Section 123C: Submission of statement of assets and liabilities by individuals

123C. Submission of statement of assets and liabilities by individuals (1) Every person who, in an income year— (a) derives net income and exempt income exceeding 15 million rupees; or (b) owns assets the cost of which exceed 50 million rupees, shall submit to the Director-General a statement of assets and liabilities at the time of submission of his return under section 112. (2) The statement of assets and liabilities shall be submitted in such form and manner as may be prescribed. [Issue 9] I5 – 78 Revised Laws of Mauritius (3) Where a person does not submit a statement of assets and liabilities under subsection (1), he shall be liable to pay to the Director-General a penalty of 2,000 rupees per month or part of the month, until the statement is submitted to the Director-General, provided that the total penalty shall not exceed 20,000 rupees. [S. 123C inserted by s. 27 (u) of Act 18 of 2016 w.e.f. 1 July 2017 in respect of the year of assessment commencing on 1 July 2017 and in respect of every subsequent year of assessment.]