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

MRA The Value Added Tax Act 51
Treaty or Agreement to which Mauritius is a contracting party; or
(b) the levying of fees and charges. 174*
73. Transitional provisions 175*
(1) Notwithstanding this Act, where a person becomes liable to be registered as a
registered person under this Act pursuant to the amendment made to the Sixth Schedule by
section 31(y) of the Finance Act 2006, he shall, subject to the other provisions of this section,
not later than 15 October 2006, submit to the Director-General, a certified inventory of -
(a)
(b)
his trading stocks as at 30 September 2006; and
capital goods, being plant, machinery or equipment of a capital nature,
acquired within a period not exceeding 3 months immediately
preceding 1 October 2006,
showing, where applicable, the amount of VAT paid or payable thereon.
(2) Subject to subsection (3) and to section 21(2), where a person has submitted a
certified inventory under subsection (1), he may take credit of the VAT paid or payable on
his trading stocks and capital goods -
(a)
(b)
where his taxable period is a quarter, 50 per cent of the amount of
VAT in his return for each of the second and third taxable periods; or
where his taxable period is a month, 50 per cent of the amount of VAT
in his return for each of the third and sixth taxable periods.
(3) No credit under subsection (2) shall be allowed, unless -
(a)
(b)
(c)
the inventory referred to in subsection (1) has been submitted;
the VAT on the trading stocks was paid or payable within a period not
exceeding 3 months immediately preceding 1 October 2006; and
the VAT paid or payable is substantiated by receipts or invoices issued
by VAT registered persons or by customs import declarations.
(4) The person shall, together with the inventory referred to in subsection (1),
submit a statement specifying -
(a) the amount of VAT which relates to -
(i)
(ii)
capital goods, being plant, machinery or equipment of a capital
nature; and
other taxable goods used to make taxable supplies;
* Please refer to endnotes at Appendix Page 51 of 107