Section 14: Incentives on implementation of schemes

14. Incentives on implementation of schemes (1) Notwithstanding the Land (Duties and Taxes) Act, where— (a) a milling company or power company having the Trust as a shareholder implements the schemes specified in section 29 (1) (c) (ii), (d), (e) or (f); or (b) a planter implements the scheme specified in section 29 (1) (d), the deed containing the authorisation for land conversion under Part V in furtherance of the schemes and witnessing the transfer of land shall be subject to the tax leviable under Part III of the Land (Duties and Taxes) Act at the rate of 5 per cent. (2) Notwithstanding this Act and the Land (Duties and Taxes) Act, where a planter, for the purpose of the VRS or ERS, sells land to a person to the extent required and uses the proceeds of the sale for the implementation of S49 – 11 [Issue 7] Sugar Industry Efficiency Act the VRS or ERS and thereafter the person acquiring the land subsequently converts and sells the land— (a) the deed witnessing the transfer of the land by the planter shall be exempted from payment of the duty or tax leviable under Parts II and III of the Land (Duties and Taxes) Act; (b) no land conversion tax under Part V shall be payable on the land converted; (c) the deed containing the authorisation for land conversion under Part V and witnessing the transfer of land by the person shall be subject to the tax leviable under Part III of the Land (Duties and Taxes) Act at the rate of 5 per cent. (3) Where— (a) in the implementation of the schemes specified in section 29 (1) (c) (ii), (d), (e) or (f), a milling company, or power company, having the Trust as shareholder, or a planter; (b) a person selling land pursuant to subsection (2), (5), (6) or (8); (c) a person converting land pursuant to section 11 (3) or (13); (d) a specified entity; (e) the Trust or a body controlled by it, has received the letter of intent under section 6 of the Morcellement Act, the company, planter, person, specified entity, or Trust or body controlled by the Trust, may, after furnishing a bank guarantee equivalent to the estimated value, as the case may be, of the infrastructural works, referred to in that section, enter into an agreement to sell and receive payment not exceeding the amount covered by the bank guarantee. (4) Notwithstanding subsection (2) (a), the exemption shall not apply unless the deed contains a certificate from the Mauritius Cane Industry Authority to the effect that the transaction is in the context of the VRS or ERS. (5) Notwithstanding the Land (Duties and Taxes) Act, where a person intends to make an offer under section 23 or 23A but is not owner of land, he may acquire land to the extent required by him for the purpose of implementing a VRS or an ERS from another person who owns land and is implementing a VRS under section 23 or an ERS under section 23A and— (a) the deed witnessing the transfer of land by the other person shall be exempted from the payment of the duty or tax leviable under Parts II and III of the Land (Duties and Taxes) Act; (b) the deed witnessing the transfer of land by the person and containing the authorisation for land conversion under Part V shall be subject to the tax leviable under Part III of the Land (Duties and Taxes) Act at the rate of 5 per cent. (6) Notwithstanding the Land (Duties and Taxes) Act, where one or more persons intend to make an offer under section 23 or 23A and are owners of land, they may agree that one or more of them shall acquire from one or [Issue 7] f the Land (Duties and Taxes) Act; (b) the deed witnessing the transfer of land by the person and containing the authorisation for land conversion under Part V shall be subject to the tax leviable under Part III of the Land (Duties and Taxes) Act at the rate of 5 per cent. (6) Notwithstanding the Land (Duties and Taxes) Act, where one or more persons intend to make an offer under section 23 or 23A and are owners of land, they may agree that one or more of them shall acquire from one or [Issue 7] S49 – 12 Revised Laws of Mauritius inscriptions burdening the property, and shall not charge any fee or due payable to Government for erasure of inscriptions. (3) (a) A party may, within 8 days of the sale, make an outbidding of one sixth of the sale price. (b) Such party shall deposit with the notary one sixth of that sale price. (4) The price shall be distributed by the liquidator as part of the assets of the succession, after notice to any inscribed creditors under section 52.