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

MRA The Value Added Tax Act 42
No levy shall be paid in a financial year where -
(a)
(b)
the operator had incurred a loss; or
the profit of the operator before tax does not exceed 5 per cent of his turnover,
in respect of the accounting year immediately preceding the commencement of the financial
year.
53E. Adjustment of levy
(1) Where no levy is payable by an operator in a financial year by virtue of
section 53D and at the end of the financial year, it is found that his profit before tax in respect
of the accounting year immediately preceding the end of the financial year exceeds 5 per cent
of his turnover for that accounting year, the operator shall pay to the Director-General the
total levy in respect of that financial year within such time as may be prescribed.
(2) Where levy is payable by an operator during a financial year and it is found
that -
(a)
the operator had incurred a loss; or
(b) the profit of the operator before tax does not exceed 5 per cent of his
turnover,
in respect of the accounting year immediately preceding the end of the financial year, the levy
paid during that financial year shall be refunded to the operator within such time as may be
prescribed.
53F. Late payment of levy
Where the operator fails to pay the levy on or before last day on which it is payable
under section 53C, he shall be liable to pay to the Director General, in addition to the levy –
(a)
(b)
a penalty of 5 per cent of the levy; and
interest on the levy, excluding the penalty under paragraph (a), at the rate of
one per cent per month or part of the month in which the levy remains unpaid.
53G. Assessment and recovery of levy 161*
The provisions of Parts VII, VIII, and IX and sections 65, 67, 68, 69, 70 and 71 of
the Value Added Tax Act shall apply to the levy with such modifications, adaptations and
exceptions as may be necessary to bring them in conformity with this Part.
53H. Interpretation
In this Part -
“levy” –
* Please refer to endnotes at Appendix Page 42 of 107