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All the budget 2023/2024 on this thread !

Anne-Lise Mty

Hello all !


Hope you're doing well !


Today, the Finance Minister is unveiling their budget and economic strategy for the year 2023/2024.


I'm sure listening to a two hour budget speech or reading the hundred pages long document is not something you're looking forward to, aha !


Don't worry, we'll be sharing the highlights of the measures that affect the general public, as well as those specifically relevant to 做厙輦⑹s and future 做厙輦⑹s, on this thread.


It should be up tomorrow morning 1f60a.svg but if there's anything you want to share in the meantime, please do!


Have a great day ! (hoping the minister will be nice to us!)

See also

Living in Mauritius: the 做厙輦⑹ guideCan't renew Premium Visa 2025A Hammer Blow to Real Estate ConfidenceLand Purchase under the PDS SchemeDoes anyone here repair fridge & freezer?
zurtle

I went through some of it.

EDB link here:


Main relevant highlights for me


Higher taxes if you're making between Rs.1.5 Mil to Rs.3 Mil

Beer getting more expensive

Retired folks can buy a property under PDS for USD 200k and get a residence permit.

People on tourist visas can apply for a work permit



Lots of other stuff

Anne-Lise Mty

Hey everyone!


Thank you @zurtle.


As promised, also a rundown of the main measures.


Immigration

-The monthly basic salary threshold for Occupation Permit for Professionals will be reduced to Rs 30,000, irrespective of sectors

-Applicants for Occupation Permit will be granted a business visa of 120 days without the need for them to leave Mauritius to submit an application

-Retired non-citizens applying for Residence Permit will not be required, in the initial stage, to open a local bank account. Instead, a certified bank statement from the applicants country of origin or residence showing proof of funds would be accepted together with a written undertaking to open a local bank account in two months time.

-The initial investment requirement of USD 50,000 for investors and USD 35,000 for self-employed will be exempted at the time of issuance of permits. They will be required to show evidence of transfer of funds within 4 weeks of issuance of permits and post monitoring will be carried out.

-The Young Professional Occupation Permit will be open to applicants in all fields of study

-Introduction of the silent is consent provision of 4 weeks for registration of foreign professionals with professional bodies including the Medical, Dental, Veterinary and Allied Health Professionals Councils

-Reviewing the composition and process of the Medical, Dental, Veterinary and Allied Health Professionals Councils

-The ratio of foreign to local employees to be abolished for specific sectors

-Non-citizens on a tourist or business visa will be allowed to apply for a Work Permit

-Introduction of a new tier system allowing companies with a good track record to avail from a streamlined process to recruit foreign labour under a Work Permit

-Application for Work Permit to be made solely on the National Electronic Licensing System (NELS)

-New 18-month Expert Training Visa to support the establishment of high-end research and development center


做厙輦⑹ retirees

-Medical patients and retirees as well as up to two accompanying caretakers will be eligible to a premium visa

-Retired non-citizens applying for Residence Permit will not be required to open a local bank account in the initial stage

-Foreign retirees above 60 years old will have access to medical insurance

-Foreign retirees will be allowed to take up employment in specific sectors

-The Immigration Act will be amended to grant a residence permit to a retired non-citizen and his family on the acquisition of a property in a PDS project relating to senior living provided that the acquisition price exceeds US $ 200,000 and the non-citizen is aged 50 and above.


Infrastructure

-Rs 3 billion to build new drains

-Construction of 10 new reservoirs over the next 4 years

-M矇tro Express project extended to St Pierre and La Vigie

-Construction of swimming pools in Curepipe, Flacq and Rivi癡re des Anguilles

-A new 2.1 km runway in Rodrigues

-Pedestrian bridges for better mobility

-Agalega port to be operational by December 2023


Sport

-Rs 30,000 granted to 10 top athletes for one year to prepare for international competitions

-Rs 100,000, 75,000 and 50,000 respectively for gold, silver and bronze medallists at high-level competitions


Tourism

-Increase the budget for the promotion of Mauritius by 25

-Increase in MTPA budget


Ecology and environment

-The Emmanuel Anquetil building will converted to the Emmanuel Anquetil Park.

-Existing streetlights to be replaced by solar-powered ones

-Solar panels to be installed on social housing.

-Rehabilitation of 25 coastal sites against erosion

-Rs 278 million allocated for beach and lagoon rehabilitation

-DBM to install solar panels on the roofs of 200 schools


Fishing

-Lump Sum for fishermen aged 65 and over to be raised from Rs 62,500 to Rs 100,000

-Rs 500 will be allocated for fish traps

-Rs 2500 for the purchase of hooks and fishing tackle

-Severe weather allowance increased from Rs 575 to Rs 650

-DBM loans over 20 years old will be canceled


Culture

-VAT abolished on all musical instruments

-Registered artists entitled to pension scheme

-Rs 10,000 granted to schools for the purchase of works by local authors


Agriculture

-25% increase in winter allowance for tea planters (Rs 2.50 per kg)

-A 75% subsidy on cabbage, pumpkin, cucumber and carrot seeds, among others.


Women's rights

-Mandatory daycare for companies employing 250 people or more

-Nursing rooms in shopping malls

-An employment bonus of Rs 15,000 per month granted for a period of two years to all women newly employed or who have been unemployed for at least one year.


Education

-Rs 191 million granted to schools catering for 'special needs

-Free education from kindergarten to university as previously announced

-The meal allowance for students at SENS schools rises to Rs 120

-2,000 people will be entitled to training, particularly in agro-industry and health.

-Over the next five years, all public schools will be upgraded, renovated and repainted by the government.


Transport

-Compensation for 'hit and run' victims rises to Rs 1.5 million

-Petrol price to fall from Rs 74.10 to Rs 69 from midnight


Health

-Rs 50 M for the construction of dispensaries

-5 days' leave for women who have suffered a miscarriage

-Rs 100 million to be injected into E-Health project for public hospitals

-In-vitro fertilization authorized

-Full coverage of the cost of medical treatment abroad for people under the age of 18

-Full coverage of treatment costs for children with cancer, whether treated in Mauritius or abroad.

-Recruitment of 1,400 new staff in public hospitals.

-10% increase in cigarette and alcohol prices

-Rs 50 M invested in the construction of several dispensaries

-Rs 20 million allocated to early detection and risk assessment of cancer.


Security

-Rs 3 billion allocated to the Department of Security

-Rs 375 million for the construction of a Mauritius Discipline Forces Academy in C繫te-D'Or


Energy

-Free electricity for some


Water

-Subsidy on the purchase of a water tank increased to Rs 15,000 for those earning less than Rs 60,000 / month


Taxes

-Excise duty increased by 10%.

-Introduction of progressive income tax system

-0% income tax for those earning Rs 390,000 a year, or Rs 30,000 a month


Social

-Poverty: allowance for those on the social register increased to Rs 3775

-Slab grant increased from Rs 100,000 to Rs 130,000

-9% subsidy for bakeries

-CSG income allowance of Rs 2000 for those earning up to Rs 25,000 a month

-Minimum wage increased to Rs 15,000

-Those turning 18 this year will receive an allowance of Rs 20,000

-Rs 3,775 for those on the social register

jayonline

Hi


Can you explain more on below 2 points


Introduction of progressive income tax system - how this will work and income outside Mauritius.


0% income tax for those earning Rs 390,000 a year, or Rs 30,000 a month - Investor / Self Employed who have more than RS390k a year, outside Mauritius income, how much tax for them ?


Thanks.

Anne-Lise Mty

Hello @jayonline,


I think this could answer your first question.


As for the second question, I would not want to mislead you and would rather let anyone who might know better answer.


Have a good day!

Ceresiet

@Anne-Lise

here is a working link to the PWC Budget brief:


Ceresiet

the EDB's summary of the budget is available here:






Page 32 relates to the "Silver Economy" and 做厙輦⑹ retirees and the new lower USD 200 000 minimum to purchase a home in senior living PDS projects


Page 36 refers to changes in Occupation Permits and Work Permits


Page 47 shows the 11 new tax brackets on a sliding scale from zero to 20% (as compared to the previous 3)


P 50 relates to the extension of the negative excise duty scheme to encourage the purchase of Electric Vehicles


pp 22-24 detail Construction / Property (also relating to non-citizens) and the Tourism Sector and Premium Visas


pp 26 and 30 refer to the Expert Training Visa

External

FWIW: Here is the actual. link


more details are provided in the Annex also.

peterg123

@jayonline Thank you so much for this.

GuestPoster510

@zurtle Nope, taxes are lower even if you earn more than 1.5millions. Taxes are progressive, you don't pay 16/18/20% on all your income.