Section 50M: One-off charge on banks

50M. One-off charge on banks (1) Every bank, except the Development Bank of Mauritius Ltd, holding a banking licence under the Banking Act shall create a one-off charge in the year immediately preceding the year of assessment 2012 for an amount equivalent to 0.5 per cent of its turnover plus 1.25 per cent of its book profit relating to its banking transactions with persons, other than non-residents and corporations holding a Global Business Licence under the Financial Services Act in respect of the year of assessment 2011 to finance the new private equity fund referred to in the Ministry’s document entitled “Facing The Euro Zone Crisis and Restructuring for Long Term Resilience” and dated August 2010 and published as a General Notice in the Gazette of Thursday 9 December 2010, during the year immediately preceding the year of assessment 2012. (2) Where the financing to the new private equity fund under subsection (1) is less than the one-off charge, the difference shall be remitted to the Director-General at the time the company submits its return of income for the year of assessment 2012 under section 116. [Issue 9] I5 – 44 Revised Laws of Mauritius (3) In this section— “book profit” means the profit computed in accordance with internationally accepted accounting practices— (a) as reduced by— (i) dividends receivable from resident companies; (ii) profits on disposal or re-evaluation of fixed assets; and (iii) profits or grains from sale or re-evaluation of securities, if any such item is credited to the profit and loss account; and (b) as increased by— (i) loss on disposal or re-evaluation of fixed assets; and (ii) loss from sale or re-evaluation of securities, if any such item is debited to the profit and loss account. [S. 50M inserted by s. 9 (k) of Act 10 of 2010 w.e.f. 24 December 2010.] [EDITIORIAL NOTE: Section 44A was repealed by s. 24 (d) of Act 9 of 2015 w.e.f. 1 July 2015 in respect of year of assessment commencing on 1 July 2015 and in respect of every subsequent year of assessment. The definition of “book profit” under the repealed s. 44A has been reproduced in this section.] Sub-Part B – Gross Income