Section 15OG: Housing Loan Relief Scheme

15OG. Housing Loan Relief Scheme (1) In this section – “secured housing loan” means a housing loan secured by mortgage or fixed charge on immovable property and used exclusively for the purchase, construction or extension of a house. Acts 2023 265 (2) Subject to this Part, the Director-General shall, with respect to a month, pay an allowance of 1,000 rupees to an individual who has contracted in his own name or jointly with – (a) his spouse; (b) an ascendant; (c) a descendant or the descendant’s spouse; or (d) his brother or sister, a secured housing loan not exceeding 5 million rupees. (3) The allowance shall be payable to an eligible individual for the months of July 2023 to June 2024. (4) Where a person has contracted a loan jointly with other persons, the amount payable under subsection (2) shall – (a) be paid to only one of the persons who have contracted the loan; and (b) not exceed 1,000 rupees in a month. (5) Where a person has contracted several loans, the amount payable to that person under subsection (2), shall not exceed 1,000 rupees in a month. (6) Subject to subsection (7), no allowance shall be payable to an individual under subsection (2) unless the individual – (a) is a citizen of Mauritius; (b) has contracted a secured housing loan from – (i) a bank or a non-bank deposit taking institution under the Banking Act; (ii) an insurance company under the Insurance Act; (iii) the Sugar Industry Pension Fund; (iv) the Development Bank of Mauritius; or 266 Acts 2023 (v) the Statutory Bodies Family Protection Fund; (c) has, in Mauritius, purchased, constructed or extended the house for which the secured housing loan has been contracted; and (d) has effected a repayment exceeding 1,000 rupees in respect of the secured housing loan in the month preceding the month in which the relief is payable. (7) For the purpose of subsection (6)(d), where – (a) a loan has been contracted jointly, the amount of repayment made in respect of that loan in a month shall, in aggregate, exceed 1,000 rupees; or (b) a person has taken several loans, the amount of repayment made xtended the house for which the secured housing loan has been contracted; and (d) has effected a repayment exceeding 1,000 rupees in respect of the secured housing loan in the month preceding the month in which the relief is payable. (7) For the purpose of subsection (6)(d), where – (a) a loan has been contracted jointly, the amount of repayment made in respect of that loan in a month shall, in aggregate, exceed 1,000 rupees; or (b) a person has taken several loans, the amount of repayment made in respect of those loans shall, in aggregate, exceed 1,000 rupees. (8) The Director-General shall credit into a bank account in the name of an eligible individual any allowance payable under this Part. (9) For the purpose of this Part, every eligible individual shall make an application under the Scheme and submit to the Director-General, details of his bank account in such form and manner as the Director-General may determine. (10) Where a secured housing loan has been contracted jointly with another person, the application shall specify the bank account in which the payment shall be made. (11) When an application is made by an individual under the Scheme, the Director-General may pay the allowance for 3 consecutive months immediately prior to the month in which the application is made. Acts 2023 267 (12) No application shall be entertained under the Scheme after 30 September 2024. (13) Notwithstanding the Banking Act, the Data Protection Act, the Information and Communication Technologies Act and any other enactment, every institution referred to in subsection (6)(b) shall furnish electronically to the Director-General, on or before the fifteenth day in every month, a statement of financial transactions of every individual having effected a repayment exceeding 1,000 rupees, in the preceding month, in respect of a secured housing loan not exceeding 5 million rupees in such form and manner as he may determine, giving the following information – (a) the full name of the borrower; (b) the amount of loan contracted and disbursed; (c) the amount of loan repaid in the previous month; and (d) such other particulars as may be required by the Director-General. (14) Section 150D(6) and (7) shall apply to this section with such adaptations and modifications as may be necessary to enable the Director-General to pay the allowance. (15) For the purpose of this Part, the Minister may make such regulations as he thinks fit. (16) Regulations made under subsection (15) may, on such terms and conditions as the Minister may determine – (a) vary the eligibility criteria and conditions for loans and eligible individuals under the Scheme; (b) change the mode and timing of the payment of the allowance; (c) change the time limits regarding applications under the Scheme. 268 Acts 2023 (ad) in section 152 – (i) in subsection (1) – (A) in paragraph (A) – (I) by inserting, after the words “chargeable income”, the words “or gross income”; (II) by deleting the words “section 112” and replacing them by the words “section 111V, 112”; (B) in paragraph (b), by deleting the words “section 112” and replacing them by the words “section 111V, 112”; (ii) in subsection (2A), by deleting the word “Repo”and replacing it by the word “Key”; (ae) in section 161A – (i) by inserting, after subsection (7E), the following new subsection – (8) Where an employer has not, as at 20 January 2023, paid the full amount of COVID-19 levy payable under section 111Z, the unpaid amount including any outst replacing them by the words “section 111V, 112”; (B) in paragraph (b), by deleting the words “section 112” and replacing them by the words “section 111V, 112”; (ii) in subsection (2A), by deleting the word “Repo”and replacing it by the word “Key”; (ae) in section 161A – (i) by inserting, after subsection (7E), the following new subsection – (8) Where an employer has not, as at 20 January 2023, paid the full amount of COVID-19 levy payable under section 111Z, the unpaid amount including any outstanding penalty and interest, shall be written off. (ii) in subsection (58A) – (A) in paragraph (a), by deleting the figure “2023” and replacing it by the figure “2026”; (B) by inserting, after paragraph (aa), the following new paragraph, the existing paragraph (ab) being reletterred as (ac) – (ab) Where a company is engaged in the manufacture of both alcoholic and non-alcoholic beverages and has incurred capital expenditure on new plant and machinery used Acts 2023 269 exclusively for the production of non-alcoholic drinks, it shall be allowed to claim the deduction under paragraph (a). (iii) in subsection (61), by deleting the words “on or after 1 September 2016” and replacing them by the words “during the period starting on 1 September 2016 and ending on 8 August 2018”; (af) in the First Schedule – (i) by repealing Part I and replacing it by the following Part – PART I Chargeable Income Rate of Income Tax First 390,000 rupees 0 per cent Next 40,000 rupees 2 per cent Next 40,000 rupees 4 per cent Next 60,000 rupees 6 per cent Next 60,000 rupees 8 per cent Next 300,000 rupees 10 per cent Next 300,000 rupees 12 per cent Next 300,000 rupees 14 per cent Next 400,000 rupees 16 per cent Next 500,000 rupees 18 per cent Remainder 20 per cent (ii) in Part III – (A) by repealing the heading “Sub-Part A”; (B) by repealing Sub-parts B and C; (ag) in the Second Schedule, in Part II – (i) in Sub-part A, by repealing item 13; 270 Acts 2023 (ii) in Sub-part B – (A) by repealing item 3A and replacing it by the following item –