The Mauritius Tax Payers Association (MTPA) is very much satisfied with the overall proposals and measures included in the 2014 budgets.
Huge amounts of public money will be efficiently invested in various sectors of the economy to make the lives of each Mauritian better. New and efficient public buses, up to date health facilities, new roads, habour facilities, better water management, housing facilities for the low income earners, increasing facilities to SME, work programs for women, improving law and order, huge social aids, increase in pensions, sports, better education for all. Unfortunately, the shadow of enormous damages caused by malpractices following wrong, abusive, inaccurate and false management of public funds in the national economy is very much alive.
The MTPA makes an appeal to the Government of the day to combat and eliminate wastage of public funds, since, we as taxpayers, suffer mental stress when the time comes to pay taxes and VAT, by improved controls at all stages.
INCOME EXEMPTION THRESHOLD : We have recommended the Minister of Finance to increase the IET by Rs 10,000 across the board. We are quite sad that the Minister has considered only Rs 5,000. We request the Minister to reconsider this amount from Rs 5,000 to Rs 10,000.
IMMORAL HIGH INTEREST RATES PRACTISED BY BANKS IN MAURITIUS : We are very much happy that the Minister is now aware that taxpayers in Mauritius suffer from abusive rates practised by commercial banks. Loan applicants need only to provide for 5 % of the value of the loan, banks participate up to 95 %, with 20 % government guarantee. Moreover, all loans to be disbursed to a person after 01.01.2014 would benefit to a maximum of interests and penalties equivalent to the loan capital, should the borrower be late with his repayments Repo rate will apply on the capital due. Same principle for credit cards. The MTPA makes an appeal to the Government of the day to consider all loans contracted to date, including loans and leases contracted by companies.
PUBLIC DEBTS : The MTPA has requested the Minister of Finance to give special attention to our Public Debts, since sooner or later, each taxpayer alive will have to foot the bill. Actually, every newborn child sees his first day with a statement of Accounts with an overdue amount of Rs 170,000, before he sees his birth certificate. We are happy to learn that the Public debt will be maintained at 54 % of GDP.
ADDITIONAL EXEMPTION IN RESPECT OF DEPENDENT CHILD PURSUING UNDERGRADUATE COURSES We have requested the Minister to consider increasing the allowance from Rs 80,000 to Rs 100,000 for undergraduate courses in Mauritius. We have requested the Minister to consider increasing the allowance from Rs 125,000 to Rs 150,000 for undergraduate courses overseas. Actually, the additional exemption is not allowed in respect of the same child for more than 3 years. The MTPA makes an appeal to the Government of the day to consider increasing the marginal increase in allowance, and to extend the period to 5 years.