Section 26A: Tax on transfer of leasehold rights in State land

26A. Tax on transfer of leasehold rights in State land (1) There shall be levied, on the registration of a deed of transfer or a deed witnessing the transfer of— (a) leasehold rights in State land; (b) shares in a civil society or association which reckons among its assets any leasehold rights in State land; L4 – 15 [Issue 5] Land (Duties and Taxes) Act (c) shares in a partnership which reckons among its assets— (i) any leasehold rights in State land; or (ii) any shares which the partnership holds in any other partnership, successive partnership, company or successive company which reckons among its assets such leasehold rights; (d) shares in a company which reckons among its assets— (i) any leasehold rights in State land; or (ii) any shares which the company holds in any other partnership, successive partnership, company or successive company which reckons among its assets such leasehold rights; (e) shares in a company or issue of shares by a company or transfer of part sociale in a société which gives right of ownership, occupation or usage of an immovable property or any part thereof, irrespective of the date on which the transfer takes place, a tax on the open market value of the leasehold rights at the rate specified in the Seventh Schedule. (1A) (a) In subsection (1) (d)— “transfer”, in relation to shares in a company, includes any issue of new shares to any person or conversion of debentures into shares by a company which results in a change of control of that company. (b) For the purposes of paragraph (a), “control” has the same meaning as in the Companies Act. (2) The tax under this section shall be paid by the transferor and the transferee in equal proportion. (3) Where a transfer of shares referred to in subsection (1) (b) or (c) takes place, the tax shall be payable in such proportion as the number of shares transferred bears to the total number of shares issued by the company or to the total number of shares in the civil society, partnership or association, as the case may be. (4) Notwithstanding subsection (1), no tax under this section shall be paid on the registration of a deed of transfer or a deed witnessing the transfer of leasehold rights in State land where— (a) in respect of leasehold rights in State land, the application to the Ministry of Housing and Land Development for the transfer was made before 9 June 1997; or (b) a transfer of shares in a company referred to in subsection (1) (b) or (c) takes place and no duty under the Registration Duty Act is leviable on the transfer by virtue of the exceptions specified in item 8 of paragraph J of Part I of the First Schedule to the Registration Duty Act. (5) For the purposes of this section, “company or successive company” shall be construed within the meaning of “company” under section 24 (1) of the Registration Duty Act. [S. 26A inserted by s. 5 (c) of Act 9 of 1997 w.e.f. 1 July 1997; amended by s. 11 (h) of Act 18 of 1999 w.e.f. 1 August 1999; s. 14 (g) of Act 23 of 2001 w.e.f. 11 August 2001; s. 19 (h) of Act 15 of 2006 w.e.f. 7 August 2007; s. 19 (b) of Act 17 of 2007 w.e.f. 22 August 2007; s. 13 (c) of Act 20 of 2009 w.e.f. 19 December 2009; s. 10 (b) of Act 10 of 2010 w.e.f. 4 January 2011; s. 14 (d) of Act 26 of 2012 w.ef. 22 December 2012.] [Issue 5] L4 – 16 Revised Laws of Mauritius PART VII – GENERAL 27. — [S. 27 repealed and replaced by s. 5 of Act 23 of 1993 w.e.f. 1 November 1993; s. 14 (h) of Act 23 of 2001 w.e.f. 11 August 2001; s. 17 (g) of Act 20 of 2 f. 11 August 2001; s. 19 (h) of Act 15 of 2006 w.e.f. 7 August 2007; s. 19 (b) of Act 17 of 2007 w.e.f. 22 August 2007; s. 13 (c) of Act 20 of 2009 w.e.f. 19 December 2009; s. 10 (b) of Act 10 of 2010 w.e.f. 4 January 2011; s. 14 (d) of Act 26 of 2012 w.ef. 22 December 2012.] [Issue 5] L4 – 16 Revised Laws of Mauritius PART VII – GENERAL 27. — [S. 27 repealed and replaced by s. 5 of Act 23 of 1993 w.e.f. 1 November 1993; s. 14 (h) of Act 23 of 2001 w.e.f. 11 August 2001; s. 17 (g) of Act 20 of 2002 w.e.f. 10 August 2002; s. 27 (12) (d) of Act 33 of 2004 w.e.f. 1 July 2006; repealed by s. 19 (i) of Act 15 of 2006 w.e.f. 7 August 2006.]