New budget 2023-24 applied laws

Introducing the new laws for a fairer, more sustainable society. Find out about social measures, the overhaul of income tax, the abolition of the solidarity levy and investment incentives. Stay informed and make informed decisions for your business.

Daring and caring: discover the much-anticipated 2023-2024 budget speech from the European Commission. Delivered by the Honorable Minister of Finance, Economic Planning and Development, Renganaden Padayachy, on Friday, June 2, 2023, this speech presents an ambitious set of social measures to increase the disposable income of the less privileged strata of Mauritian society.

These measures include a guaranteed minimum monthly income, pension increases, lower petrol prices and the maintenance of the CSG income allowance, to name but a few. With a view to creating a fairer and more equitable society, one of the boldest announcements concerns the complete overhaul of personal income tax. The single rate of 15% will be replaced by a progressive tax rate ranging from 0% to 20%, with the abolition of the solidarity levy.

This tax reform marks a return to the progressive systems previously in force, and sends a strong signal to players in the financial services sector. Indeed, the abolition of the solidarity levy and other announcements relating to migration policies testify to Mauritius’ commitment to strengthening its attractiveness and competitiveness as a financial jurisdiction.

The 2023-2024 budget also pursues the agenda of equitable redistribution of wealth and profits. For example, the non-renewal of the tax incentive rate granted to banks for their profits in excess of 1.5 billion rupees aims to promote a more equitable distribution of resources, especially in a context of rising cost of living and interest rates.

This budget speech is a continuation of efforts to create a more inclusive and sustainable economy. Measures are being taken to promote renewable energies, inclusion and diversity. In addition, certain obligations are imposed on listed companies, such as the presence of at least 25 women on their boards, as well as the provision of workplace childcare facilities for companies with more than 250 employees.

By downloading the complete PDF of the 2023-2024 budget free of charge, you can keep abreast of all these measures and make informed decisions for your company. Let us guide you through the legislative changes and investment opportunities presented in this document.

Westimmo is your trusted partner for staying informed and thriving in this ever-changing environment. Download the 2023-2024 Budget PDF now and get ready to shape a fairer, more sustainable economic future.