BIZweek n°254 23 aoû 2019
BIZweek n°254 23 aoû 2019
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  • Parution : n°254 de 23 aoû 2019

  • Périodicité : hebdomadaire

  • Editeur : Capital Publications Ltd

  • Format : (260 x 370) mm

  • Nombre de pages : 13

  • Taille du fichier PDF : 4 Mo

  • Dans ce numéro : quels biens et services sont exemptés de TVA ?

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VENDREDI 23 AOÛT 2019 BIZWEEK ÉDITION 254 BIZ ALERT Governors to Vote on Removing Age Limit for the Position of Managing Director The Executive Board of the International Monetary Fund (IMF) announced, last month, that it has adopted an open, merit-based, and transparent process for the selection of the next Managing Director, similar to the one used in recent rounds. It underscored the importance it places on the successful candidate having the requisite global standing to lead the Fund, which stands at the center of the global financial system. Yesterday, the Executive Board urged Governors to vote to remove the age limit that currently applies to the position of IMF Managing Director Executive Board has today (Ndlr  : Thursday 22 « The August) recommended that the IMF Board of Governors vote to remove the age limit that currently applies to the position of IMF Managing Director. Since 1951, the IMF’s By-Laws have prohibited the appointment of a candidate aged 65 or over as Managing Director, and have also prohibited the Managing Director from serving past his/her 70th birthday. Eliminating the age limit would bring the Managing Director’s terms of appointment into line with those of members of the IMF Executive Board, which the Managing Director chairs, and those of the President of the World Bank Group, who are not subject to an age limit. « The IMF Board of Governors, which represents the 189 member countries according to their voting shares, is requested to vote on the proposal. A simple majority of the votes cast is required to adopt the proposal, with a minimum participation requirement of a majority of Governors holding two-thirds of the total voting power. Voting is scheduled to run from August 21 to September 4. « The IMF Executive Board is engaged in the selection of a successor to outgoing Managing Director Christine Lagarde, who will step down on September 12. Nominations to the position close on September 6, 2019, and we intend to complete the selection process by October 4. » makes searching simple IMF EXECUTIVE BOARD Official online directory of Mauritius Telecom Business People 4
VENDREDI 23 AOÛT 2019 BIZWEEK ÉDITION 254 LA TOUR FINANCE Which goods and services are exempted from VAT ? Every Budget Speech comes with its list of Value Added Tax (VAT) exempt goods and services. For example, in June this year, it was announced that cooking gas for domestic use by households in cylinders ofup to 12 kg is being made zero-rated for VAT, and certain foodstuffs, including bread, will be newly exempt ; Value Added Tax being the main source of revenue for the Mauritius Revenue Authority (MRA). Further, the Budget announced that a wholesale dealer in liquor and alcoholic products will have to be registered with the MRA as a VAT-registered person. It further provides that where there is a splitting of a business entity into different entities to avoid registration for VAT purposes, each entity will be required to be compulsorily registered for VAT. Presently, a VAT-registered person may claim repayment of input tax in respect of capital goods such as building, plant, machinery, or equipment. Provision will be made to allow repayment of VAT paid also on  : goodwill on acquisition of a business ; and the acquisition of intangible assets such as software, patents, or franchise agreements. With a view to expediting the processing of VAT refunds, all VAT-registered persons will have to file their VAT return and pay VAT electronically as from March 1, 2020. In this week’s issue, we have a look at all the goods and services exempted from VAT. Cont’d on page 6 5



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