LIVE NEWS

The Mauritius Revenue Authority will be responsible for disbursing a large part of the measures announced in the 2024-25 Budget. Close-up on this financial aid.

FINANCIAL ASSISTANCE FOR INDIVIDUALS

CSG Income Allowance

From July 1, 2024, people working full-time will benefit from a guaranteed minimum monthly income of Rs 20,000, the Mauritius Revenue Authority (MRA) immediately indicates. For all those who have a basic salary, a pension and a CSG Income Allowance not exceeding Rs 20,000, they will benefit from an additional allowance of up to Rs 500 to reach the guaranteed minimum income of Rs 20,000. Eligible persons will have up to 12 months to provide their bank details to allow the MRA to credit their bank account,” the organization indicates.

CSG Child Allowance

The CSG Child Allowance for children from birth to the age of three will be increased from Rs 2,000 to Rs 2,500 per month, regardless of the number of children. “This measure will take effect from July 1, 2024. The time allowed for a beneficiary to communicate their bank details will increase from 3 months to 12 months. The deadline for examining an application will be extended until December 31, 2025,” indicates the MRA.

School Allowance

From July 1, 2024, a School Allowance of Rs 2,000 per month will be paid to all children aged
3 to 10 years.

The new scales for the CSG Income Allowance

CSG

Equal Opportunities Allowance

An Equal Opportunity Allowance will be put in place to provide financial assistance to households earning less than Rs 20,000 per month. Each eligible household will receive a monthly allowance of Rs 2,000.

Independence Allowance

The deadline for submitting an application for the Independence Allowance, which is a one-off allowance of Rs 20,000, will increase from 3 months to 12 months from the date an eligible young person reaches the age of majority, highlights the MRA.

Pregnancy Care Allowance

Future mothers who pass the six mandatory medical examinations during their pregnancy will receive a one-time allowance of Rs 3,000. In addition, future mothers will receive a maternity allowance of Rs 2,000 for nine months, starting from the third trimester of the pregnancy. pregnancy.

Employment Bonus Scheme

Since 17 November 2023, the minimum period of unemployment for a person to benefit from the Employment Bonus Scheme has been reduced from one year to three months. “Employers who join this program are required to preserve an employee’s employment for a period of at least three years. Likewise, an employer who dismisses an employee is required to wait at least three months before submitting an application under this program,” says the MRA. The Employment Bonus Scheme intended for unemployed women and people with disabilities will be maintained. “A sum of Rs 7,500 per month will be paid for 20 hours of work per week to women and people with disabilities who wish to work part-time,” underlines the MRA.


FINANCIAL AID FOR BUSINESSES

Financial assistance for employers

The Income Tax Act will be amended to provide monthly financial assistance for the payment of minimum wage and salary compensation for 2024. This assistance includes a 10% increase in basic salary, with a maximum of Rs 2,000 for employees who earn minimum wage.

Financial assistance for employees who earn minimum wage

i. Rs 3,500 per employee for any export-oriented business
ii. Rs 3,500 or Rs 1,750 per employee of a manufacturing company whose annual turnover does not exceed Rs 100 million
iii. Rs 2,500 or Rs 1,250 per employee of an SME or manufacturing company whose annual turnover is between
Rs 100 million and Rs 500 million;
iv. Rs 1,250 or Rs 625 per employee of other companies in difficulty; And
v. Rs 2,500 per employee of a registered charitable institution or religious body.

Financial assistance for employees whose basic salary is higher than the minimum wage, but not exceeding Rs 50,000 per month

i. Maximum of Rs 2,000 per employee of an export-oriented company;
ii. Maximum of Rs 2,000 or Rs 1,000 per employee of an SME or manufacturing company whose annual turnover does not exceed Rs 500 million
iii. Maximum of Rs 1,000 or Rs 500 per employee of other companies in difficulty;
and iv. Maximum of Rs 2,000 per employee of a registered charitable institution or religious body.


Good to know

This assistance will be payable…

…for the period from January 2024 to December 2024 to export-oriented companies, SMEs, manufacturing companies, charitable institutions and registered religious organizations

…for other companies in difficulty, the aid period can be extended until December 2024, depending on the approval of the Ministry of Finance.

Diesel Financial Support

Financial assistance of Rs 5 per liter of diesel consumed will be granted to certain categories of businesses.

Manufacturing sector

The 15% investment tax credit over 3 years will now include AI and patents.

Financial services

The government has decided to extend the benefits of the Partial Exemption Regime to holders of Payment Intermediary Services (PIS) licenses.

Support for artists

Businesses supporting a registered arts professional will benefit from a double deduction on costs incurred. Private investments in the development of the creative industry, including concert halls and theaters, will be able to benefit from a Premium Investor Certificate which offers various incentives in tax, public services, labor and infrastructure, among others.

Bus operators

Compensation for the 2024 additional remuneration for bus operators will be paid to maintain the current bus ticket price.

Taxis

The VAT exemption on the purchase of a car for taxi operators will be increased by 20% and raised to
Rs 120,000.

Companies investing in child care

Businesses that invest in child care centers will benefit from a 25% tax credit on the cost of the investment.

NGO

A triple deduction on costs incurred by companies donating to NGOs – involved in the fight against drug addiction, gender-based violence, poverty alleviation and animal protection – will be granted. The income tax deduction will increase from Rs 50,000 to Rs 100,000 for individuals who make donations to other NGOs and charitable institutions. This measure also applies to companies that make such donations.

Bakers

They will get -:
i. A subsidy of Rs 540 on each 25 kg packet of flour in order to keep its price at
Rs109.
ii. Reimbursement of Rs 5 per liter of diesel used from October 2023.
iii. An increase in the subsidy for homemade bread. This will be increased by 167% per homemade bread at 24 cents to maintain the price at Rs 2.60 instead of Rs 4.80 without the subsidy.

Leave a reply below

Your email address will not be published. Required fields are marked *

×

Contact Business

Captcha Code