Section 50H: Liability to special levy

50H. Liability to special levy (1) Subject to this section, every bank shall, in every year, be liable to pay to the Director-General a special levy calculated by reference to its book profit and its operating income derived during, or its chargeable income in respect of, the preceding year at the appropriate rates specified in subsection (2). (2) The rates shall be, in the year of assessment commencing on— (a) (i) 1 July 2009, 3.4 per cent on book profit and 1.0 per cent on operating income; (ii) 1 January 2010, 3.4 per cent on book profit and 1.0 per cent on operating income; (iii) 1 January 2011, 3.4 per cent on book profit and 1.0 per cent on operating income; (iv) 1 January 2012, 3.4 per cent on book profit and 1.0 per cent on operating income; (b) 1 January 2013, 3.4 per cent on book profit and 1.0 per cent on operating income; (c) 1 January 2014— (i) with regard to its income derived from banking transactions with non-residents and corporations holding a Global Business Licence under the Financial Services Act, 3.4 per cent on book profit and 1.0 per cent on operating income; (ii) with regard to its income derived from sources other than from transactions referred in subparagraph (i), 10 per cent on the chargeable income; (d) 1 January 2015— (i) with regard to its income derived from banking transactions with non-residents and corporations holding a Global Business Licence under the Financial Services Act, 3.4 per cent on book profit and 1.0 per cent on operating income; (ii) with regard to its income derived from sources other than from transactions referred in subparagraph (i), 10 per cent on the chargeable income; (e) 1 July 2015, 1 July 2016 and 1 July 2017— (i) with regard to its income derived from banking transactions with non-residents and corporations holding a Global Business Licence under the Financial Services Act, 3.4 per cent on book profit and 1.0 per cent on operating income; [Issue 7] I5 – 40 Revised Laws of Mauritius (ii) with regard to its income derived from sources other than from transactions referred in subparagraph (i), 10 per cent on the chargeable income; (f) 1 July 2018 and in respect of every subsequent year of assessment, 1.70 per cent on book profit and 0.50 per cent on operating income. (3) The levy under subsection (1) shall be paid at the same time the Bank submits its return of income under section 116. (4) Except where levy is computed on chargeable income, no levy shall be paid in a year where in the preceding year— (a) the bank incurred a loss; or (b) the book profit of the bank did not exceed 5 per cent of its operating income. [S. 50H inserted by s. 17 (k) of Act 17 of 2007 w.e.f. 1 July 2007; s. 21 (c) of Act 14 of 2009 w.e.f. 30 July 2009; amended by s. 9 (i) of Act 10 of 2010 w.e.f. 24 December 2010; s. 12 (f) of Act 26 of 2012 w.e.f. 22 December 2012; s. 9 (g) of Act 26 of 2013 w.e.f. in respect of the year of assessment commencing on 1 January 2014 and in respect of every subsequent year of assessment; s. 24 (h) of Act 9 of 2015 w.e.f. 14 May 2015.] Sub-Part AC – Solidarity Levy on Telephony Service Providers [Sub-part AC inserted by s. 21(d) of Act 14 of 2009 w.e.f. 30 July 2009.]