Section 59B: Offset and carry forward of investment tax credit

59B. Offset and carry forward of investment tax credit A company to which sections 24(7) or (8) apply may – (a) i n respect of the investment tax credit referred to in sections 24(7) or (8) carry forward the investment tax credit for a period of 6 consecutive years from the income year in which the investment was made; (b) o ffset the investment tax credit against past tax liability but no refund will be made in respect of Acts 2016 233 tax already paid or 30 per cent of assessed tax paid on objection, without prejudice, however, to such amount being carried forward and offset by that company against income tax payable as from 1 September 2016; (c) o ffset the investment tax credit against the past tax liability if the amount to be paid is still currently under dispute, provided that those sections shall not apply to a company which has a dispute pending before any court or other judicial or quasijudicial body that may involve the application of those sections unless the company withdraws or otherwise abandons such dispute. (k) in section 100, by repealing subsection (1C) and replacing it by the following subsection – (1C) The due date for submission of the PAYE return and remittance of the tax withheld under subsection (1) in respect of the months of May and November shall, notwithstanding subsection (1), be 2 days, excluding Saturdays and public holidays, before the end of June and December, respectively. (l) in section 101, in subsection (1), by deleting the (cid:191)gure “5” and replacing it by the (cid:191)gure “10”; (m) in section 111B, by adding the following new paragraphs, the word “and” at the end of paragraph (g)(iii) being deleted and the full stop at the end of paragraph (h) being deleted and replaced by a semicolon – (i) management fees payable to an individual by any person, other than an individual;// and (j) p ayments in money or money’s worth or transfers made by a person in connection with activities performed in Mauritius by a non-resident entertainer or sportsperson. 234 Acts 2016 (n) in section 111C – (i) i n subsection (4), by deleting the words “and royalties referred to in section 111B(b)”, and replacing them by the words “, royalties referred to section 111B(b) and payments to an entertainer or sportsperson referred to in section 111B(j)”; (ii) in subsection (5) – (A) by inserting, after the words “from the interest”, the words “, payments to an entertainer or sportsperson,”; (B) b y inserting, after the words “of the interest”, the words “, payments to the entertainer or sportsperson,”; (iii) by adding the following new subsection – (6) This section shall apply notwithstanding whether payments or transfers referred to in section 111B(j) are made directly to the non-resident entertainer or sportsperson or through an agent. (o) in section 111D, by repealing subsection (2) and replacing it by the following subsection – (2) The remittance and the return referred to in subsection (1) shall, in respect of the months of May and November, be made 2 days, excluding Saturdays and public holidays, before the end of June and December, respectively. (p) by inserting, after section 116, the following new sections –