Safyr Utilis is pleased to provide you with our analysis of the tax measures announced in the budget speech delivered by the Honorable Pravind Jugnauth, Minister of Finance and Economic Development on 29 July 2016.
This Memorandum summarizes an overview of economy for the year 2015-2016 and the important changes proposed through the Finance Bill 2016. It contains comments on the budget and on the Finance Bill 2016, including highlights of the changes brought through the Income Tax Ordinance, 2001, the Sales Tax Act, 1990, the Federal Excise Act, 2005, the Customs Act, 1969, the Islamabad Capital Territory (Tax on Services) Ordinance, 2001 and Fiscal Responsibility and Debt Limitation Act, 2005. The amendments proposed through the Income Tax Ordinance, 2001 and through other laws are intended to be effective once the parliament has accorded its assent and thereafter, would be effective from July 01, 2016 i.e. tax year 2017 unless otherwise indicated.
This Memorandum is intended to provide general guidance to the readers on the important changes brought through the Bill and should not be considered as a substitute for specific advice relating to a particular enactment. For considering the precise effect of a proposed change, reference should be made to the appropriate wordings in the relevant statutes and the notifications issued where relevant.
The document summarizes issues with Pakistan's taxation system and proposals for reform. It finds that Pakistan collects only 13% of GDP in taxes, the lowest among emerging economies. This limits funding for health, education, and other services. Major problems include extensive tax exemptions estimated to lose 3-4% of GDP annually, weak tax administration vulnerable to corruption, and a narrow tax base with only 2% of the workforce paying income tax. The document recommends phasing out exemptions, increasing autonomy and accountability of revenue agencies, and broadening the tax base through better enforcement and reducing the tax compliance burden. Reforms aim to increase tax collection to 15% of GDP by 2018 to improve services and economic stability.
The document provides updates on global tax developments from various regions including Africa, Americas, Asia-Pacific, Europe. Some key highlights include Kenya reducing corporate tax rate to 20% for developers building 1000+ units. Nigeria's budget did not change tax rates or propose new taxes. The US Department of Labor increased the salary threshold for white-collar exemptions. Colorado passed a law for reasonable pregnancy accommodations.
The document presents an analysis of Pakistan's tax reforms between 2019-2020. It provides background on Pakistan's need for tax reforms to reduce budget deficits. It summarizes the key tax policy changes introduced in 2019-2020, including increased taxes, reduced exemptions, and higher penalties for tax evasion. It then critiques the outcomes of the reforms, noting that while tax revenues increased, the reforms have contributed to higher inflation and a slowing economy. The document concludes by forecasting continued high inflation and budget deficits if spending is not curtailed, and provides recommendations to improve tax compliance and administration.
This document summarizes a chapter that examines issues with Pakistan's taxation system and proposes recommendations for tax harmonization across provinces. The chapter identifies a lack of coordination between federal and provincial tax authorities that results in duplicate taxation and increased costs for businesses. It also notes outdated tax bases and rates on services, property, agriculture and other sectors. The chapter recommends creating an oversight agency to enhance cooperation among federal and provincial governments. It also suggests revising taxable services, clearly defining taxation criteria, and establishing a mechanism for modifying tax revenues. The goal is to forge consensus on reforms and have a cohesive taxation framework that supports business growth and governmental objectives.
The document summarizes key changes to India's income tax rates and policies introduced in the 2017 Union Budget. Some highlights include:
- Income tax slab rates were reduced for individual taxpayers with annual income up to Rs. 250,000 taxed at 5% instead of 10%.
- Corporate tax rates were lowered to 25% for domestic companies from 29% previously.
- Cash transaction limits for tax deductibility were set at Rs. 10,000 and tax rebates were increased for individual taxpayers.
- Presumptive income rates were reduced to 6% for small businesses with annual turnover up to Rs. 2 crore.
- Tax audit limits were increased to Rs. 2 crore annual turnover.
The document provides a summary of tax and superannuation measures announced in the 2016/17 Australian Federal Budget. Key points include:
- A 40% diverted profits tax will be introduced for multinational profits artificially diverted from Australia from July 2017. Transfer pricing and hybrid mismatch rules will also be strengthened.
- Tax concessions for small businesses will be increased through higher turnover thresholds and an expanded unincorporated business tax discount.
- The company tax rate will be cut to 25% over 10 years, and early stage investment incentives will be expanded.
- Personal income tax thresholds will increase and superannuation contribution caps will be reduced or introduced to restrict tax concessions for high balances.
- Tobacco
This document provides an overview of basic income tax concepts in India. It defines key terms like assessee, assessment year, and previous year. It describes the types of taxes in India including direct and indirect taxes. It outlines the tax rates for individuals, senior citizens, and super senior citizens. It also discusses various deductions like provident fund deposits, life insurance premiums, tuition fees, donations, and rebates. Finally, it mentions the due dates for filing returns and the different forms used to file returns in India.
This Memorandum summarizes an overview of economy for the year 2015-2016 and the important changes proposed through the Finance Bill 2016. It contains comments on the budget and on the Finance Bill 2016, including highlights of the changes brought through the Income Tax Ordinance, 2001, the Sales Tax Act, 1990, the Federal Excise Act, 2005, the Customs Act, 1969, the Islamabad Capital Territory (Tax on Services) Ordinance, 2001 and Fiscal Responsibility and Debt Limitation Act, 2005. The amendments proposed through the Income Tax Ordinance, 2001 and through other laws are intended to be effective once the parliament has accorded its assent and thereafter, would be effective from July 01, 2016 i.e. tax year 2017 unless otherwise indicated.
This Memorandum is intended to provide general guidance to the readers on the important changes brought through the Bill and should not be considered as a substitute for specific advice relating to a particular enactment. For considering the precise effect of a proposed change, reference should be made to the appropriate wordings in the relevant statutes and the notifications issued where relevant.
The document summarizes issues with Pakistan's taxation system and proposals for reform. It finds that Pakistan collects only 13% of GDP in taxes, the lowest among emerging economies. This limits funding for health, education, and other services. Major problems include extensive tax exemptions estimated to lose 3-4% of GDP annually, weak tax administration vulnerable to corruption, and a narrow tax base with only 2% of the workforce paying income tax. The document recommends phasing out exemptions, increasing autonomy and accountability of revenue agencies, and broadening the tax base through better enforcement and reducing the tax compliance burden. Reforms aim to increase tax collection to 15% of GDP by 2018 to improve services and economic stability.
The document provides updates on global tax developments from various regions including Africa, Americas, Asia-Pacific, Europe. Some key highlights include Kenya reducing corporate tax rate to 20% for developers building 1000+ units. Nigeria's budget did not change tax rates or propose new taxes. The US Department of Labor increased the salary threshold for white-collar exemptions. Colorado passed a law for reasonable pregnancy accommodations.
The document presents an analysis of Pakistan's tax reforms between 2019-2020. It provides background on Pakistan's need for tax reforms to reduce budget deficits. It summarizes the key tax policy changes introduced in 2019-2020, including increased taxes, reduced exemptions, and higher penalties for tax evasion. It then critiques the outcomes of the reforms, noting that while tax revenues increased, the reforms have contributed to higher inflation and a slowing economy. The document concludes by forecasting continued high inflation and budget deficits if spending is not curtailed, and provides recommendations to improve tax compliance and administration.
This document summarizes a chapter that examines issues with Pakistan's taxation system and proposes recommendations for tax harmonization across provinces. The chapter identifies a lack of coordination between federal and provincial tax authorities that results in duplicate taxation and increased costs for businesses. It also notes outdated tax bases and rates on services, property, agriculture and other sectors. The chapter recommends creating an oversight agency to enhance cooperation among federal and provincial governments. It also suggests revising taxable services, clearly defining taxation criteria, and establishing a mechanism for modifying tax revenues. The goal is to forge consensus on reforms and have a cohesive taxation framework that supports business growth and governmental objectives.
The document summarizes key changes to India's income tax rates and policies introduced in the 2017 Union Budget. Some highlights include:
- Income tax slab rates were reduced for individual taxpayers with annual income up to Rs. 250,000 taxed at 5% instead of 10%.
- Corporate tax rates were lowered to 25% for domestic companies from 29% previously.
- Cash transaction limits for tax deductibility were set at Rs. 10,000 and tax rebates were increased for individual taxpayers.
- Presumptive income rates were reduced to 6% for small businesses with annual turnover up to Rs. 2 crore.
- Tax audit limits were increased to Rs. 2 crore annual turnover.
The document provides a summary of tax and superannuation measures announced in the 2016/17 Australian Federal Budget. Key points include:
- A 40% diverted profits tax will be introduced for multinational profits artificially diverted from Australia from July 2017. Transfer pricing and hybrid mismatch rules will also be strengthened.
- Tax concessions for small businesses will be increased through higher turnover thresholds and an expanded unincorporated business tax discount.
- The company tax rate will be cut to 25% over 10 years, and early stage investment incentives will be expanded.
- Personal income tax thresholds will increase and superannuation contribution caps will be reduced or introduced to restrict tax concessions for high balances.
- Tobacco
This document provides an overview of basic income tax concepts in India. It defines key terms like assessee, assessment year, and previous year. It describes the types of taxes in India including direct and indirect taxes. It outlines the tax rates for individuals, senior citizens, and super senior citizens. It also discusses various deductions like provident fund deposits, life insurance premiums, tuition fees, donations, and rebates. Finally, it mentions the due dates for filing returns and the different forms used to file returns in India.
Income tax in India is governed by the central government and applies to non-agricultural income. It consists of the Income Tax Act of 1961, rules, notifications, finance acts, and court decisions. Individuals and entities are taxed on certain income depending on residential status, with taxes administered by the Central Board of Direct Taxes. Total tax revenue collection increased substantially between 1997-1998 and 2007-2008. In 2018-2019, direct tax collections were approximately ₹11.17 trillion. Tax is also collected through tax deduction at source on various types of payments according to thresholds. Key documents needed for filing taxes include Form 16, salary slips, Form 26AS, PAN card, and Aadhaar
The document summarizes key aspects of the Indian Union Budget and Direct Tax Codes, including:
1) The Union Budget is presented annually by the Finance Minister and outlines government revenues, expenditures, and key tax proposals. Gross tax receipts are estimated at Rs. 9,32,440 cr for 2011-12 with a fiscal deficit of 4.6% of GDP.
2) The Direct Tax Code proposes to replace the existing Income Tax Act and removes many tax saving schemes. It introduces new schemes like the National Pension Scheme and standardizes tax slabs for individuals.
3) Various incomes are exempted from tax under different sections of the Income Tax Act like receipts from Hindu Undivided Fam
Rsm india budget_2018_key_aspects_in_a_nutshellCA.Amit Sharma
The key aspects of the India Budget 2018 document are:
1. GDP growth is projected to be 6.75% in the current fiscal year and rise to 7-7.5% in 2018-19 due to major reforms. Inflation has hit a 6-year low of 3.3% in 2017-18.
2. For companies with revenues up to Rs. 250 crores, the corporate tax rate has been reduced to 25%. No change in personal income tax rates.
3. Exemption on long term capital gains from equity investments is being withdrawn and such gains will be taxed at 10%. Scope of dividend distribution tax has also been expanded.
Effect of Republic Act 10963 “Tax reform for Acceleration and inclusion (Trai...IJAEMSJORNAL
The study was conducted in one of Nueva Ecija's Revenue District Offices. Thirty (30) revenue officers assigned to the assessment, client assistance, collection, and compliance sections, as well as twenty (20) taxpaying citizens, participated in the study. The researchers found out that the effects of the TRAIN LAW on the collection performance in Income Tax for the taxable year 2018 and 2019 of the said revenue district office gradually improved on its full implementation by the year 2019, despite the decrease in collections from the personal income taxes of purely compensation and purely business income earners but still the collections from mixed-income earners [1] increases in 2018 and there is a positive growth in tax revenues collected from personal income taxes in 2019.
The document summarizes key highlights from the Union Budget for 2018-19 presented by the Finance Minister in India. Some key points include:
- The budget continued fiscal discipline while targeting spending on rural development, education, healthcare, and MSME sector.
- GDP growth is projected to be 6.75% for 2017-18 and 7-7.5% for 2018-19.
- Changes were announced in direct taxes including income tax slabs and deductions. Capital gains tax was introduced for equity investments.
- Agriculture, rural development, and health sectors saw increased allocations for schemes.
- Corporate tax rate was reduced for small and medium enterprises.
- The document discusses Indonesia's economic and fiscal updates under President Joko Widodo's 2019-2024 vision of improving connectivity and infrastructure. Key points include GDP growth slowing to a 2-year low of 5.05% in Q2 2019 due to weaker investment. Exports fell while imports declined faster, helping GDP. The US-China trade war has boosted Vietnam's economy but widened Indonesia's trade deficit. Solutions proposed include improving competitiveness, workforce skills, and commodity value-addition. The DGT outlines new tax regulations like tax holidays and super deductions to promote investment and employment.
The document summarizes Bienvenido S. Oplas Jr.'s presentation on the TRAIN law and issues related to federalism, public-private partnerships, and other economic policies in the Philippines. Some key points from the presentation include:
- Income tax rates were reduced overall by the TRAIN law but remain relatively high in the Philippines compared to neighboring countries.
- Countries with zero income tax like Singapore and Hong Kong tend to be wealthier and have stronger institutions compared to countries that impose income tax.
- The TRAIN law could have done more to lower the VAT rate and reduce exemptions to raise revenues, rather than increasing personal income tax rates.
The document provides information on recent tax law developments in Indonesia, including:
1) The government is proposing an omnibus law to reform the tax system to boost investment and economic growth. Key reforms include gradually lowering the corporate tax rate and eliminating dividend tax.
2) Current rules impose a maximum debt-to-equity ratio of 4:1 for tax purposes. Interest expenses above this ratio are not tax deductible.
3) KIB Consulting, a tax advisory firm, summarizes these tax law changes and notes its involvement in discussions with government on investment issues and the omnibus law.
The document summarizes key fiscal policies in India since 2005, including objectives of fiscal policy like maintaining full employment and price stability. It outlines tools of fiscal policy like revenue, expenditure, debt, and deficit. It discusses the Fiscal Responsibility and Budget Management Act of 2003 and highlights of the annual budget and fiscal policies from 2005 to 2014, including changes to income tax rates and slabs, plan and non-plan expenditures, and other economic initiatives.
The document summarizes the key highlights of the Indian government's 2018 budget. It outlines differences between government and business accounting, the major components of government expenditures and receipts, and defines fiscal deficit. It then details several new major expenditure initiatives in areas like agriculture, welfare, education, and healthcare. Other initiatives include infrastructure projects and reforms in taxation, banking, and markets. The analysis suggests the budget aims to boost growth through fiscal expansion and reforms while maintaining a fiscal deficit of 3.5% of GDP. It is expected to increase investment, employment, consumption, and GDP.
The document summarizes key proposals from the Indian Union Budget 2018-19. Some highlights include:
- Long term capital gains tax of 10% introduced for gains over Rs. 1 lakh from sale of equity shares.
- Standard deduction of Rs. 40,000 introduced for salary income.
- Tax benefits for startups extended and eligibility criteria expanded.
- Corporate tax rate reduced to 25% for companies with turnover up to Rs. 250 crores.
- Several goods and services brought under lower GST rates of 5%, 12%, and 18%.
Implications of financial reforms suggested in union budget 2017 18 on person...Parth Mehta
This document summarizes the implications of financial reforms suggested in the Indian Union Budget 2017-18 on personal finance. Key reforms included reducing the income tax rate for middle-income earners, introducing a 10% surcharge on income over 50 lakhs, and reducing the income tax rebate under section 87A. Implications were both positive and negative - lower-income individuals would have higher savings due to tax cuts, while high-income individuals would be adversely affected by the new surcharge. Overall, the reforms aimed to promote digitization, reduce cash transactions and black money, and support affordable housing to make real estate more affordable.
The document summarizes key points about Indonesia's Omnibus Law on Job Creation. It was passed by the House of Representatives to simplify regulations and encourage economic growth. The law aims to help Indonesia achieve 6-8% annual growth to create jobs and exit the middle income trap by 2045. It consolidates over 70 laws and over 1000 articles focusing on simplifying business licensing, enhancing investment, employment protections, and empowering small businesses. The law faces some opposition from labor groups but is intended to revive Indonesia's economy amid the pandemic.
The document summarizes Pakistan's fiscal policy and economic performance in recent years. It notes that Pakistan experienced serious macroeconomic imbalances in FY2007-08. To address this, the government passed a Fiscal Responsibility and Debt Limitation Act in 2005 requiring adherence to fiscal targets. The document reviews Pakistan's fiscal performance in FY2007-08 and projections for FY2008-09, including projections that the fiscal deficit will decline to 4.2% of GDP in 2008-09 from 7.4% in 2007-08. It also discusses trends in revenues, expenditures, debt levels, and the government's efforts to reform taxation policies to generate more sustainable revenues.
Fiscal policy! Pakistan Budget 2013 to 2014Rahma Haseeb
The document discusses fiscal policy and Pakistan's government budget, including details on revenue collection from taxes, government expenditures, the types of fiscal policy, and an overview of the 2013-2014 budget which aimed to reduce the fiscal deficit while increasing tax revenue and containing inflation. It also provides information on the National Finance Commission Awards which determine the distribution of financial resources between the federal and provincial governments.
This document provides an overview and introduction to income tax concepts for the 2012 tax year. It covers topics such as taxation policy, authority in taxation law, tax reform, an overview of the Australian tax system, income tax rates for residents and non-residents, Medicare levy, tax offsets and rebates, taxable income calculation, and taxation of other entities like companies, trusts and partnerships.
Income tax is generally considered as Complicated subjects, so in this HAND BOOK we covered entire syllabus in such a manner in easiest language that student find it intresting.
Union Budget 2016 Highlights & Impact – EY IndiaErnst & Young
Read India’s Union Budget 2016 highlights & impact with a detailed analysis by EY India’s Budget Connect 2016 which also includes some key performance indicators. For more details, visit http://www.ey.com/IN/en/Services/Tax/EY-budget-connect-2016
Accretive SDU communique - Tax Contours of India Budget 2016-17Badrinath N R
The document summarizes key aspects of the India Budget 2016-17. It discusses the government's socio-economic objectives for taxation, including balancing the fiscal deficit while enabling growth. It outlines several new taxes and levies introduced, such as the Equalization Levy on online advertising. Tax reliefs and incentives are proposed for sectors like affordable housing, startups, and manufacturing. Rationalization measures include clarifying the place of effective management rule for foreign firms and relaxing rules for investment allowance.
Accretive SDU communique - Tax Contours of India Budget 2016-17Vishnu Bagri
The document summarizes key aspects of the India Budget 2016-17. It discusses the government's socio-economic objectives for taxation, including balancing the fiscal deficit while enabling growth. It outlines several new taxes and levies introduced, such as the Equalization Levy on online advertising and additional tax on high-value dividends. It also provides an overview of tax incentives for sectors like housing, startups, and manufacturing to promote various initiatives.
The budget document discusses key changes made in the Union Budget 2017 presented by the Finance Minister, including:
- The budget date was advanced to February 1 to allow ministries time to implement activities from April 1.
- The railway budget was merged with the general budget, discontinuing a colonial-era practice.
- Classification of expenditures as plan and non-plan was removed, with allocation divided into capital and revenue.
- Measures were introduced to curb black money while focusing on rural growth and digitizing the economy. Tax relief was provided for individuals and small companies.
The budget aims to transform, energize, and clean India with a focus on long-term vision.
Income tax in India is governed by the central government and applies to non-agricultural income. It consists of the Income Tax Act of 1961, rules, notifications, finance acts, and court decisions. Individuals and entities are taxed on certain income depending on residential status, with taxes administered by the Central Board of Direct Taxes. Total tax revenue collection increased substantially between 1997-1998 and 2007-2008. In 2018-2019, direct tax collections were approximately ₹11.17 trillion. Tax is also collected through tax deduction at source on various types of payments according to thresholds. Key documents needed for filing taxes include Form 16, salary slips, Form 26AS, PAN card, and Aadhaar
The document summarizes key aspects of the Indian Union Budget and Direct Tax Codes, including:
1) The Union Budget is presented annually by the Finance Minister and outlines government revenues, expenditures, and key tax proposals. Gross tax receipts are estimated at Rs. 9,32,440 cr for 2011-12 with a fiscal deficit of 4.6% of GDP.
2) The Direct Tax Code proposes to replace the existing Income Tax Act and removes many tax saving schemes. It introduces new schemes like the National Pension Scheme and standardizes tax slabs for individuals.
3) Various incomes are exempted from tax under different sections of the Income Tax Act like receipts from Hindu Undivided Fam
Rsm india budget_2018_key_aspects_in_a_nutshellCA.Amit Sharma
The key aspects of the India Budget 2018 document are:
1. GDP growth is projected to be 6.75% in the current fiscal year and rise to 7-7.5% in 2018-19 due to major reforms. Inflation has hit a 6-year low of 3.3% in 2017-18.
2. For companies with revenues up to Rs. 250 crores, the corporate tax rate has been reduced to 25%. No change in personal income tax rates.
3. Exemption on long term capital gains from equity investments is being withdrawn and such gains will be taxed at 10%. Scope of dividend distribution tax has also been expanded.
Effect of Republic Act 10963 “Tax reform for Acceleration and inclusion (Trai...IJAEMSJORNAL
The study was conducted in one of Nueva Ecija's Revenue District Offices. Thirty (30) revenue officers assigned to the assessment, client assistance, collection, and compliance sections, as well as twenty (20) taxpaying citizens, participated in the study. The researchers found out that the effects of the TRAIN LAW on the collection performance in Income Tax for the taxable year 2018 and 2019 of the said revenue district office gradually improved on its full implementation by the year 2019, despite the decrease in collections from the personal income taxes of purely compensation and purely business income earners but still the collections from mixed-income earners [1] increases in 2018 and there is a positive growth in tax revenues collected from personal income taxes in 2019.
The document summarizes key highlights from the Union Budget for 2018-19 presented by the Finance Minister in India. Some key points include:
- The budget continued fiscal discipline while targeting spending on rural development, education, healthcare, and MSME sector.
- GDP growth is projected to be 6.75% for 2017-18 and 7-7.5% for 2018-19.
- Changes were announced in direct taxes including income tax slabs and deductions. Capital gains tax was introduced for equity investments.
- Agriculture, rural development, and health sectors saw increased allocations for schemes.
- Corporate tax rate was reduced for small and medium enterprises.
- The document discusses Indonesia's economic and fiscal updates under President Joko Widodo's 2019-2024 vision of improving connectivity and infrastructure. Key points include GDP growth slowing to a 2-year low of 5.05% in Q2 2019 due to weaker investment. Exports fell while imports declined faster, helping GDP. The US-China trade war has boosted Vietnam's economy but widened Indonesia's trade deficit. Solutions proposed include improving competitiveness, workforce skills, and commodity value-addition. The DGT outlines new tax regulations like tax holidays and super deductions to promote investment and employment.
The document summarizes Bienvenido S. Oplas Jr.'s presentation on the TRAIN law and issues related to federalism, public-private partnerships, and other economic policies in the Philippines. Some key points from the presentation include:
- Income tax rates were reduced overall by the TRAIN law but remain relatively high in the Philippines compared to neighboring countries.
- Countries with zero income tax like Singapore and Hong Kong tend to be wealthier and have stronger institutions compared to countries that impose income tax.
- The TRAIN law could have done more to lower the VAT rate and reduce exemptions to raise revenues, rather than increasing personal income tax rates.
The document provides information on recent tax law developments in Indonesia, including:
1) The government is proposing an omnibus law to reform the tax system to boost investment and economic growth. Key reforms include gradually lowering the corporate tax rate and eliminating dividend tax.
2) Current rules impose a maximum debt-to-equity ratio of 4:1 for tax purposes. Interest expenses above this ratio are not tax deductible.
3) KIB Consulting, a tax advisory firm, summarizes these tax law changes and notes its involvement in discussions with government on investment issues and the omnibus law.
The document summarizes key fiscal policies in India since 2005, including objectives of fiscal policy like maintaining full employment and price stability. It outlines tools of fiscal policy like revenue, expenditure, debt, and deficit. It discusses the Fiscal Responsibility and Budget Management Act of 2003 and highlights of the annual budget and fiscal policies from 2005 to 2014, including changes to income tax rates and slabs, plan and non-plan expenditures, and other economic initiatives.
The document summarizes the key highlights of the Indian government's 2018 budget. It outlines differences between government and business accounting, the major components of government expenditures and receipts, and defines fiscal deficit. It then details several new major expenditure initiatives in areas like agriculture, welfare, education, and healthcare. Other initiatives include infrastructure projects and reforms in taxation, banking, and markets. The analysis suggests the budget aims to boost growth through fiscal expansion and reforms while maintaining a fiscal deficit of 3.5% of GDP. It is expected to increase investment, employment, consumption, and GDP.
The document summarizes key proposals from the Indian Union Budget 2018-19. Some highlights include:
- Long term capital gains tax of 10% introduced for gains over Rs. 1 lakh from sale of equity shares.
- Standard deduction of Rs. 40,000 introduced for salary income.
- Tax benefits for startups extended and eligibility criteria expanded.
- Corporate tax rate reduced to 25% for companies with turnover up to Rs. 250 crores.
- Several goods and services brought under lower GST rates of 5%, 12%, and 18%.
Implications of financial reforms suggested in union budget 2017 18 on person...Parth Mehta
This document summarizes the implications of financial reforms suggested in the Indian Union Budget 2017-18 on personal finance. Key reforms included reducing the income tax rate for middle-income earners, introducing a 10% surcharge on income over 50 lakhs, and reducing the income tax rebate under section 87A. Implications were both positive and negative - lower-income individuals would have higher savings due to tax cuts, while high-income individuals would be adversely affected by the new surcharge. Overall, the reforms aimed to promote digitization, reduce cash transactions and black money, and support affordable housing to make real estate more affordable.
The document summarizes key points about Indonesia's Omnibus Law on Job Creation. It was passed by the House of Representatives to simplify regulations and encourage economic growth. The law aims to help Indonesia achieve 6-8% annual growth to create jobs and exit the middle income trap by 2045. It consolidates over 70 laws and over 1000 articles focusing on simplifying business licensing, enhancing investment, employment protections, and empowering small businesses. The law faces some opposition from labor groups but is intended to revive Indonesia's economy amid the pandemic.
The document summarizes Pakistan's fiscal policy and economic performance in recent years. It notes that Pakistan experienced serious macroeconomic imbalances in FY2007-08. To address this, the government passed a Fiscal Responsibility and Debt Limitation Act in 2005 requiring adherence to fiscal targets. The document reviews Pakistan's fiscal performance in FY2007-08 and projections for FY2008-09, including projections that the fiscal deficit will decline to 4.2% of GDP in 2008-09 from 7.4% in 2007-08. It also discusses trends in revenues, expenditures, debt levels, and the government's efforts to reform taxation policies to generate more sustainable revenues.
Fiscal policy! Pakistan Budget 2013 to 2014Rahma Haseeb
The document discusses fiscal policy and Pakistan's government budget, including details on revenue collection from taxes, government expenditures, the types of fiscal policy, and an overview of the 2013-2014 budget which aimed to reduce the fiscal deficit while increasing tax revenue and containing inflation. It also provides information on the National Finance Commission Awards which determine the distribution of financial resources between the federal and provincial governments.
This document provides an overview and introduction to income tax concepts for the 2012 tax year. It covers topics such as taxation policy, authority in taxation law, tax reform, an overview of the Australian tax system, income tax rates for residents and non-residents, Medicare levy, tax offsets and rebates, taxable income calculation, and taxation of other entities like companies, trusts and partnerships.
Income tax is generally considered as Complicated subjects, so in this HAND BOOK we covered entire syllabus in such a manner in easiest language that student find it intresting.
Union Budget 2016 Highlights & Impact – EY IndiaErnst & Young
Read India’s Union Budget 2016 highlights & impact with a detailed analysis by EY India’s Budget Connect 2016 which also includes some key performance indicators. For more details, visit http://www.ey.com/IN/en/Services/Tax/EY-budget-connect-2016
Accretive SDU communique - Tax Contours of India Budget 2016-17Badrinath N R
The document summarizes key aspects of the India Budget 2016-17. It discusses the government's socio-economic objectives for taxation, including balancing the fiscal deficit while enabling growth. It outlines several new taxes and levies introduced, such as the Equalization Levy on online advertising. Tax reliefs and incentives are proposed for sectors like affordable housing, startups, and manufacturing. Rationalization measures include clarifying the place of effective management rule for foreign firms and relaxing rules for investment allowance.
Accretive SDU communique - Tax Contours of India Budget 2016-17Vishnu Bagri
The document summarizes key aspects of the India Budget 2016-17. It discusses the government's socio-economic objectives for taxation, including balancing the fiscal deficit while enabling growth. It outlines several new taxes and levies introduced, such as the Equalization Levy on online advertising and additional tax on high-value dividends. It also provides an overview of tax incentives for sectors like housing, startups, and manufacturing to promote various initiatives.
The budget document discusses key changes made in the Union Budget 2017 presented by the Finance Minister, including:
- The budget date was advanced to February 1 to allow ministries time to implement activities from April 1.
- The railway budget was merged with the general budget, discontinuing a colonial-era practice.
- Classification of expenditures as plan and non-plan was removed, with allocation divided into capital and revenue.
- Measures were introduced to curb black money while focusing on rural growth and digitizing the economy. Tax relief was provided for individuals and small companies.
The budget aims to transform, energize, and clean India with a focus on long-term vision.
The finance minister maintained a commendable balance between the evenly stronger and mostly diverging compulsions of economic growth, fiscal discipline and political expediency.
Most of the budget provisions are inarguably aimed at ensuring inclusive growth, and bringing in equity in taxation and provisions.
A record number of measures have been introduced, to bring predictability, transparency and conciliation in the tax regime of the country.
The Chancellor gave a combined Spending Review and Autumn Statement on 25 November 2015. He announced a number of measures that will affect businesses, individuals and the UK as a whole.
We have produced a 12 page Autumn Statement report which includes details of these, including sections on business initiatives, pensions, changes to personal allowances and more.
The document provides a summary of tax and superannuation measures announced in the 2016/17 Australian Federal Budget. Key points include:
- A 40% diverted profits tax will be introduced for multinational profits artificially diverted from Australia from July 2017. Transfer pricing and hybrid mismatch rules will also be strengthened.
- Tax concessions for small businesses will be increased through higher turnover thresholds and an expanded unincorporated business tax discount.
- The company tax rate will be cut to 25% over 10 years, and early stage investment incentives will be expanded.
- Personal income tax thresholds will increase and superannuation contribution caps will be reduced or introduced to restrict tax concessions for high balances.
- Tobacco
The Union Budget for 2017 was presented earlier than usual, on February 1st, to allow ministries to operationalize activities from April 1st. Key changes included merging the Railway Budget with the General Budget, abolishing the distinction between plan and non-plan expenditure, and focusing on growth in rural areas and digitizing the economy. Tax relief was provided for individual taxpayers and small companies, while rules on political donations and cash transactions were tightened. The budget aimed to curb black money and support the government's vision for the Indian economy.
The budget document provides an analysis of key aspects of the Union Budget 2013 presented by the Finance Minister. Some key points:
1) No changes were made to personal income tax slab rates but a 10% surcharge will be levied on incomes over Rs. 1 crore for one year. Tax rebates and deductions for home loans, donations, and disability insurance were introduced or increased.
2) Excise duties were increased for SUVs, cigarettes and mobile phones but decreased for trucks. Complete exemption was provided for certain agricultural and handicraft products.
3) Custom duties were increased for imported cars, motorcycles, boats and set top boxes but decreased for agricultural products like oats and rice bran.
We all welcome the Union Budget 2016-17 and consider it reformist budget aimed at creating strong base for economic growth.
The budgetary proposals are built on transformative agenda standing on nine (9) pillars, which could be regarded as facilitators to the various programs of national importance (7 programs) like Start-up India, Digital India, Make in India, Smart India, Stand-up India, Skill India and Clean India.
The document summarizes the incentives offered by the Singapore government during COVID-19, including two stimulus packages totaling $52.4 billion. The Unity Budget provided $4 billion in short-term support for businesses, including wage subsidies, tax rebates, and SME loans. The larger Resilience Budget provided $48.4 billion, including expanded loan programs, support for aviation, tourism, and F&B sectors, cash payments for lower-income individuals, and training subsidies for self-employed workers. It also outlined tax deferrals and property tax rebates for businesses.
The document outlines Cameroon's national financing strategy to unlock investments for distributed renewable energy from 2020-2025. The strategy aims to achieve 75% of primary energy and 25% of electricity from renewables by 2025, requiring $4 billion in financing. It proposes reducing government spending, especially the wage bill, to free up funds for priority sectors like energy. It also recommends lowering corporate taxes to attract private investment, implementing efficient tax collection, and developing grid codes to incentivize renewable projects. The strategy matches financing needs to sources like public revenues, aid, and private capital to mobilize $4 billion for Cameroon's renewable energy transition.
This document provides an overview and summary of key proposed amendments to Pakistan's Finance Bill 2015, which take effect on July 1, 2015. Some notable changes include the introduction of a one-time 3-4% super tax on high-income individuals and companies to fund displaced persons; increasing the tax rate on undistributed reserves of public companies to 10%; and reducing the corporate tax rate for non-banking companies to 32% by 2016. It also outlines proposed amendments to income tax, sales tax, federal excise duty, and the gas infrastructure development cess.
This document provides an overview and analysis of key highlights from the Budget Connect+ 2015 publication. It includes summaries of income tax rates and proposals, customs duty changes, excise duty rates, service tax changes, and CENVAT credit rules. It also provides data on key economic indicators like GDP growth, inflation, fiscal deficit, and trade balances. The challenges and outlook for the Indian economy as identified in the Economic Survey 2014-15 are also briefly outlined, such as the need for increased investment in agriculture.
The basic schemes, reforms, policy announced by our financial minister Mr. Arun Jetley was described in the slides. It will be more useful for everyone. It helps even a common man to learn about our country's budget.
budget analysis 2105 -2016
Union Budget, which is a yearly affair, is a comprehensive display of the Government's finances. It is the most significant economic and financial event in India. The Finance Minister puts down a report that contains Government of India's revenue and expenditure for one fiscal year.
Budget 2015: Nangia & Co Summarises The Important Provisions of the Union Bud...nangiaadvisors
This budget document summarizes key proposals in the Union Budget 2015, including direct tax proposals like corporate tax rate reduction, personal tax changes, and measures to curb black money. Indirect tax proposals cover goods and services tax, changes to excise, service tax, and customs duty rates and rules. The budget aims to boost growth while maintaining fiscal prudence and a business friendly environment through tax incentives and reduced red tape. Implementation of GST in 2016 is reaffirmed.
The document provides an overview of the Union Budget 2016-17 presented by the government of India. It discusses key highlights and priorities of the budget which include boosting economic growth, ensuring macroeconomic stability, continuing reforms, and focusing on vulnerable sections through new health and insurance schemes. The budget aims to boost infrastructure investment, agriculture and rural development, education and skills training, and make progress toward fiscal discipline and a pensioned society. It provides tax relief for small taxpayers and incentives for affordable housing, startups, and manufacturing.
The Union Budget 2015 proposed several key reforms including:
(a) Reducing the corporate tax rate to 25% over the next four years while withdrawing exemptions, (b) Introducing a goods and services tax (GST) planned for April 2016, and (c) Enacting a new bankruptcy code and financial sector reforms such as a public debt management agency. The budget also aimed to boost investment, ease business regulations, and increase spending on infrastructure and social programs through measures like setting up a national investment fund. However, the budget faced some criticism for not providing enough relief for individuals and leaving many still wanting more substantial reforms.
The first budget from the Finance Minister seems to be a concrete step to rekindle growth through fiscal consolidation, investment cycle revival, driving the manufacturing sector, supporting agriculture and restoring business sentiment. As the debate on the Budget presented by the new Indian Government heats up, here's our analysis of how the budget impacts us
India Union Budget 2016 - An Overview | A BDO India PublicationOperations BDO
Dear Reader, India Budget 2016 was delivered by the Finance Minister, Mr. Arun Jaitley on February 29,2016. This Budget appears a sincere attempt to deliver on key expectations and address major challenges within the economic constraints. The budget has been spelt with fiscal consolidation at the core defining the pillars for growth of the economy and leaves a lot of the year to unfold. BDO India LLP brings together an analysis of key changes set out in the Union Budget in their proprietary: INDIA UNION BUDGET 2016 - An Overview.
Similar to Safyr Utilis Mauritius Budget 2016/17 Tax highlights (20)
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
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OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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2. Elemental Economics - Mineral demand.pdfNeal Brewster
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Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
2. MAURITIUS NATIONAL BUDGET 2016-17 TAX HIGHLIGHTS
EDITORIAL
Bold Enough?
This is the first budget of the Minister of Finance and Economic Development, Honorable Pravind
Kumar Jugnauth against a backdrop of economic uncertainty with global growth forecast being
revised downward almost on a quarterly basis and the far reaching ramifications of Brexit a long
way from being unravelled.
Oil prices are at an all-time low thus dampening inflation (sub 2% and trending down), USD 353
million windfall as grant from the government of India over the next 4 years, are some of the levers
that the Minister currently has at his disposal to implement the Government's economic manifesto.
This leads us to the political and social economic context. The Government's popularity is
undermined by the sluggish economic activity with current GDP growth (3.5% against 5.3%
forecasted) subdued job creation (unemployment rate stuck at around 8%), private sector
investment 12.7% of GDP (20.5% in 2008), dwindling FDI (Rs 9.6Bn from peak of Rs 20.4Bn in 2012)
whilst the unclogging of the bureaucratic machinery, is still a work in progress.
Although the elections are not expected for another 3 years, the Minister and the Government
can afford and indeed were expected to be bold. The budget is built on ten pillars however the
crux and the most tangible engine of growth remains the Government spending spree as a way
to jolt the economy with the much needed spark. Total capital expenditure including the light
metro project and heritage city is expected to be 21% of GDP whilst the public sector is expected
to contribute 14,000 jobs. These two facts sums up the essence of the budget.
There are a number of measures that are welcomed, most notably:-
1. The consolidation of a number of public sector bodies and enterprises. This can only bolster
efficiency and in a number of instances, reduce the financial drain and improve accountability.
The Government's divestment from some non performing investments is also judicious and mostly
overdue;
2. The continued stride towards the creation of a fully-fledged digital society both in terms of
interactions with and among the public sector, in addition to improving connectivity and access
to the digital world is crucial to our competitiveness;
3. Improving the business landscape and framework by strengthening and widening the concept
of silent approval with the overall objective of streamlining permits and further opening up to
foreigners; and
4. Those measures aimed at alleviating poverty and democratizing home ownership.
We believe that the private sector should have been more involved in driving the growth strategy
both in terms of financial involvement in the significant infrastructure pipeline and in the operation
of some of these landmark project like the light metro. We had also hoped that since the
Government still has the political capital, implementation of some of the politically sensitive
initiatives like benefits targeting that would have resulted in a more efficient use of resources, for
the health, education and transport. The significant hike in public sector employees is also likely to
exacerbate the current pension deficit, which is yet to be tackled.
As for the rest, only time would tell, whether he has been bold enough in the measures. Let us
hope for bold execution.
3. MAURITIUS NATIONAL BUDGET 2016-17 TAX HIGHLIGHTS
PERSONAL INCOME TAXATION
SALIENT MEASURES WHICH HAVE BEEN ANNOUNCED
Tax allowances
Income Exemption Thresholds (IET) have been increased by Rs 10,000 for all 6 IET bands
available.
Tuition fees deduction for a child attending tertiary education has been reduced from Rs
44,500 annually to Rs 34,800.
Interest payable on housing loans availed before 1 July 2006 would now be deductible.
Annual income limit to benefit from the tuition fee and interest deduction has been
increased from Rs 2 million to Rs 4 million.
Permanent exemptions
Emoluments derived by a seafarer employed on a local or foreign vessel would be
exempted from tax.
Temporary tax holidays
An Asset and Fund Manager (AFM) licensed by the FSC and managing a minimum asset
base of USD 100 million would be exempted from personal income tax for a period of 5 years.
A Foreign Ultra High Net worth individuals (UHNI) investing a minimum of USD 25 million in
Mauritius would be exempted from personal income tax for a period of 5 years.
CHANGES AFFECTING NATURAL PERSONS
SUMMARY OF TAX CHANGES
ANNOUNCED IN THE BUDGET SPEECH 2016
4. MAURITIUS NATIONAL BUDGET 2016-17 TAX HIGHLIGHTS
OUR POINTS OF VIEW
Our income tax rate of 15% remains relatively low and very
attractive compared to our neighbouring countries. In its recent
publication in April 2016 on Taxing Wages 2016, the OECD noted
that the average tax and social security burden in its member
countries was 35.9% in 2015 for a childless single worker. The
highest average tax burden for a childless income earner was
Belgium (55.3%) according to the same publication.
The African average individual income tax rate is 33.3% for 2016
which is more than the double of the Mauritian income tax rate.
It clearly positions Mauritius as a jurisdiction of choice to
welcome foreign talent and high net worth individuals.
The income tax exemption to seafarers is not novel. It was
removed in 2006 and is now being reintroduced to encourage
employment in the fishing industry.
The introduction of tax holidays is a strong call from the
Government to encourage AFMs and UHNIs into Mauritius. Our
income tax rate is already very low compared to other
jurisdictions and tax incentives coupled with other business
facilitation measures would help to convince high caliber AFMs
and UHNIs to be in Mauritius.
The provision of the Income Tax Act should clearly define the
asset base and investment threshold test. It is still uncertain
whether the tax holiday would be extended to officers of AFMs
which are structured as a company and also whether the tax
holiday would apply only to newly registered persons or would
be extended to existing AFMs and UHNIs. It is likely that a
business plan should be provided by the AFM or the UHNI to
benefit from the tax holiday. We believe that the asset and
investment threshold should be extended over a period of at
least three years, with may be a relaxed condition in the first year
of operation, to allow their businesses to take momentum.
5. MAURITIUS NATIONAL BUDGET 2016-17 TAX HIGHLIGHTS
PROPERTY TAXATION
SUMMARY OF TAX CHANGES
ANNOUNCED IN THE BUDGET SPEECH 2016 (Contd.)
CHANGES AFFECTING NATURAL PERSONS (Contd.)
SALIENT MEASURES WHICH HAVE BEEN ANNOUNCED
Exemption from registration duty on acquisition of a new dwelling costing less than or Rs 6
million during the period from 1 September 2016 to 30 June 2020. The exemption would not
apply to properties on Pas Géométriques, Integrated Resort Scheme (IRS), Real Estate
Scheme (RES), Property Development Scheme (PDS) and Invest Hotel Scheme (IHS).
The land value threshold for first time buyers to benefit from registration duty exemption is
extended from Rs 1.5 million to Rs 2 million; there would be no age restriction as from now.
VAT refund scheme available to Mauritian buyers is being reviewed as follows: VAT refund
capped based on floor area, refund scheme extended beyond apartments, cost of
construction raised to Rs 4 million without restriction on size, refund amount increased to Rs
500,000, annual income threshold to benefit from the scheme now extended to Rs 2 million;
construction on top of existing dwelling falls within the scheme; construction must be
completed by 30 June 2020; scheme is not extended to properties on Pas Géométriques,
IRS, RES, PDS, IHS and Smart City Scheme.
Exemption from registration duty on secured housing loans below Rs 2 million.
6. MAURITIUS NATIONAL BUDGET 2016-17 TAX HIGHLIGHTS
OUR POINTS OF VIEW
The above measures are aimed to give a boost
to the real estate sector in Mauritius. The
outcome of the measures announced may be
hindered however by unregulated real estate
agent fees and also notary fees (which are
capped under the Notaries Act) plus charges.
The VAT refund scheme seems to have a sunset
provision of up to 30 June 2020.
7. MAURITIUS NATIONAL BUDGET 2016-17 TAX HIGHLIGHTS
OTHER INDIRECT TAXES
SUMMARY OF TAX CHANGES
ANNOUNCED IN THE BUDGET SPEECH 2016 (Contd.)
CHANGES AFFECTING NATURAL PERSONS (Contd.)
SALIENT MEASURES WHICH HAVE BEEN ANNOUNCED
Reduction in customs tariff rates on 24 items to nil (See Annex).
Increase in customs duty on sugar and spirituous drinks by 15%.
Increase of nearly 10% in excise duty on alcoholic drinks and 25% on tobacco products.
Excise duty of 3 cents per gram on milk based products with sugar content.
25% levy on energy inefficient appliances.
15% levy on pesticides.
CO2 levy/rebate scheme is suspended on motor cars.
Changes to excise duty rates on motor cars (See Annex); electric cars of up to 180 KW is
exempt from excise duty.
Changes in the basis of import value of second hand cars; adjustment factor to market price
now 5% instead of 25% and depreciation allowance is lowered from 56% to 50%.
Lowering of registration duty on electric cars except for those above 180 KW.
VAT is removed on some 12 items (See Annex).
8. MAURITIUS NATIONAL BUDGET 2016-17 TAX HIGHLIGHTS
BUSINESS INCOME TAX
SUMMARY OF TAX CHANGES
ANNOUNCED IN THE BUDGET SPEECH 2016 (Contd.)
CHANGES AFFECTING LEGAL PERSONS
SALIENT MEASURES WHICH HAVE BEEN ANNOUNCED
Temporary tax holidays
Global Business
An 8 year tax holiday to Global Headquarters Administration companies subject to
employment and substance conditions being met.
A 5 year tax holiday to Treasury Management Centre service companies subject to
employment and substance conditions being met.
A 5 year tax holiday to UNHI.
A 5 year tax holiday to law firms setting up their regional offices in Mauritius to provide legal
advisory and international arbitration services to global business clients.
A 5 year tax holiday to investment banks.
A 5 year tax holiday to Overseas Family Corporations.
Non Global Business
8 year tax holiday to SME newly registered businesses.
4 year tax holiday to existing SME businesses with a turnover of less than 10 million.
An 8 year tax holiday to Industrial Fishing companies.
Tax credits
An investment tax credit of 5 % per annum over 3 years on new plant and machinery
acquired by manufacturing companies: no limit on investment, no year restriction on carry
forward of unused tax credits, investment window is extended to income year 2019/2020.
An enhanced investment tax credit of 15% per annum over 3 years would apply to
manufacturing companies engaged in specific activities and to companies investing in a
subsidiary company engaged primarily in the setting up and management of an accredited
business incubator capped at Rs 20 million investment.
Tax losses
Transfer in losses on takeover or merger of a manufacturing company would now be
available even if the acquiree company remains in operation and the takeover is deemed
to be of public interest under the Land (Duties and Taxes) Act.
9. MAURITIUS NATIONAL BUDGET 2016-17 TAX HIGHLIGHTS
OUR POINTS OF VIEW
A general perspective on tax holidays and investment
tax credits
Tax incentives on their own sometimes can prove to
be inefficient. They may contribute to poor
investment climate, damage a country’s revenue
base and erode resources for real drivers of
economy.
In the Investor Motivation Surveys done by the
World Bank Group in 2013, it was highlighted that in
Tanzania, Rwanda, Uganda, and Burundi, over 90
percent of investors would have invested even if tax
incentives were not provided.
According to the Financial Times, the $1.1 billion
granted in tax exemptions in Tanzania in 2012 was
the same amount which the country borrowed from
China to build a 500 km gas pipeline.
In 2006, Mauritius made significant reforms in its tax
system by removing many tax holidays, investment
tax credits and incentives. However, according to the
IMF, FDI and corporate tax revenue still experienced
a strong growth.
It is apparent from the measures announced that
Mauritius is once again having recourse to traditional
tax measures to encourage investors.
Measures affecting the global business
The attractiveness of tax holidays for Global Business
Companies may be marginal given that the fact the
maximum rate of taxation for a Category 1 Global
Business License is 3% and Mauritius has a generous
foreign tax mechanism which may eliminate any
residual taxes in Mauritius.
In the light of various changes happening globally in
the tax environment in the likes of the OECD Base
Erosion and Profit Sharing (BEPS) Action plans, the
call for substance is becoming increasingly more
important. Tax holidays are not necessarily well
viewed and non-double taxation may exist whether
benefits of tax holidays are passed through to the
parent company and not consumed in the residence
country’s tax system. In the light of the BEPS Action
3, it is expected that countries would adopt a tighter
CFC legislation which would curb the benefits of tax
holidays should there be inadequate substance. It is
worth noting at this stage that Uganda recently
changed its income tax legislation effective as from 1
July 2016 to allow treaty benefits only to those who
satisfy substance requirements.
Law firms setting up regional offices in Mauritius, to
provide legal advisory and international arbitration
services, would be exempt from tax on their net
income for a period of 5 years. They should also have
access to tax treaties signed by Mauritius which
stand at 42 (partial DTA with Australia not included)
so far provided that they hold a Category 1 Global
Business License (Category 2 Global Business
Licensees do not have access to treaty benefits).
Holders of Category 1 Global business license are also
allowed to do business in Mauritius to some extent.
This measure should allow more competition locally
and also give access to greater international
exposure to our local legal advisers. However, to
allow those regional offices to give legal services
locally, there may be some amendments to be made
to current legislations.
In its 2016 budget , Singapore has reduced its
concessionary tax rate for Financial Treasury Centres
from 10% to 8% and extended its sunset clause for
this concession from 31 March 2016 to 31 March
2021 to increase its competitiveness in that space.
Singapore hosts more than 4,000 corporate treasury
centres; the tax incentives and also its extensive DTA
network has greatly helped to boost this product
offering. In addition to providing qualifying services,
an approved Financial Treasury Centre has a
minimum turnover threshold to achieve and employs
at least 3 professional staff.
Mauritius is well positioned to host regional
headquarters and treasury management companies
servicing Africa in view of its extensive treaty
network (15 DTAAs and 8 IPPAs with African
countries). Singapore has only 5 tax treaties so far
with Africa. South Africa still has the most extensive
of tax treaty network in Africa but its regional head
quarter regime is still limping.
It is expected that in terms of substance and
employment conditions, Mauritius would most likely
follow the Singapore model.
10. MAURITIUS NATIONAL BUDGET 2016-17 TAX HIGHLIGHTS
PROPERTY TAXATION
SUMMARY OF TAX CHANGES
ANNOUNCED IN THE BUDGET SPEECH 2016 (Contd.)
CHANGES AFFECTING LEGAL PERSONS (Contd.)
SALIENT MEASURES WHICH HAVE BEEN ANNOUNCED
The upper property value limit to benefit from exemption from land transfer tax is increased
from Rs 4 million to Rs 6 million.
Exemption from land transfer tax for employer providing free social housing not exceeding
7 perches to his employee.
The exemption would not apply to properties on Pas Géométriques, IRS, RES, PDS and IHS.
11. MAURITIUS NATIONAL BUDGET 2016-17 TAX HIGHLIGHTS
OTHER TAXES
SUMMARY OF TAX CHANGES
ANNOUNCED IN THE BUDGET SPEECH 2016 (Contd.)
CHANGES AFFECTING LEGAL PERSONS (Contd.)
SALIENT MEASURES WHICH HAVE BEEN ANNOUNCED
A supply of goods or service for VAT purposes would occur at the earlier of issue of invoice,
receipt of payment or at the time the supply occurs.
List of items under the VAT refund scheme to small planters has been extended (See Annex).
A 2% levy would apply on net stakes of all licensees regulated under the Gambling Authority
Act.
A 30% levy would apply on online betting for non-residents and foreign punters.
The betting duty for bookmakers operating outside the racecourse is increased from Rs
16,000 to Rs 30,000.
12. MAURITIUS NATIONAL BUDGET 2016-17 TAX HIGHLIGHTS
OUR POINTS OF VIEW
The change in the determination of the tax point
for VAT purposes would mainly affect
intercompany transactions which are often booked
as accruals in the financial statements at year end
without issuing invoices even if the supply of goods
or services have already been made.
As from now, intercompany charges would be
subject to VAT at the time the services or supply of
goods are made.
The time at which a service is performed or a
transfer of ownership in case of a supply of goods
would therefore be relevant. We recommend that
proper documentation be kept to support the time
of supply for example service agreements or Goods
Received Note. It should not be expected to see a
change in the time of supply for hire purchase
agreement and continuous supplies like rent.
13. MAURITIUS NATIONAL BUDGET 2016-17 TAX HIGHLIGHTS
ADMINISTRATION
SUMMARY OF TAX CHANGES
ANNOUNCED IN THE BUDGET SPEECH 2016 (Contd.)
TAX ADMINISTRATION
SALIENT MEASURES WHICH HAVE BEEN ANNOUNCED
Consolidation of social security contribution collection under the Mauritius Revenue
Authority (MRA).
Integration of the Registrar General with the MRA.
An Alternative Dispute Resolution (ADR) mechanism would be introduced for appeals
against assessments exceeding Rs 10 million; the panel is expected to be comprised of
independent persons and the applicant would follow the ADR route simultaneously with
appeals made to the ARC, the Supreme Court or the Privy Council.
The term “fraud” would be defined to include non-submission of tax returns.
A tax clearance certificate would now be issued by the MRA to contractors bidding for
government contracts exceeding Rs 5 million.
14. MAURITIUS NATIONAL BUDGET 2016-17 TAX HIGHLIGHTS
OUR POINTS OF VIEW
The choice to have recourse to the ADR route seems to be at
the discretion of the Director General of the MRA and the
established criteria to use the ADR route should be awaited.
This process should reduce the amount of tax cases at the
ARC and the Courts and possibly the time and costs incurred
by the MRA and the taxpayers to reach an agreement on
contentious issues.
The extension of the term “fraud” to non-submission of tax
returns in our tax legislation is a strong message to tax payers
who fail to submit their tax returns. We believe that late filing
of returns should not be included in the said definition unless
there is clear evidence that the late filing has been done in a
view to deceive.
Tax fraud would usually occur in the following situations:
Intentionally fails to file an income tax return;
Willfully fails to pay taxes due;
Intentionally fails to report all income received;
Makes fraudulent or false claims; and
Prepares and files a false return.
A clear distinction should be made between negligence and
fraud so that careless errors fall outside the scope of fraud
and such errors would still be subject to penalties and
interests.
15. MAURITIUS NATIONAL BUDGET 2016-17 TAX HIGHLIGHTS
INCOME TAX
SUMMARY OF TAX CHANGES
ANNOUNCED IN THE BUDGET SPEECH 2016 (Contd.)
TAX ADMINISTRATION (Contd.)
SALIENT MEASURES WHICH HAVE BEEN ANNOUNCED
Deduction of Tax at Source (DTS) would apply on payments made to accountants, tax
advisers and management fees paid to individuals.
A final tax of 10% would apply on payments to non-resident entertainers and sportspersons.
The obligation will also extend to an individual.
The MRA would be allowed to request a Statement of Assets and Liabilities from high net
worth individuals with assets exceeding Rs 50 million or net income exceeding Rs 15 million.
A time limit of 2 years would apply to submit an amended tax return.
PAYE returns should include National Identity Number and should include exempt
employees as well. DTS returns should include Business Registration Number or National
Identity Number of the payee.
A penalty would be introduced for losses and tax refund over claimed.
A reduced penalty provision for late submission of tax return and payment of tax would
apply to individuals not in business.
Disclosure of genuine point of law uncertainties can be disclosed in the tax returns to
mitigate penalties and interest.
Only a declaration would be required from companies not in operation instead of an
income tax return submission. This would not apply to companies holding a Category 1
Global Business License and a Trust.
Businesses will be required to contribute at least 50 percent of their CSR money to a National
Foundation which would be jointly managed by the public and private sector. The
contribution of 50% will be increased to 75% in the following year.
16. MAURITIUS NATIONAL BUDGET 2016-17 TAX HIGHLIGHTS
OUR POINTS OF VIEW
The Deduction of Tax at Source (DTS) rate on accountants
and tax advisers is likely to be 3% which would be aligned to
the current rate applicable to providers of services such as
architect, legal consultants and land surveyors. In cases
where the accounting and tax services are ancillary to a
service for example in cases of management companies
providing services to Global Business Companies, we are of
the view that the DTS should not apply. This needs to be
clarified once this measure is enacted.
The time limit of 2 years to amend a tax return is welcomed
and is aligned to international practice. It should be expected
that a submission of an amended return would extend the
time bar limit of 3 years to raise an assessment as from the
date the amended return is submitted.
The disclosure of point of law uncertainties in the tax return
would allow better communication between tax payers and
the MRA. The point of law should be genuine and should in
our view only apply in cases where the law is silent or matters
which the MRA has not issued a ruling or a practice note. We
believe that the level of information which should be
provided be similar to that as an application for a ruling made
to the MRA for e.g. the tax payer should state the reason
motivating his position. However clarity needs to be obtained
in cases where the MRA does not respond to the disclosure;
would that be a deemed agreement to the position taken by
the tax payer and/or can this position be relied upon by
another tax payer in similar circumstances?
The penalty for over claimed losses should in our view only
apply if the said losses reduce the chargeable income in the
subsequent years and therefore less tax would be paid.
17. MAURITIUS NATIONAL BUDGET 2016-17 TAX HIGHLIGHTS
VALUE ADDED TAX
SALIENT MEASURES WHICH HAVE BEEN ANNOUNCED
Non VAT registered would be required to collect VAT on services received abroad and remit
same to the MRA. Banks dealing wholly and exclusively with non-residents and licensees
under the Financial Services Act would be excluded from this requirement.
A penalty of 20% on over claimed input VAT would be introduced. The penalty cannot
exceed Rs 100,000.
SUMMARY OF TAX CHANGES
ANNOUNCED IN THE BUDGET SPEECH 2016 (Contd.)
TAX ADMINISTRATION (Contd.)
18. MAURITIUS NATIONAL BUDGET 2016-17 TAX HIGHLIGHTS
OUR POINTS OF VIEW
Businesses engaged in exempt supplies (i.e. those which
cannot register for VAT) and those businesses whose
turnover is below the VAT registration threshold would now
be required to collect this VAT on services received from
abroad and remit same to the MRA. It would appear that
even businesses engaged in zero rated supplies and who
chose not to register for VAT would also be caught by this
provision. We believe that the VAT Act would be amended to
allow exempt businesses to register for VAT so that the VAT
can be remitted to the MRA.
The amount paid to the MRA would not be deductible for
VAT purposes and would therefore be a cost to the business.
However, where the VAT relate to a recurrent business
expense, the VAT should be allowed as deduction in
computing the business income tax payable.
We believe that a turnover threshold should be introduced
in the application of this measure. This principle would be
aligned to the UK VAT provisions which require a person
paying services abroad above a defined threshold to be
mandatorily required to register for VAT. This proposal would
reduce the administrative burden on small businesses and
those engaged in zero rated supplies.
20. MAURITIUS NATIONAL BUDGET 2016-17 TAX HIGHLIGHTS
DISCLAIMER
The information presented in this note does not constitute and should not be construed as
accounting, legal or tax advice. It is intended to provide a general overview of the subject which
it treats. We recommend that your accounting, legal or tax expert be consulted for any specific
advice which you may require in light thereof.
The source of information remains largely the announcements made by the Minister of Finance
and Economic Development in his budget speech. The measures announced may however
change upon enactment.
SAFYR UTILIS
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