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COMMUNICATIONSe-Budget BriefNOVEMBER 2011        page   1
Nexus of Business facilitation, fiscal rebalancing, social inclusion                 for good of growth                 Th...
First, he has bridged the medical care of public and private partnerships by allowing NSF to be used for private health ca...
PURSUIT OF GROWTH FOR THE GREATER GOOD                 •     Setting the basis for strong growth                 •     Rid...
ENHANCING PROMOTION CAPACITY                 •     More focus and more carefully thought out promotional campaigns to be r...
•    IFC assisting government in identifying Strategic Partner for Cargo Handling Operations                 •    New airp...
FINANCIAL SERVICES                 •     Legislation to promote Limited Partnerships already passed                 •     ...
FRAMEWORK FOR NEW-HIGH VALUE-ADDED INDUSTRIES                 •    Setting regulatory framework for Marinas and hinterland...
STEERING THE COUNTRY SAFELY THROUGH THE CRISIS                 Resilience Plan for the next three year covering enterprise...
DECENT HOUSING UNITS FOR EVERY FAMILY                 •    Rs 200 per housing, per month for syndic in all NHDC estates, e...
SPORTS AND LEISURE                 •    Extension of Trust Fund for Excellence in Sports programme to 250 athletes and 12 ...
SUSTAINABLE DEVELOPMENT: LOOKING TO THE FUTURE                 •    Allocation of Rs 318 million to the MID initiative:   ...
INCOME TAX                 •	    Freeport                       Income tax exemption for freeport operators which was vali...
•	    Advance	Payment	System                       Companies having a turnover not exceeding Rs.2 million annually will no...
•	    Fringe	benefits                       The monetary values of fringe benefits which were last revised in January 2007...
•	    Solidarity	Income	Tax                       Solidarity income tax introduced last year on dividends received from re...
To all payments made to non-residents for services performed in Mauritius except where such persons are exempted from     ...
Expeditious Dispute Resolution of Tax (EDRT)                         This will target settlement of tax debts by reviewing...
CUSTOMS AND EXCISE DUTY                 The duty concession enjoyed by tour operators and car hire companies on purchase o...
Changes in customs and excise duty as from 5 November 2011COMMUNICATIONS                                                  ...
REGISTRATION DUTY                 •     Registration duty will be removed on loans not exceeding Rs.1 million             ...
ENVIRONMENT PROTECTION FEE                 •    Hotels, guest houses and tourist residences not profitable in 2012 will no...
Disclaimer                 BDO & Co, a firm of Chartered Accountants in Mauritius, is a member of BDO International Limite...
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Mauritius 2012 budget : BDO e-budget brief

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Mauritius 2012 budget : BDO e-budget brief

  1. 1. COMMUNICATIONSe-Budget BriefNOVEMBER 2011 page 1
  2. 2. Nexus of Business facilitation, fiscal rebalancing, social inclusion for good of growth The professional background of the Honorable Xavier Luc Duval, the first chartered accountant to act as Finance Minister, comes across clearly in his budget. He, in fact, favors prudence and pragmatism over economic theories. The budget takes into account the murky waters of the global economy and the recurrence of shocks of globalization which a small island economy like ours is exposed to. The recent economic turmoil has put forward various imperfections of our economy which may have stifled growth. He is forecasting a marginal reduction in growth to 4.0% from 4.2%. The Minister of Finance has addressed the previous simplistic policies that might have curtailed growth through fiscal measures: - Abolition of solidarity levy tax on dividends and interestsCOMMUNICATIONS - Abolition of capital gains tax - CSR Tax now computed on chargeable income, thereby avoiding the cascading effect of dividend income being taxed 2 twice or more - Abolition of business rates by Municipalities - Fiscal incentives to Freeport companies extended indefinitely He has also realised that the various public sector institutions need reform and some will even require the help of strategic partners, the aim being to enhance competitiveness of these institutions. The engines of growth are set to be SMEs and the traditional private sector. The Minister of Finance has in fact elaborated a ‘Marshall Plan’ for the SMEs which takes into account access to credit, cost of credit, access to space, better access to markets and ease for financial institutions to account for bad debts. To balance the growth for good he has given an impetus to the social sector. e-Budget Brief 2012 / November 2011
  3. 3. First, he has bridged the medical care of public and private partnerships by allowing NSF to be used for private health care which resolves the burden on public health. Second, he has set the foundation for a strong development of low-cost housing with the setting up of the Housing Development Trust, partially financed by Government and the CSR funds. Third, he has embarked on the inclusion of workers of the informal sector within the NPF with Government contributing for the worker’s share. Fourth, he has broadened beneficiaries of sports activities by encouraging the private sector to employ high-potential athletes and also assist them in benefitting from the Trust Fund. Fifth, he has ensured that the unemployed acquire on-the-job experience with the assistance of HRDC and Government sharing in the stipend.COMMUNICATIONS However, to balance his books and to ensure that his budget deficit is maintained at 3.8% of GDP and to reduce its Debt to GDP ratio to a more cautious level of 54%, he has been innovative with his fiscal measures: 3 - Tax of 10 cents on sms - Offshore Management Companies be charged solidarity levy in addition to banks and telecoms - Tax amnesty for a specific window - June 2012 Overall, the Minister of Finance has set policies with a view to steer the economy towards a robust resilience and fiscally prudent manner by drawing lessons from economies that are currently in dire situations. He has redressed anomalies and has put the ball squarely in the hands of investors to take advantage. This is not a budget to be judged as a ‘one-off’ but is part of a process, of a vision for the betterment of the economy provided no further external shocks force a change in direction. In summary, it is about sustainable growth, private sector initiatives, an SME Marshall Plan, affordability of services, institutional reforms and catering for the most needy. e-Budget Brief 2012 / November 2011
  4. 4. PURSUIT OF GROWTH FOR THE GREATER GOOD • Setting the basis for strong growth • Riding out the crisis • Improving social protection • Fiscal reform MAIN ECONOMIC INDICATORS FOR 2011 • Real GDP growth rate of around 4.2% • Unemployment rate of 7.8% • Inflation rate of 6.5%COMMUNICATIONS • Budget deficit estimated at 3.8% of GDP • Public sector debt of 54.2% Despite the high fuel bills, the Balance of Payments is in surplus of Rs 3 billion. 4 BUDGET OUTLOOK Forecasting growth rate of 4 percent, (same growth rate of World GDP). Revenue of Rs 76.9 billion will be raised of which: • 16.4 billion from income taxes • 44.4 billion from indirect taxes • 3.4 billion from grants and other budget support • Expenditure will amount to Rs 90.5 billion. The budget deficit for 2012 will be maintained at 3.8 % of GDP • Public sector debt to GDP reduced to 54.1 % in 2012 e-Budget Brief 2012 / November 2011
  5. 5. ENHANCING PROMOTION CAPACITY • More focus and more carefully thought out promotional campaigns to be run in India, China and Africa • BOI to further develop the financial sector, ICT/BPO and the education and medical hubs • BOI to facilitate inward investment INVESTMENT FACILITATION • Setting up of Joint Public-Private Sector Business Facilitation Task Force Remove remaining bottlenecks to investment and exports Simplify regulations Save time for applicantsCOMMUNICATIONS • New system to cut the time for registering property from 15 to 2 days Abolish numerous import permits 5 Enable Permanent Residence holders to purchase an apartment OPENING MORE ECONOMIC SPACE • Government to disinvest from commercial and industrial assets REFORMING INSTITUTIONS • Experts from Singapore to review water and waste water sectors • Assistance from Singapore to review organisation and functioning of MTPA • Transformation of DBM into a Micro, Small and Medium Enterprise Bank • MK strategic review as country opens air access e-Budget Brief 2012 / November 2011
  6. 6. • IFC assisting government in identifying Strategic Partner for Cargo Handling Operations • New airport terminal being built and operated under management contract with Aéroports de Paris • Merging cess-financed institutions • Office of Public Sector Governance to assist public enterprises to improve governance, efficiency, services and cut waste • Improve access to public services, government offices to open on Saturdays CONSOLIDATING AGRICULTURE • Sugar Insurance Fund Board granting 70 % discount on premiums due for 2011 • SIFB new policies to bring further drastic cuts in premiums • 80 % advance to sugar planters on crops sent to mill • Rs. 310 m on programme of re-grouping small planters, de-rocking and providing irrigationCOMMUNICATIONS NEW ERA OF AGRI-TECHNOLOGY AND BIO FUEL 6 • Framework to enable production of ethanol for blending • Stakeholders of sugar industry to hold 35% of equity in ethanol company NON-SUGAR AGRICULTURE • Agricultural Marketing Board to finance seed purchases • Improve market intelligence to farmers • Increasing budget for food security to Rs. 150 million • New freight rebate scheme involving a 25% cost-subsidy element • Fair Trade certification to all sectors of the economy e-Budget Brief 2012 / November 2011
  7. 7. FINANCIAL SERVICES • Legislation to promote Limited Partnerships already passed • Legal framework to promote Foundations, Private Occupational Pensions, New concepts of Trusts to widen spectrum of financial vehicles • Protect country’s best interest to India/ Mauritius Double Taxation Avoidance Agreement • “Code Civil Mauricien” amended to govern leasing of both immovable and movable property, especially finance leasing • Insurance sector abrogating legislation to allow local assets to be insured abroad TOURISM • Official rating system to be developed by Tourism Authority • Introduction of Voluntary Green CertificationCOMMUNICATIONS • Rs. 25 m to Tourism Authority for cleaning and embellishment programme • Rs. 13.5 m to MSPCA for control of stray dogs • Intensify promotion campaigns in traditional markets and exploit potential of new markets • Medical tourism to attract more visitors 7 PUSH TO EMERGING SECTORS • Second undersea fibre optic cable, LION 2 - operational by mid 2012 • Long distance telecom operators right of access to connect to international gateways via two landing stations • ICT Act to be amended to promote competition • Occupation permits to workers in ICT/BPO earning more than Rs. 30,000 KNOWLEDGE CENTRE OF EXCELLENCE • Foreign students allowed to work on part-time basis for up to 20 hours/week except in security sector • SLDC to reserve land in Réduit for campuses of renowned foreign tertiary education institutions e-Budget Brief 2012 / November 2011
  8. 8. FRAMEWORK FOR NEW-HIGH VALUE-ADDED INDUSTRIES • Setting regulatory framework for Marinas and hinterland development • Encourage setting up of film industry. Government to contribute 25% on agreed expenses incurred in Mauritius MATCHING SKILLS WITH REQUIREMENTS OF THE ECONOMY • Introducing Sponsored Pre-job Training Initiative • Legal amendments to ensure pensions and associated benefits fully portable SUPPORTING SMEsCOMMUNICATIONS • Banking sector to release Rs 3 billion in terms of new overdrafts and bank loans at 3% above the repo rate, i.e, 8.5% • New loans to SMEs at the DBM capped at the repo rate plus 3%, i.e, 8.5% • Government abolishing inscription fee leviable on registered loans 8 MORE INDUSTRIAL SPACE AT LOWER COST FOR SMEs • Construction of additional 175 units in industrial estates at five sites • 50% discount on rental in first three years DEMOCRATISING ENTERPRENEURSHIP • Rs 20,000 monthly grant to cover living expenses of the entrepreneur in first year of operation of an innovative proposal approved by the Mauritius Business Growth Scheme (MBGS) e-Budget Brief 2012 / November 2011
  9. 9. STEERING THE COUNTRY SAFELY THROUGH THE CRISIS Resilience Plan for the next three year covering enterprises of all sizes, with special focus on SMEs, infrastructure development and job creation. • Strategy one: Supporting enterprises at microeconomic level Rs 7.3 billion to a National Resilience Fund (NRF) Resources from NRF to broaden reach of the Leasing for Equipment Modernisation Schemes (LEMS) All facilities under the LEMS extended to December 2014 • Strategy two: More government spending on infrastructure Rs 21.2 billion for key infrastructure projectsCOMMUNICATIONS Rs 1.5 billion of the planned amount for approved and not yet ready for execution projects • Strategy three: Financial system stability 9 IMF recommendations on well-coordinated watch on the stability of the financial system • Strategy four: Coherent macroeconomic response Necessary mechanism for determining, with the Bank of Mauritius the accepted range of the rate of inflation. Monetary Policy Committee to decide on how to keep inflation within agreed range SHARING PROSPERITY WITH ALL • Increase of wage compensation of 6.6 % to 11.5 % to workers in low wage bracket • Monthly Basic Return Pension - Rs 3,350 for pensioners (60 to 89 years), Rs 9,975 (90 to 99 years) and Rs 11,320 for centenarians • Earners up to Rs 3,000 a month - Government will now pay their share of the contribution to the National Pension Fund as well as pay their share of the Transitional Unemployment Benefit e-Budget Brief 2012 / November 2011
  10. 10. DECENT HOUSING UNITS FOR EVERY FAMILY • Rs 200 per housing, per month for syndic in all NHDC estates, except for the three middle-income ones • Rehabilitate wastewater disposal system of housing estates • Rehabilitate water supply on 15 NHDC estates • Waterproofing works in housing estates at Rose Belle and Palma • Setting up of not-for profit Housing Development Trusts • NHDC to construct 1000 units on 160 arpents under the Prime Minister’s deal with the sugar industry • Rs 1.5 billion to Social Housing Development Fund HEALTH IS WEALTH • Grant under the Overseas Treatment Scheme from Rs 200,000 to Rs 500,000COMMUNICATIONS • Rs 51 million allocated to rehabilitation of alcoholics and drug addicts • Prevention of Non-Communicable Diseases (NCDs) • Employees to be allowed to use their monthly NSF contributions as payment of private health insurance 10 SHAPING THE EDUCATION, TRAINNING AND SKILLING FOR THE 21ST CENTURY • Increase in grant in aid to Special Education Needs schools by 25% • Pre-primary education grant to cover 3 year olds • Funding of crèches facilities for poor families, Rs 1,500 per month for a child up to 3 years old • Companies to use their CSR fund to provide free of charge, crèche and kindergarten facilities for employees earning less than Rs 12,000 per month • Child-minding services after school hours in public pre-primary and primary schools • 6 new children shelters to be opened • Summer School Programme in schools where less than half the students passed the CPE • Extension of the pre-vocational education programme to age 16 • Rs 500,000 to each Government school for renovation and upgrading • Open School Programme extended e-Budget Brief 2012 / November 2011
  11. 11. SPORTS AND LEISURE • Extension of Trust Fund for Excellence in Sports programme to 250 athletes and 12 disciplines • Rs 4.5 million for six scholarships annually to train overseas • Rs12.5m Trust Fund for Excellence in sports • Set up of the Mauritius Schools Football League for inter-school tournaments • Companies be allowed to pay 50 percent of their high level athletes wages through their CSR fund BOLSTERING THE JUSTICE SYSTEM • Maximum monthly income limit for entitlement to legal aid - Rs 10,000 • Amendment of The Bail Act to allow for use of electronic braceletsCOMMUNICATIONS • Consolidation of 12 Appeal Tribunals into 3 • Recruitment of 800 police officers • Purchase of equipment worth Rs1.4 billion for the Police over 3 years including CCTV 11 LOCAL AUTHORITIES • Rs107 million for 3 additional district councils • Submarine fibre cable to link Rodrigues to Mauritius costing Rs 600 million. Financing provided by the Government reimbursable over twenty years • Grant to Rodrigues Regional Assembly - Rs 1.649 billion • Airfares to Rodrigues subsidised until end of December 2012 • Provision of residential accommodation for families of Rodriguan patients coming to Mauritius for treatment e-Budget Brief 2012 / November 2011
  12. 12. SUSTAINABLE DEVELOPMENT: LOOKING TO THE FUTURE • Allocation of Rs 318 million to the MID initiative: • Scheme to purchase of electricity from Small Independent Power Producers from 2 megawatts to 3 megawatts • Composting of solid waste from 90,000 to 190,000 tonnes a year • Rs 468 million to replace 145 kilometres of water pipes • Rs 1.4 billion to connect 5,000 additional houses to the public sewer system • Rs 95 million to address environmental degradationCOMMUNICATIONS • Billboards fee between Rs 30,000 and Rs 70,000 per annum SAFETY ON ROADS AND IN LAGOONS 12 • Rs 76m for 25 more speed cameras SOUND AND RESPONSIBLE FISCAL STEWARDSHIP • Annual rental values for industrial leases of state land updated to reflect current market values, subject to a maximum of 40% • SMEs grant to finance participation in international fairs to a maximum of Rs 100,000 per year • Employees Welfare Fund and Tourism Employees Welfare Fund to advance loans of up to Rs 50,000 at 8.5% for up to 5 years e-Budget Brief 2012 / November 2011
  13. 13. INCOME TAX • Freeport Income tax exemption for freeport operators which was valid until 2013 will continue for an indefinite period. • Global Business A protected cell company will have to pay tax on a cell basis Payment of tax will be allowed to be made in Singapore dollar, South African rand, Swiss franc and any other approved convertible foreign currency Domestic companies will also be allowed to pay tax in the foreign currencies as they are reporting in their financial statementsCOMMUNICATIONS • Solidarity levy on telephony service providers Providers of fixed and mobile telephony services will continue to be liable to the solidarity levy at the rate of 5% of their book profit and 1.5% of their turnover for one more year up to 2013. 13 • Solidarity levy on Global business management companies Management companies in the global business sector will be liable to the solidarity levy at the rate of 10% of their chargeable income for 2 years ending in 2013. • Bad debts Banks will be allowed to claim as a deduction debts due by SMEs written off as bad without having recourse to the courts. • Overseas marketing and promotional expenses The double deduction for marketing and promotional expenses granted to companies in the tourism sector or engaged in export activities will be abolished as from 1 January 2012. However, SMEs will be provided with an annual grant not exceeding Rs.100,000 to finance their participation in international fairs. e-Budget Brief 2012 / November 2011
  14. 14. • Advance Payment System Companies having a turnover not exceeding Rs.2 million annually will not have to file APS returns. • Tax paid in excess Excess tax paid by a company will be set off against future tax payable under the Advance Payment System. • CSR The basis of computation will be 2% of chargeable income instead of 2% of book profits. • Income exemption thresholdCOMMUNICATIONS 14 e-Budget Brief 2012 / November 2011
  15. 15. • Fringe benefits The monetary values of fringe benefits which were last revised in January 2007 are being increased as follows:COMMUNICATIONS 15 e-Budget Brief 2012 / November 2011
  16. 16. • Solidarity Income Tax Solidarity income tax introduced last year on dividends received from resident companies or cooperative societies and on interest on bank deposits earned by individuals whose total income exceeds Rs.2 million in an income year is abolished as from 1 January 2012. • Current Payment System The self-employed having a turnover or deriving income from profession, vocation or occupation not exceeding Rs.2 million per annum will no longer be required to file CPS returns and pay tax quarterly. This will also apply to rental income not exceeding Rs.2 million annually. In addition, individuals who did not pay tax in the previous year will not be required to submit CPS returns. • Directors feesCOMMUNICATIONS It is clarified that directors’ fees are taxable on an accruals basis. • Filing of return by individuals 16 Individuals having an annual total income exceeding Rs.2 million will be required to submit their annual return electronically. • Tax on gains from sale of immovable property Tax on gains from sale or transfer of immovable property is abolished on transactions carried out as from 5 November 2011, however, gains on the sale or transfer of immovable property in the normal course of business will continue to be subject to income tax. • Tax Deducted At Source Tax deduction at source from interest payable on deposits will be abolished as from 1 January 2012. On the other hand, tax deduction at source will be extended as follows: In respect of contractors and sub-contractors, to cover other works such as mechanical and electrical works e-Budget Brief 2012 / November 2011
  17. 17. To all payments made to non-residents for services performed in Mauritius except where such persons are exempted from tax under a double taxation avoidance agreement To interest paid by persons other than financial institutions and companies in the Global Business sector to non-residents To cover rent collected by a tour operator or other intermediary on behalf of property owners Ministries, Departments, Local Authorities, the Rodrigues Regional Assembly and Parastatals will be required to effect deduction at source in respect of high-value contracts relating to implementation of projects and procurement of goods and services. The Mauritius Revenue Authority will be allowed to raise assessment on persons not withholding tax or not remitting the tax withheld to the MRA. • Collection of Tax ArrearsCOMMUNICATIONS A last opportunity is being granted to taxpayers to regularise their tax affairs during the period January to June 2012 for any under declared or undeclared income in the past. Different schemes will be set up as follows: Voluntary Disclosure of Income Arrangement (VDIA) 17 The VDIA will be operated by MRA from January to June 2012 and no penalties will be payable on income declared under the scheme. In addition, no interest will apply if the tax is paid before 30 June 2012. Incentive Scheme for VAT registration This will be introduced to target persons in business, service providers and professionals who have not registered themselves for VAT. They will have to pay VAT due only for the last 2 years prior to the date of registration after deduction of input tax thereon and no penalty will apply. Interest will not apply if the VAT is paid before 30 June 2012. Tax Arrears Settlement Scheme (TASS) This Scheme will operate until end of June 2012 and will target recovery of long outstanding arrears, prior to 1 July 2006, through full waiver of collecting penalties and 75% waiver of assessing penalties. e-Budget Brief 2012 / November 2011
  18. 18. Expeditious Dispute Resolution of Tax (EDRT) This will target settlement of tax debts by reviewing the amount of tax assessed where a taxpayer was unable to dispute the tax claim due to failure to pay the 30% of tax assessed on objection, non-production of full records or non-attendance. Penalties will be waived. VALUE ADDED TAX • Refund of VAT Small registered planters, horticulturists, apiculturists and breeders will be refunded VAT paid in 2012 on the purchase of agricultural machinery, equipment and toolsCOMMUNICATIONS Fishermen grouped in cooperatives on purchase of semi-industrial fishing vessels Registered fishermen on purchase of VHF radios, fishing gear, outboard and inboard engines of up to 25 hp • Exemption from VAT 18 Anti-smoking gums Life-jackets Cosmetic surgery Social housing projects set up by not-for-profit Housing Development Trusts e-Budget Brief 2012 / November 2011
  19. 19. CUSTOMS AND EXCISE DUTY The duty concession enjoyed by tour operators and car hire companies on purchase of limousine-type motor cars is being removed. Changes in rates of customs and excise duty as from 5 November 2011COMMUNICATIONS 19 e-Budget Brief 2012 / November 2011
  20. 20. Changes in customs and excise duty as from 5 November 2011COMMUNICATIONS 20 LAND CONVERSION • Exemption for land used by not-for-profit Housing Development Trusts for social housing projects • Payment will be allowed in 4 consecutive equal 6-monthly instalments. The first instalment will be due at the time the author isation is granted and the remaining instalments will have to be secured by way of a bank guarantee or an inscription being taken on the land e-Budget Brief 2012 / November 2011
  21. 21. REGISTRATION DUTY • Registration duty will be removed on loans not exceeding Rs.1 million • Exemption for social housing projects set up by not-for-profit Housing Development Trusts • Exemption for purchase of a unit costing less than Rs.2.5 million in a housing estate of at least 5 units under a scheme registered before 31 December 2013 • Donation duty will be reduced to 5% to align with registration duty LAND TRANSFER TAX • Exemption from payment Financial institutions on the sale of immovable property acquired in the previous 12 months `in relation to debt recoveryCOMMUNICATIONS Not-for-profit Housing Development Trusts that has set up social housing projects Housing projects of at least 5 units where the selling price does not exceed Rs.2.5 million per unit under a scheme registered before 31 December 2013 21 INDUSTRIAL LEASE ON STATE LANDS The annual rental value per arpent of industrial leases of State lands along the coast are being increased as from 5 November 2011 as follows: e-Budget Brief 2012 / November 2011
  22. 22. ENVIRONMENT PROTECTION FEE • Hotels, guest houses and tourist residences not profitable in 2012 will not have to pay the Environment Protection Fee. The fee will be payable within 4 months after the end of the accounting year instead of monthly NATIONAL PENSION FUND • Government will pay the employee share to the National Pension Fund for those earning up to Rs.3,000 monthly. The same measure applies for contribution to the Transitional Unemployment Benefit NATIONAL SAVINGS FUNDCOMMUNICATIONS • Employees will be able to use their monthly contributions to pay for private health insurance TENANT’S TAX 22 • This tax payable to Municipalities by tenants on the rental of commercial properties will be abolished as from 1 January 2012 ADVERTISING STRUCTURE (BILLBOARD) FEE • As from 1 January 2012, the annual Advertising Structure Fee will be between Rs.30,000 and Rs.70,000 and will be collected by the Mauritius Revenue Authority instead of the local authorities LEVY ON MESSAGING SERVICES • As from 1 January 2012, a levy of 10 cents will be payable on each SMS, MMS and ZMS sent e-Budget Brief 2012 / November 2011
  23. 23. Disclaimer BDO & Co, a firm of Chartered Accountants in Mauritius, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDO & Co to discuss these matters in the context of your particular circumstances. BDO & Co, its partners, employees and agents do not accept or assume any liability or duty of care forCOMMUNICATIONS any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it. 23 BDO & Co DCDM Building, 10, Frère Félix de Valois street, Port Louis MAURITIUS Tel: +230 202 3000 www.bdo.mu e-Budget Brief 2012 / November 2011

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