Both the statements were well meaning, with no intent of malice.
Pre and post election much was said about the arrival of the Messiah! The first budget of lAlliance Lepep is axed on setting Mauritius back on the path of growth. Or so it aims to do! The budget measures should hopefully bring growth in the medium to long term.
In the shorter term, the devaluation of the rupee takes care of growth while low oil prices take care of resulting headline inflation. The short term growth prospect assumes spare capacity in the export sectors and higher demand from our traditional customers.
High investment, high employment, tall orderThe Minister of Finance Honourable Vishnu Lutchmeenaraidooshould be commended for all the business facilitation measures aimed at boosting the growth of the small and medium enterprises in the short term.
Some of the measures such as the creation of the 13 smart city projects and the new manpower training and direction initiative will however take a long time to bear its fruits, hopefully before the end of the current government mandate! Measures addressing mismatch between the skills of graduates and the demands of the market are long overdue and should resolve the alarmingly low employment rate amongst graduates.
The Minister has recycled a number of measures which have delivered successful results in the past amongst which are tax holidays, incentives for Mauritian diaspora to come back and overseas trade rep offices.
However, whether these will be sufficient to deliver the Ministers ambitious growth plan remains to be seen. Moral high-groundThe other three objectives of the budget, namely securing long term sustainable development, achieving greater social justice and promoting transparency and good governance strive to correct the perceived wrongs currently prevailing and should bring more credibility to Mauritius Incorporated" on the local and international scene.
So, where is the money coming from? The question which comes to mind further to the Ministers no-tax comment is invariably So how is he financing it? Should we rejoice that this is a no-tax budget or have we already forked out through reduced purchasing power?
Not quite the second coming! Law and OrderSection Transparency and Good GovernanceSection Rodrigues and AgalegaSection 4: Opening Mauritius to the WorldSection 1: Manufacturing Grant Thornton. All rights reserved Budget Brief 23 March Section 1: General increase in income exemption thresholds by Rs 10, in each band.
Increase in additional deduction in respect of children who are pursuing tertiary studies, whether in Mauritius or abroad to Rs, per child.
Increase in the allowable number of years of study from 3 years to 6 years. Elimination of both 5 year time limit and cap of Rsfor Interest Relief on secured housing loan effective from 1st July Increase in exemption threshold on lump sum received as pension, retiring allowance or severance allowance from Rs 1.
Total investment in solar energy unit will be deductible from chargeable income Solar Energy Investment Allowance. Exemption from payment of income tax on Basic Retirement Pension donated in full to an approved charitable institution or an approved Foundation.
TaxationIncome Tax Corporate Option for companies having year end 30th June, to pay tax due in the last quarter based on an additional APS return and any adjustment based on the audited financial statements to be effected before 31st January.
Small Enterprises turnover of not more than Rs 10 million Any small company registered with the new SMEDA after 1st June will benefit from Exemption of payment of corporate tax for a period of 8 years, Exemption from the requirement to operate tax withholding under Tax Deduction at Source for the first 8 years withholding under PAYE will still be required.
Increase in turnover threshold for submission of quarterly return under the Advance Payment System from Rs 4 million to Rs 10 million. Option for Small Enterprises to join the Simplified Income Tax System having the following features cash basis instead of accrual basis, no balance sheet required and instead only 6 items of information would be required, Simplified system for computing CSR and annual allowances.
Introduction of a simplified VAT cash accounting system. Accelerated Income Tax Depreciation Provision on landscaping and other earth works for embellishment purposes and green technology equipment to become permanent. Amendment of Income Tax Act to exempt non-resident corporate bond holders from withholding tax.Current Affairs for Engineering Service Exam Video Lectures and Test Series for ESE Topics list: National and International Issues on Economic Development Social Development Industrial[ ].
() "Review of Ten Years of Small Business Support in South Africa – ," November , p. “NO. OF NATIONAL SMALL BUSINESS ACT, ,” “NATIONAL SMALL BUSINESS AMENDMENT BILL, ,” “National Small Business Amendment Act, ”.
SMEDA was established in October to take on the challenge of developing Small & Medium Enterprises (SMEs) in Pakistan. With a futuristic approach and professional management structure it has focus on providing an enabling environment and business development services to .
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The presentations will cover, inter alia, the Trade Obstacle Alert Mechanism recently set up in Mauritius in collaboration with the ‘International Trade Centre’ for reporting trade obstacles as well as the support services being provided by SMEDA under ‘MyBiz’ and by MCCI through the ‘SME Marketplace’.