017 ) received the President s assent on 24 July 2017 and was published on
More informationMauritius Taxes Overview
Mauritius Taxes Overview Mauritius personal Income Tax Mauritius personal tax rate is a flat 15%. As from 1 January 2010, the fiscal year will be on a calendar year basis. Income Tax is payable by residents
More informationMALTA BUDGET 2017 THE HIGHLIGHTS [OCTOBER 2017] Helping you prosper. An independent member of UHY International
MALTA BUDGET 2017 THE HIGHLIGHTS [OCTOBER 2017] An independent member of UHY International Helping you prosper MALTA BUDGET 2017 THE HIGHLIGHTS. The 2017 Budget Speech was presented on the 17 October 2017
More informationUK Spring Budget 2017 business taxes
9 March 2017 Global Tax Alert UK Spring Budget 2017 business taxes EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: www.ey.com/taxalerts
More informationHighlights of the 2013 Barbados Budget. Contents. TAX NEWSFLASH KPMG in Barbados. Brief Overview
TAX NEWSFLASH KPMG in Barbados Highlights of the 2013 Barbados Budget Contents Brief Overview Economic Review International Business and Financial Services Sector Special Entry and Reside Permits ( SERP
More informationChapter 16 Indirect Taxation
Chapter 16 Indirect Taxation www.pwc.com/mt/doingbusiness Doing Business in Malta INDIRECT TAXES IN MALTA Value added tax (VAT) is charged on supplies of goods and services made in Malta, on intra-community
More informationMalta Budget 2011 Highlights
MISCO & 3a Accountants 25 October 2010 www.3a.com.mt Christian Vella +356 2757 2757 christian@3a.com.mt www.miscomalta.com Lawrence Zammit +356 2122 0303 lzammit@miscomalta.com The Performance of the Maltese
More informationFinance Act 2018 update
Finance Act 2018 update Individual, TDS & MRA Act Operational Services Dept. Dates: 23 & 24 August 2018 Rate of Income Tax for Individuals (Section 4 and First Schedule Income Tax Act ) o The rate of income
More informationFinance Bill 2016 KPMG in Mauritius Tax Alert
Finance Bill 2016 KPMG in Mauritius Tax Alert August 26, 2016 kpmg.com/mu Table of contents 1 Foreword 3 2 Corporate Tax 4 3 Personal Tax 7 4 Value added Tax 9 5 Other Taxes 12 6 Appendices 17 The information
More informationGlobal Tax Alert. Zambia issues 2015 Budget proposals. Executive summary. Detailed discussion
17 October 2014 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date Zambia
More informationThe Financial Secretary, Mr. John Tsang, delivered the Budget Speech at the Legislative Council on 23 February 2011.
TAX FLASH July 2010 TAX FLASH FEBRUARY 2011 THE 2011-12 BUDGET The Financial Secretary, Mr. John Tsang, delivered the 2011-12 Budget Speech at the Legislative Council on 23 February 2011. In this Tax Flash,
More informationBUDGET 2014: BUILDING A BETTER MAURITIUS CREATING THE NEXT WAVE OF PROSPERITY
BUDGET 2014: BUILDING A BETTER MAURITIUS CREATING THE NEXT WAVE OF PROSPERITY The Vice Prime Minister and Minister of Finance and Economic Development, the Honourable Xavier Luc Duval, delivered his budget
More informationSTATUTORY BODIES (ACCOUNTS AND AUDIT) ACT
STATUTORY BODIES (ACCOUNTS AND AUDIT) ACT 2 of 1972 1 July 1972 ARRANGEMENT OF SECTIONS 1. Short title 2. Interpretation 3. Powers of Minister 3A. Interest in agency or body of persons restricted 4. Accounting
More informationRising to the. ambitions. challenge of our. Mauritius Budget 2017/18 Tax Guide. June kpmg.com/mu. Singapore Budget
Rising to the 2016 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of independent member firms affiliated with KPMG International
More informationA Roadmap for SDG Implementation in Mauritius Indicative. UNDP Mission Team 17 November 2016
A Roadmap for SDG Implementation in Mauritius Indicative UNDP Mission Team 17 November 2016 WHAT IS MAPS? MAINSTREAMING Landing the SDG agenda at the national and local levels: integration into national
More informationTAX CARD 2016 ROMANIA
ROMANIA TAX CARD TAX CARD 2016 ROMANIA Table of Contents 1. Individuals 1.1 Personal Income Tax 1.1.1 Tax Rates 1.1.2 Taxable Income 1.1.3 Exempt Income 1.1.4 Deductible Expenses/Allowances 1.2 Social
More informationKey highlights of the Union Budget 2017
Key highlights of the Union Budget 2017 Corporate Tax Failure to withhold taxes on payments to residents will lead to disallowance of expenditure even under the head income from other sources Restrictions
More informationPress Information Bureau Government of India Ministry of Finance 01-February :06 IST Highlights of Budget
Press Information Bureau Government of India Ministry of Finance 01-February-2018 14:06 IST Highlights of Budget 2018-19 Finance Minister Shri Arun Jaitley presents general Budget 2018-19 in Parliament.
More informationFinance Act 2017 update Individual, TDS & MRA Act
Finance Act 2017 update Individual, TDS & MRA Act Presented By: J. Kelly Section Head Operational Services Department. Click to edit Master subtitle style Date: 29 January 2018 Solidarity Levy (Sub-Part
More informationSOCIAL SECURITY STATISTICS 1999/ /2005
SOCIAL SECURITY STATISTICS 1999/00 2004/2005 1. Introduction This is the tenth issue of the Economic and Social Indicators on Social Security Statistics. The data refer to the main social security benefits
More informationFinance Bill We now provide a summary of the changes in the Finance Bill as tabulated in the following pages:
Finance Bill 2017 The Finance Bill, 2017 published on 3rd April, 2017 has amended various tax provisions while at the same time providing clarity on the existing provisions. The Finance Bill 2017 follows
More information2015/2016 EY BUDGET HIGHTLIGHTS. Enhancing Economic Transformation for a Shared Prosperity
2015/2016 EY BUDGET HIGHTLIGHTS Enhancing Economic Transformation for a Shared Prosperity Page 2 Who we are EY the most integrated African firm The most integrated professional services firm in Africa;
More informationMobility matters The essential UK tax guide for individuals on international assignment abroad
www.pwc.co.uk Mobility matters The essential UK tax guide for individuals on international assignment abroad December 2017 Contents 1 Determining your UK tax liability 1.1 What impact will my overseas
More informationALBANIA TAX CARD 2017
ALBANIA TAX CARD 2017 TAX CARD 2017 ALBANIA Table of Contents 1. Individuals 1.1 Personal Income Tax 1.1.1 Tax Rates 1.1.2 Taxable Income 1.1.3 Exempt Income 1.1.4 Deductible Expenses 1.2 Social Security
More informationIncome Tax Act Review Presentation by: Stanley Ngundi Tax Manager, Ernst and Young LLP
Income Tax Act Review Presentation by: Stanley Ngundi Tax Manager, Ernst and Young LLP Its Time! The National Treasury has commenced the review of the present Income Tax Act in order to make it productive,
More informationBudget View 27 February 2013
Overview Analysis of Tax Budget Proposals 2013/14 This year s tax proposals focus on supporting job creation and higher levels of savings. Social stability has been undermined by the high levels of unemployment
More informationA new national consensus and a new commitment to deliver were necessary to address the triple challenges of poverty, unemployment and inequality.
Budget 2017 Introduction In delivering Budget 2017 in parliament, the finance minister, Pravin Gordhan, emphasised that South Africa was at a conjuncture which requires the wisdom of our elders to help
More informationFINANCE BILL 2016 LIST OF ITEMS PART 1 MEASURES ANNOUNCED IN THE BUDGET PART 2 FURTHER MEASURES INCLUDED IN THE FINANCE BILL
FINANCE BILL 2016 LIST OF ITEMS PART 1 MEASURES ANNOUNCED IN THE BUDGET PART 2 FURTHER MEASURES INCLUDED IN THE FINANCE BILL 1 PART 1 - MEASURES ANNOUNCED IN THE BUDGET INCOME TAX... 4 SECTIONS 2 TO 4
More informationMalta Budget. Highlights. Main. Highlights. Cost of Living Allowance 3.49 weekly. Individual Investor Programme granting Maltese Citizenship
Malta Budget Highlights 2014 Cost of Living Allowance 3.49 weekly Individual Investor Programme granting Maltese Citizenship Income tax reduced Measures for target sectors Main Highlights 15 % final withholding
More informationSummary of negotiating objectives
Summary of negotiating objectives On 29 October 2015 New Zealand and European Union (EU) leaders announced the intention to start the process for negotiations to achieve swiftly a deep and comprehensive
More informationThis SARS pocket tax guide has been developed to provide a synopsis of the most important tax, duty and levy related information for 2015/16.
BUDGET2015 TAX GUIDE This SARS pocket tax guide has been developed to provide a synopsis of the most important tax, duty and levy related information for 2015/16. INCOME TAX: INDIVIDUALS AND TRUSTS Tax
More informationFinance Act 2018 INTRODUCTION
Finance Act 2018 INTRODUCTION The Finance (Miscellaneous Provisions) Act 2018 (the Finance Act 2018 ) which contains provisions for the implementation of measures announced in the Budget Speech 2018-2019
More informationBudget. Opportunities for Growth
Budget 2017 2018 Opportunities for Growth Budget 2017 2018 Opportunities for Growth Crown copyright, Province of Nova Scotia, 2017 Nova Scotia Budget 2017 2018 Department of Finance and Treasury Board
More informationGUIDE ON INCOME TAX AND THE INDIVIDUAL (2010/11)
SOUTH AFRICAN REVENUE SERVICE GUIDE ON INCOME TAX AND THE INDIVIDUAL (2010/11) Another helpful guide brought to you by the South African Revenue Service Foreword Guide on Income Tax and the Individual
More informationSTATUTORY BODIES PENSION FUNDS ACT
STATUTORY BODIES PENSION FUNDS ACT Act 8 of 1978 1 July 1978 ARRANGEMENT OF SECTIONS 1. Short title 2. Interpretation 3. Statutory Bodies Pension Funds 4. Contributions 4A. Pension contribution 5. Actuarial
More informationFINANCE AND AUDIT ACT Act 38 of July 1973 FINANCE AND AUDIT ACT PART I PRELIMINARY. Revised Laws of Mauritius
Revised Laws of Mauritius FINANCE AND AUDIT ACT Act 38 of 1973 1 July 1973 ARRANGEMENT OF SECTIONS SECTION PART I PRELIMINARY 1. Short title 2. Interpretation 2A. Financial year PART II FINANCE 3. Consolidated
More informationFOREWORD. Uganda. Services provided by member firms include:
2016/17 FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are
More informationSTATUTORY BODIES (ACCOUNTS AND AUDIT) ACT Act 2 of July 1972 STATUTORY BODIES (ACCOUNTS AND AUDIT) ACT. Revised Laws of Mauritius
Revised Laws of Mauritius STATUTORY BODIES (ACCOUNTS AND AUDIT) ACT 2 of 1972 1 July 1972 ARRANGEMENT OF SECTIONS SECTION 1. Short title 2. Interpretation 3. Powers of Minister 3A. Interest in agency or
More informationFinance Bill Draft Finance Bill 2018 clauses. Draft clauses and other documents published on 13. September 2017
September 2017 Draft Finance Bill 2018 clauses Finance Bill 2018 Draft clauses and other documents published on 13 September 2017 13 September 2017 saw the publication of a number of draft clauses intended
More informationNew Zealand Vanuatu. Joint Commitment for Development
New Zealand Vanuatu Joint Commitment for Development 2 The Joint Commitment for Development between the Governments of New Zealand and Vanuatu establishes a shared vision for achieving long-term development
More informationEgypt enacts new investment law to promote foreign investments
27 July 2017 Global Tax Alert Egypt enacts new investment law to promote foreign investments EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your
More informationIndex to Repealed Acts. Title Chapter/Act No. Repealed and Replaced by
Index to Repealed Acts Title Chapter/Act No. Repealed and Replaced by A Accountants Registration Act 1975 89 Accountants Act 1996 (No. 58 of 1996) Accountants Registration (Amendment) Act 1987 1/1987 Accountants
More informationFinance Bill 2017 Analysis
Finance Bill 2017 Analysis April 2017 Income Tax Changes Focus area Proposed change and KPMG comments Effective Taxation of Islamic Financial Arrangement Proposed amendment to Section 2 The Bill proposes
More informationThe Home Carer Tax Credit has been increased from 1,200 to 1,500 per annum.
1 Income Tax Personal Taxes Budget 2019 made only minor changes in the area of personal taxes. We have set out below details of the changes to Income Tax and USC which will take effect from 1 January 2019.
More informationBudget Connect Pre-Budget Survey
Budget Connect 2017 Pre-Budget Survey The industry anticipates a delay in GST implementation: the Budget would not see any big ticket announcement in indirect taxes 2 Q1 Do you expect the postponement
More informationChange, the new certainty
Change, the new certainty Tax Facts February 2018/2019 Income Tax Residence basis of taxation South Africa has a residence basis of taxation. Residents are taxable on worldwide income and capital gains,
More informationKenya s Finance Act An Update on Kenya s Taxation Regime
Kenya s Finance Act 2015 An Update on Kenya s Taxation Regime INTRODUCTION Every year, the budget process in Kenya culminates in the enactment of a finance act. For the FY 2015/2016, the Finance act was
More informationMauritius issues new rules on substance for GBL and other related changes
19 October 2018 Global Tax Alert Mauritius issues new rules on substance for GBL and other related changes NEW! EY Tax News Update: Global Edition EY s new Tax News Update: Global Edition is a free, personalized
More informationINCOME TAX: INDIVIDUALS AND TRUSTS
The SARS Tax Guide: A synopsis of the most important tax, duty and levy related information for 2015/16. INCOME TAX: INDIVIDUALS AND TRUSTS Tax rates (year of assessment ending 29 February 2016) Individuals
More informationDoing Business in New Zealand
Doing Business in New Zealand www.bakertillyinternational.com Contents 1 Fact Sheet 2 2 Business Entities and Accounting 4 2.1 Companies 4 2.2 Partnerships 5 2.3 Sole Proprietorship 6 2.4 Trusts 6 2.5
More informationBUDGET BRIEF RISING TO THE CHALLENGE OF OUR AMBITIONS
BUDGET BRIEF 2017-2018 RISING TO THE CHALLENGE OF OUR AMBITIONS 08 June 2017 when this Government took office in December 201, we made a pledge to shape a new destiny for our country and our population.
More informationMalta Budget 2013 summary We make things clearer
Deloitte Malta Tax update: 05/2012 Malta Budget 2013 summary We make things clearer The Minister of Finance, the Hon. Tonio Fenech, presented his 2013 Budget speech on 28 November 2012. This Tax Update
More informationCountry Tax Guide.
Country Tax Guide www.bakertillyinternational.com Facts and figures as presented are correct as at 15 August 2014. Corporate Income Taxes Singapore has a territorial tax system. Resident companies, defined
More informationInternational Tax Albania Highlights 2018
International Tax Albania Highlights 2018 Investment basics: Currency Albanian Lek (ALL) Foreign exchange control There are no foreign exchange controls; repatriation of funds may be made in any currency.
More informationInternational Tax Taiwan Highlights 2018
International Tax Taiwan Highlights 2018 Investment basics: Currency Taiwan Dollar (NTD) Foreign exchange control Foreign exchange transactions are administered by the central bank. A limit of USD 50 million
More informationMALTA BUDGET 2015 HIGHLIGHTS
MALTA BUDGET 2015 HIGHLIGHTS HIGHLIGHTS Reduction of the top progressive income tax rate for individuals from 29% to 25% on income up to 60,000 The removal of the capital gains tax system upon transfers
More information2018 FEDERAL BUDGET SUMMARY
2018 FEDERAL BUDGET SUMMARY Introduction With the release of its 2018 Budget on February 27 th, the federal government made real progress on its 2016 election commitment to connect more low-income and
More informationDirect Tax. March Budget Highlights :
Direct Tax An e-newsletter from Lakshmikumaran & Sridharan, New Delhi, India March 2015 / Issue 8 March 2015 Budget 2015 - Highlights : Test of tax residence by reference to POEM Source rules for foreign
More informationPOLISH BUSINESS VISIT TO GHANA
POLISH BUSINESS VISIT TO GHANA CONTENT Mandate of GIPC Collaborating Institutions The Ghana Advantage The Investment Environment Key Drivers of the Economy Business Reforms Major Investment Opportunities
More informationSupplementary Budget Motion
Supplementary Budget 217-18 June 217 Supplementary Budget Motion 217-18 Laid Before the National Assembly for Wales by the Cabinet Secretary for Finance and Local Government June 217 1 Supplementary Budget
More informationat 8 th IAEG-SDGs Proportion of men, women and children of all ages living in poverty in all its dimensions according to national definition
indicators and changes made at 8 th meeting of the IAEG-SDGs Target Indicator / changes made at 8 th IAEG-SDGs 1.2 1.2.2 Proportion of men, women and children of all ages living in poverty in all its dimensions
More informationChair, Cabinet Government Administration and Expenditure Review Committee
In Confidence Office of the Minister of Revenue Chair, Cabinet Government Administration and Expenditure Review Committee February 2018 Update Delivering the next step in the Transformation of New Zealand
More informationBUDGET 2019 TAX GUIDE
BUDGET 2019 TAX GUIDE 1 This SARS pocket tax guide has been developed to provide a synopsis of the most important tax, duty and levy related information for 2019/20. INCOME TAX: INDIVIDUALS AND TRUSTS
More informationLIFETIME CAPITAL GAINS EXEMPTION
2013 FEDERAL BUDGET In his eighth budget entitled Jobs, Growth, and Long-Term Prosperity, finance minister Jim Flaherty has tabled a document focused on balancing the books, targeted spending, and fine-tuning
More informationFISCAL STRATEGY PAPER
REPUBLIC OF KENYA MACHAKOS COUNTY GOVERNMENT THE COUNTY TREASURY MEDIUM TERM FISCAL STRATEGY PAPER ACHIEVING EQUITABLE SOCIAL AND ECONOMIC DEVELOPMENT IN MACHAKOS COUNTY FEBRUARY2014 Foreword This Fiscal
More informationDoing Business in Bulgaria
Doing Business in Bulgaria www.bakertillyinternational.com This guide has been prepared by Baker Tilly, an independent member of Baker Tilly International. It is designed to provide information on a number
More informationItalian Parliament approves 2017 budget law
16 December 2016 Global Tax Alert Italian Parliament approves 2017 budget law EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: www.ey.com/taxalerts
More informationTax Memento Luxembourg 2018
Tax Memento Luxembourg 2018 Corporate Main taxes Corporate Income Tax (CIT) Taxable Income Rate Less than 25,000 15% Between 25,000 and 30,000 Exceeding 30,000 18% 3,750 + 33% of the income exceeding 25,000
More informationHong Kong Women Professionals & Entrepreneurs Association (HKWPEA) Public Affairs Committee
Hong Kong Women Professionals & Entrepreneurs Association (HKWPEA) Public Affairs Committee Response Paper to the Review of Enhancement of Retirement Protection as proposed by the Commission on Poverty
More informationIndia amends service tax rules for overseas service providers regarding online information and database access or retrievable services
21 November 2016 Indirect Tax Alert India amends service tax rules for overseas service providers regarding online information and database access or retrievable services EY Global Tax Alert Library Access
More informationTax Alert Canada British Columbia budget
2018 Issue No. 6 20 February 2018 Tax Alert Canada British Columbia budget 2018-19 EY Tax Alerts cover significant tax news, developments and changes in legislation that affect Canadian businesses. They
More informationDoing Business in Mauritius
Doing Business in Mauritius www.bakertillyinternational.com This guide has been prepared by Baker Tilly Mauritius, an independent member of Baker Tilly International. It is designed to provide information
More informationHope and confidence come from energetic involvement and a willingness to
27 February 2013 Compiled by Group Taxation This document is distributed as a service to the Liberty group via the internal e-mail system. It deals with broad-ranging tax developments of relevance to the
More informationCIVIL SOCIETY POSITION ON TAX REVENUE MEASURES FOR FY 2018/19
CIVIL SOCIETY POSITION ON TAX REVENUE MEASURES FOR FY 2018/19 Presented to Parliament Sectoral Committee on Finance, Planning and Economic Development Tuesday 24 th April 2018. INTRODUCTION The Minister
More informationTHE LAW ON TAX ON INCOME OF NATURAL PERSONS (LAW ON PERSONAL INCOME TAX) I BASIC PROVISIONS
Pursuant to Article 88 Item 2 of the Constitution of the Republic of Montenegro I hereby pass the DECREE PROMULGATING THE LAW ON TAX ON INCOME OF NATURAL PERSONS (Official Gazette of the Republic of Montenegro
More informationChapter 23. General Provisions. Article 169. Concept of value added tax. Chapter 24. Taxpayers. Article 170. Taxpayers
DIVISION VII. VALUE-ADDED TAX Chapter 23. General Provisions Article 169. Concept of value added tax The value added tax, hereinafter VAT, is a form of collection to the budget of a portion of the value
More informationNCSL (Summary of States Measures to Balance FY 2010 Budgets - October 21, 2009)
NCSL (Summary of States Measures to Balance FY 2010 Budgets - October 21, 2009) ACROSS THE BOARD BUDGET CUTS & OTHER MISCELLANEOUS CUTS 13 states have taken across the board budget cuts. The cuts range
More informationINCOME TAX 877, , ,492 1,047,001 1,114,643 1,186,938 96,509 10%
MINISTRY OF FINANCE Central Government 228,683 251,739 253,941 282,67 293,199 34,121 28,729 11% Other Public Sectors 12,554 12,949 117,75 129,127 138,774 149,142 11,376 1% Private Sectors 546,291 575,139
More informationTax Newsletter. Cyprus will introduce significant changes to its tax regime. Cyprus July 2015 Issue 1. Executive summary
Tax Newsletter Cyprus July 2015 Issue 1 For additional information, please contact: Philippos Raptopoulos Phone: + 357 2520 9999 Philippos.Raptopoulos@cy.ey.com Petros Liassides Phone: +357 2220 9999 Petros.Liassides@cy.ey.com
More informationNATIONAL BUDGET 2017/2018
NATIONAL BUDGET 2017/2018 Summary On 22 February 2017 Finance Minister Pravin Gordhan delivered in parliament the eighth budget speech of the Zuma administration. The minister gave advance warning in his
More informationMAURITIUS BUDGET BRIEF
MAURITIUS 2017-2018 BUDGET BRIEF ALERT ALGERIA BOTSWANA ETHIOPIA GUINEA KENYA MADAGASCAR MALAWI MAURITIUS MOROCCO MOZAMBIQUE NIGERIA RWANDA SUDAN TANZANIA UGANDA ZAMBIA REGIONAL OFFICE: UAE ASSOCIATE FIRM:
More informationCPE STUDY CIRCLE MEETING FOREIGN TAX CREDIT MAY 2016
CPE STUDY CIRCLE MEETING FOREIGN TAX CREDIT MAY 2016 INTRODUCTION Objectives of a tax treaty Elimination of double taxation Clarification of fiscal situation of tax payers Certainty on nature of income
More information