95 Reforms to”Finance Bill”, Address by Finance Minister this Week

The Finance Minister, Renganaden Padayachy, will present the “Finance Bill” to Parliament this Thursday, July 18.

The bill is expected to amend approximately 95 laws, with many measures announced in the Budget speech in June set to be implemented once the bill is promulgated.

While some changes are not necessarily related to financial and economic sectors, several laws will be affected.

Notable Changes

• Allied Health Professionals Council Act: Section 40 of this law will be amended to allow recognized professionals to practice for 10 years instead of 5 years.
• Bank of Mauritius Act: The law will be amended to allow the transfer of funds from the Special Reserve Fund to the General Reserve Fund or for monetary policy implementation, subject to the approval of the Bank of Mauritius’ board of directors.
• Civil Status Act: Amendments will concern changes in adoption procedures.
• Construction Industry Authority Act 2023: The government is modifying the law regarding consortia, particularly affecting local consultants and contractors.
• Consumer Protection Act: The law will be amended to increase penalties for non-compliance with price labeling, with fines increasing from a maximum of Rs 300,000 to Rs 500,000 and imprisonment increasing from a maximum of 5 years to 7 years.
• Customs Tariff Act: Amendments will concern taxes on vehicles damaged during natural disasters such as floods or cyclones.
• Declaration of Assets Act: A new definition will be introduced, defining “illicit enrichment” as “unexplained wealth.”
• Dental Council Act: Changes will concern minimum qualifications for practicing dentistry.
• Economic Development Board Act: The law will be amended to allow foreign workers to work in Mauritius under an occupational permit, subject to certain conditions.
• Foreigners must have at least 10 years of experience, relevant qualifications, and a work contract. The law will also cover the process for allowing foreign workers to work in Mauritius.
• Additionally, the basic salary requirement for obtaining a work permit under this law will be reduced from Rs 30,000 to Rs 22,500 for certain categories.
• Electricity Act: Many changes are expected under this law, including those concerning the production of electricity by individuals and independent producers.
• The Central Electricity Board will also gain more powers to act when trees or hedges pose a risk to electrical networks.
• Employment Relations Act: Amendments will concern workers’ right to unionize and choose their trade union.
• Excise Act: The law will be amended to change taxes on different types of wine and rum, as well as measures against tax evasion on products subject to tax.
• Cars exempt from taxes for priests and religious federations will also fall under these amendments.
• Financial Crimes Commission Act: The new Financial Crimes Commission Act will be amended with new definitions, including those related to sports events such as football matches and horse racing in Mauritius and abroad.
• The commission’s director general will also gain powers to investigate cases before March 29, 2024.
• Fisheries Act: The law will be amended to allow operators to apply for a license to practice large-scale drift net fishing. This practice is criticized by local and international environmentalists.
• Forests and Reserves Act: The forest conservator will be able to grant a permit to an individual to remove an endemic plant for national interest or a national project.
• Industrial Court Act: Amendments will protect the permanent secretary of a ministry for certain actions taken in good faith.
• Removal of Sand Act: The government is pushing forward with sand extraction despite criticism. The law will be amended to allow individuals to extract sand in authorized areas under certain conditions.
• Workers’ Rights Act: Changes will be made regarding the concept of working from home.
• One new aspect is that an employee can disconnect during “unsocial hours” as defined in the law or beyond working hours, except in cases of urgency.
• If an employee must work in exceptional circumstances, they must be remunerated. There will also be a list of conditions that may require an employee to work from home, such as during natural disasters.

Source: l’Express