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Budget 2014 Highlights: Supporting the Manufacturing Sector

Date: November 12, 2013
Domain:Economy & Finance; Business & Industry
Persona: Citizen; Government
 

GIS – 12 November 2013: Government intends to pursue its support to the manufacturing sector, both the Domestic and Export-Oriented manufacturing base, with a view to enable the sector to constantly gear up for greater global competition.
 
The main measure for the sector entails the introduction of an Investment Tax Credit Scheme to encourage High-Tech Manufacturing.
 
Also, in light of the success of the Rs 1 billion Foreign Currency Leasing Equipment Modernisation Scheme, launched in May 2013, the 2014 Budget proposes to inject a further Rs 1 billion into the scheme. The Leasing Equipment Modernisation Scheme in Forex aims at boosting up investment in equipment and machinery in the manufacturing sector by enabling exporters to invest in new and modern equipment at much lower interest rates and at providing relief to benefitting enterprises in terms of reduced exchange exposure. It is to be noted that within six months of operation, leasing finance amounting to Rs 845 million have already been approved under the scheme.
 
Moreover, the export promotion budget of Enterprise Mauritius will receive a 33% increase to reach Rs 180 millions, to enable the organisation to step up its support for market expansion, especially in Africa.
 
In addition, under the 2014 Budget, Work Permits applications in the export-oriented enterprises will be fast tracked and delivered within two weeks, so as to uphold these enterprises competing on a worldwide basis. The annual work permit fees for employees of these enterprises who are after the fifth year of employment will also be reduced from Rs 10,000 to Rs 6,000.
 
 
Government Information Service, Prime Minister’s Office, Level 6, New Government Centre, Port Louis, Mauritius. Email: infserv@intnet.mu Website: http://gis.gov.mu
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