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Finance Act 1999

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FINANCE ACT 1999 Act 18/1999 I assent A. V. CHETTIAR 29th Julv 1999 Acting President of the Republic ARRANGEMENT OF SECTIONS Section 1. Short title 2. The Banking Act 1988 amende 3. The Bank of Mauritius Act amended 4. The Companies Act 1994 amended 5. The Customs Act 1988 amended 6. The Excise Act 1994 amended 7. The Finance Act 1998 amended 8. The Finance and Audit Act amended 9. The Gaming Act amended 10. The Income Tax Act 1995 amended 11. The Land (Duties and Taxes) Act 1984 amended 12. The National Assembly (Retiring Allowances) Act amended 13. The Non-Citizens (Property Restriction) Act amended 14. The Offshore Trust Act 1992.amended 15. The President's Emoluments and Pension Act 1992 amended 16. The Registration Duty Act amended 17. The Stock Exchange Act 1988 amended 18. The Sugar Industry Efficiency Act 1988 amended 19. The Unified Revenue Act 1983 amended 20. The Value Added Tim Act 1998 amended 21. Transitional provisions 22. Validation of resolution 23. Repeal 24. Commencement An Act To provide for the implementation of measures announced in the Budget Speech and for the strengthening and streamlining of certain provisions relating mainly to revenue and public finance. ENACTED by the Parliament of Mauritius as follows – 1. Short title This Act may be cited as the Finance Act 1999. C:\My Documents\Acts1999\No. 018-THE FINANCE ACT 1999 .doc 2. The Banking Act 1988 amended The Banking Act 1988 is amended (a) In section 2, by deleting the definition of "Director, Fiscal Investigations" and replacing it by the following definition- "Director-General" means the Director-General under the Unified Revenue Act 1983; (b) in section 39, in subsection (5), by deleting the words ", the Director, Fiscal Investigations" and replacing them by the words ", the Director-General". 3. The Bank of Mauritius Act amended The Bank of Mauritius Act is amended by deleting section 21 and replacing it by the following new section - 21. Payments and Clearing Systems The Bank shall promote, regulate and organise the efficient and secure operation of payments and clearing systems. 4. The Companies Act 1984 amended The Companies Act 1984 is amended - (a) in section 2, by inserting in its appropriate alphabetical order the following new definition - "distribution", in relatioii to a distribution by a company to a shareholder, means - (a) the direct or indirect transfer of money or property, other than the company's own shares, to, or for the benefit of, the shareholder; or (b) the incurring of a debt to, or for the benefit of'. the shareholder, in relation to shares held by that shareholder, whether by means of a purchase of property, the redemption or other acquisition of shares, a distribution of indebtedness, or by some other means; (b) in section 4,.in subsection(5),by adding immediately after paragraph (b), the following new paragraph - (c) Where a document is submitted within the prescribed delay to the Registrar to be lodged, and the document is resubmitted or a fresh document is submitted in its place under paragraph (b) as and within the delay required by the Registrar, the document shall. in all circumstances, be deemed to have been lodged before the expiration ofthe time limit prescribed for the lodging of the document. (c) in section 57, by deleting subsection (4) and replacing it by the following subsections - C:\My Documents\Acts1999\No. 018-THE FINANCE ACT 1999 .doc (4) Notwithstanding subsection (1)(c), a company admitted for quotation on the Official List of the Stock Exchange may, out of its revenue reserve, purchase up to 5 per cent of its issued share capital. (5) The Minister may make such regulations as he deems necessary for carrying into effect the provisions of subsection (4), sections 57A and 57B. (6)(a) Subject to section 57A, the issued share capital of a public company shall be deemed to have been cancelled to the extent of the share capital it has purchased pursuant to subsection (4). (b) On cancellation of the share capital under paragraph(a)- (i) the rights and privileges attached to the shares so cancelled shall lapse; and (ii) the shares so cancelled may be reissued in accordance with section 57B. (c) Any cancellation of share capital under this subsection shall be demeed not to be a reduction of capital under section 62. (d) by inserting immediately after section 57, the following new sections - 57A. Company may hold its own shares (1) Any shared capital purchased by a public company pursuant to section 57(4) shall, notwithstanding section 57(6), be deemed not to have been cancelled where - (a) the articles and memorandum of the company specifically provide that it may hold its own shares; and (b) the Board of Directors, by resolution, resolve that the share capital so purchased shall not be cancelled. (2) Where the share capital purchased by a public company has not been cancelled pursuant to subsection (1), the shares concerned shall be held by the company in itself. (3) Where a company holds any share capital pursuant to subsection (2) - (a) the rights and obligations attached to the shares so held shall not be exercised by or against that company so long as it holds those shares; and (b) that company shall not - C:\My Documents\Acts1999\No. 018-THE FINANCE ACT 1999 .doc (i) exercise any voting rights attached to the shares so held; or (ii) make or receive any distribution authorised or payable in respect of the shares so held. 57B. Transfer of own shares held by company (1) where a company holds its own shares pursuant to section 57A and it is specifically provided in its articles and memorandum that it may transfer the shares so held and the Board of Directors, by resolution, resolve that the shares so held be transferred, the shares shall then be transferred. (2) A transfer of'sitares under subsection (1) shall be made as if it were an issue of shares under this Act. (3) The company shall, within 14 days of the date of the passing of a resolution under section 57A or 57B, lodge a notice to that effect with the Registrar. (e) by inserting immediately after section 68, the following new section - 68A Legal regime applicable to an approved company (1) The provisions of sections 67, 68, 69 and 347(9) to (14) shall not apply to an approved company. (2) For the purposes of this section, "approved company" means a public company approved by the Minister, in which Govemment holds, directly or indirectly, more than 50 per cent of the share capital immediately prior to the sale of any shares which reduces the shareholding of Government to 50 per cent or less. (f) in section 308 - (i) by deleting its heading ind replacing it by the following heading - Lodging of notice by foreign company relating to business activity (ii) by deleting subsection (1), the existing subsections (2), and (3) being renumbered (1) and (2) respectively; (iii) in subsection (1) as renumbered, by deleting the words ", so long as a suspension under subsection (1) of liability to pay a fee in respect of the company continues,"; (iv) in subsection (2) as renumbered, by deleting the words "in respect of which the Registrar has issued a certificate under subsection (1); (g) in section 333 - C:\My Documents\Acts1999\No. 018-THE FINANCE ACT 1999 .doc (i) by numbering the existing provisions as subsection (1), (ii) by adding immediately after the new subsection (1),the following new subsection - (2) Where a person is convicted for an offence of (a) failure to pay the registration fee under section 340; or (b) failure to lodge the annual return, he shall, in addition to any fine imposed under subsection (1), be ordered by the court to pay the registration fee or to lodge the annual retunr as the case may be, within such time as the court may determine. (h) in section 340, by deleting subsection (1) and replacing it by the following subsections (1), (2), (3), (4) and (5), the existing subsections (2) and (3) being renumbered (6) and t7) respectively - (1) There shall be paid to the Registrar - (a) in the case of a foreign company, at the time of its registration, and in respect of every subsequent year, not later than 20 January in that year, the registration fee specified in item 1 of Part 1 of the Eighth Schedule;- (b) in the case of a company limited by a guarantee or a company with limited liability but without the word "limited" in its name - (i) at the time of its incorporation, the processing,fee specified in item 2(a) of Part 1 of the Eighth Schedule and the registration fee referred to in subparagraph (ii); and (ii) in respect of every subsequent year, not later than 20 January in that year, the registration fee specified in item 2(b) of Part 1 of the Eighth Schedule; (c) in the case of any other company (i) at the time of its incorporation, the processing fee specified in item 3(a) of Part 1 of the Eighth Schedule and the registration fee referred to in subparagraph (ii); and (ii) in respect of every subsequent year, not later than 20 January in that year, the registration fee corresponding to its issued share capital specified in item 3(b) of Part 1 of the Eighth Schedule. C:\My Documents\Acts1999\No. 018-THE FINANCE ACT 1999 .doc (d) in the case of a commercial partnership (societe Commerciale including societe Commerciale de fait), at the time of its registration with the Registrar under the Code de Commerce and in respect of everysubsequent year, not later than 20 January in that year, the registration fee specified in item 4 of Part 1 of the Eighth Schedule; (e) in respect of the matters specified in the first column of Part IA of the Eighth Schedule, the fee corresponding to that matter specified in the second column of that Schedule.
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