Mauritius | Finances

November 11, 2012

Budget 2013: Group 0f Accounting Measures

This is a finance minister satisfied with his achievements and happy growth figure of 3.4%, which presented its second budget. Xavier Duval timidly seeks to refocus the economy toward emerging markets. His great oral was more an accounting period.

"Despite the crisis, we have not only brought growth, but we also made remarkable progress. Growth is visible everywhere, "immediately said Finance Minister Friday 9 November in a speech that lasted about 90 minutes.

The finance minister was proud that the budget deficit is on a downward slope of 2.5% this year and 2.2% will be of next year. "This is the lowest rate for 10 years" , welcomed the Minister.

Xavier Duval also congratulated materialized "91% of measures announced" in the previous budget. He promised to circulate on the Internet a calendar on the implementation of fiscal measures.

Budget does not announce orientations or heavy structural measures. However, it shows that the government seeks to gradually steer the economy towards emerging markets. To give a new impetus to the diversification of tourist markets, Xavier Duval announced in January next two direct flights to China and a direct flight to Russia.

The 2013 Budget will encourage operators to export to Africa. A `Freeport Status will be granted to companies that will export in Africa. For this, the creation of new spaces with a status of free port in the port and airport areas is envisaged.

Diversification will also Oceanographic economy. It is to "Navy` s new space pillar ", the minister hopes. In this context, the government will seek strategic partners.

The most elaborate chapter of this presentation is intended to counter the youth unemployment. A four-pronged plan is well advertised. "This is an unprecedented effort to help young people find jobs," said the Grand treasurer. He announced this project a budget of Rs 350 million.

Specifically, this plan extends the "job placement" up to 25 years increases the government allocation to Rs 4000 for those who do not have a university degree, Rs 7500 for graduates.

Likewise, a "group skillsworking" public-private will be launched. It will be managed jointly by the Ministry of Finance and the Joint Economic Council.

The most spectacular is aimed at students. Grand fundraiser promises a touch pad for students in Form IV next year. Some 20,000 tablets will be distributed against a sum of Rs 500 for insurance coverage.

People eagerly await two promises on 9 November. The cost of Internet bandwidth and the fall will be increased next year.

The new version of the Budget some attention to small and medium enterprises (SMEs). SME loans will be struck with an interest rate of 7.5% and administrative costs are canceled. Any loan will be secured by 50% by the government. The rate of interest for the lease goes to 7.25%.

At this tax package should also add significant increase in the threshold for the application of VAT to Rs 4 million per year. 1300 are SMEs who do not pay VAT, calculated the Ministry of Finance.

 

Xavier Duval dotted its small budget measures more or less popular, including the reduction of VAT on cinema tickets, concerts and performances, reduced customs duty and a category of motorcycles and televisions. The only measure that might seem unpopular is the increase of excise duties of 12% on cigarettes and cigars, and 5 to 12% alcohol.

In the end, it was an accounting exercise more economically.

 

Text by lexpress.mu
 

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