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| IN THIS ISSUE: |
JULY 2008 - VOL 2 |
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OFFSHORE
- Mauritius 2008-2009 Finance Bill - South Africa Income Tax Amendments
INFRASTRUCTURE
- Client Banking Transactions: - New Treasurer: Enhancing Our Client
AVIATION NEWS
OTHER NEWS
LINKS
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Mauritius 2008-2009 Finance Bill
The Mauritius Budget for the year 2008-2009 was presented by the Finance Minister, Mr. Rama Sithanen on the 6th June 2008. Since then the Budget has been ratified in Parliament and now awaits the President’s consent.
Some important features of the 2008- 2009 budget include:
1. Registration Duty and Taxes
The Registration Duty on acquisition of Integrated Resort Scheme (IRS) residence has been reviewed and increased to the higher of 5% on value of property or USD 70,000. Previously the Registration Duty was fixed at USD 70,000 irrespective of the value of property and the new amendment will have a material effect on those people investing into higher priced IRS schemes.
Share transfers in companies holding immoveable property are now subject to land transfer tax. In addition to this a new land transfer tax for large transactions where value of land exceeds MUR 50m (approx USD 1.9m), the tax levied is 15% for transfers made within 5 years of acquisition and 10% in all other cases.
2. Mauritius Residency
An investor whose business turnover exceeds more than MUR 15m for 3 consecutive years can now apply for Permanent Residency in Mauritius.
Under the Finance Bill 2007-2008 foreigners having at least 3 years working experience in Mauritius and earning a minimum of MUR 150K per month are eligible to apply for Permanent Residency in Mauritius.
3. Financial Services
New legislation will be introduced to encourage financial institutions to deal in cross border transactions in securities, swaps, options and other derivatives as well as hedging.
The banks will now be allowed to send statement of accounts to borrowers and guarantors on all loans.
Banks will also be allowed to operate outside normal hours and on public holidays.
Obviously the 2008-2009 Finance Bill contains a number of other initiatives but only the ones which are considered to be a matter of interest are listed above. For a more comprehensive overview of the 2008-2009 Finance Bill please contact Kenneth Maillard at kmaillard@inter-oceanmgt.com or alternatively a full version of the bill can be viewed at http://www.gov.mu/portal/site/MOFSite
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