Value Added Tax Act 1998 - The Mauritius Chamber of Commerce ...

MRA The Value Added Tax Act 25
(ii)
retain the excess amount to be carried forward onto the return
for the following taxable period.
(5) Any claim for repayment under this section shall be made in such manner and
in such form as may be approved by the Director-General and shall be submitted together
with the return.
(6) Where a claim for repayment is made under this section, the amount claimed
shall not be carried forward onto the return for the following taxable period and the Director-
General may, on being satisfied that the registered person is entitled to the repayment,
proceed to make the repayment.
(7) A repayment under this section shall be made within 45 days of the date of
receipt by the Director-General of the return and the claim referred to in subsection (5).
(8) Where the repayment is made after the period specified in subsection (7), the
repayment shall carry interest at the prevailing Bank rate.
(9) Where in respect of a claim for repayment under this section, it is found that
an amount has been overclaimed, the registered person shall, subject to subsection (10), be
liable to pay to the Director-General a penalty representing 20 per cent of the amount
overclaimed provided that the penalty shall not exceed 200,000 rupees. 104*
(10) Subsection (9) shall not apply where the amount of penalty does not exceed
250 rupees. 105*
(11) Subject to subsection (12), the penalty under subsection (9) shall be payable to
the Director-General within 28 days of the date of the notification for payment of the
penalty. 106 *
(12) Any penalty payable under subsection (9) shall be applied and set off against
any amount of tax which is for the time being repayable to the registered person. 107*
25. Change in taxable period
(1) Where the annual turnover of taxable supplies of a registered person whose
taxable period is a quarter exceeds the amount specified in the Second Schedule, he shall -
(a)
(b)
within 15 days of the date of the closing of his annual accounts, notify
the Director-General of that fact in writing; and 108*
change his taxable period from a quarter to a month as from the month
immediately following that quarter.
(2) Where the annual turnover of taxable supplies of a registered person whose
taxable period is a month does not exceed the amount specified in the Second Schedule, he
may -
(a) within 15 days of the date of the closing of his annual accounts, notify
the Director-General of that fact in writing; and 109*
* Please refer to endnotes at Appendix Page 25 of 107