Section 53I: Interpretation

53I. Interpretation In this Part— “accounting period” means— (a) in the case of a bank which has started operation, the period starting from its date of operation and ending on the date of the annual balance of the accounts of the bank; (b) in the case of a bank which has ceased operation, the period starting from the date of the annual balance of the accounts of the bank and ending on the date of cessation of operation; (c) in any other case, a period of 12 months ending on the date of the annual balance of the accounts of a bank; “bank”— (a) has the same meaning as in the Banking Act; but (b) does not include the Development Bank of Mauritius Ltd; “leviable income” means the sum of net interest income and other income from banking transactions with residents, before deduction of expenses; “net interest income” means interest income less interest expense; “resident” has the same meaning as in the Income Tax Act; “special levy” means the special levy referred to in section 53J. [S. 53I repealed by s. 35 (o) of Act 9 of 2015 w.e.f. 1 July 2015; inserted by s. 69 (m) of Act 11 of 2018 w.e.f. 9 August 2018 shall come into operation in respect of accounting period ending on or after 1 January 2019 and in respect of every subsequent accounting period. [Issue 10] V4 – 38 Revised Laws of Mauritius 53J Liability to special levy (1) Subject to the other provisions of this Part, every bank shall be liable to pay to the Director-General a special levy on its leviable income derived in every accounting period at the rate of— (a) 5.5 per cent in the case of a bank having a leviable income of not more than 1.2 billion rupees; (b) 4 per cent in the case of a bank having a leviable income of more than 1.2 billion rupees. (2) Every bank shall remit the special levy to the Director-General at latest 5 months from the end of the accounting period, in such form and manner as the Director-General may approve. (3) No levy shall be paid for an accounting period where a bank incurred a loss in the accounting period. [S. 53J repealed by s. 35 (o) of Act 9 of 2015 w.e.f. 1 July 2015; inserted by s. 69 (m) of Act 11 of 2018 w.e.f. 9 August 2018 shall come into operation in respect of accounting period ending on or after 1 January 2019 and in respect of every subsequent accounting period.] 53K Late payment of special levy Where a bank fails to pay the special levy on or before the last day on which it is payable under section 53J (2), it shall be liable to pay to the Director-General, in addition to the levy— (a) a penalty of 5 per cent of the levy; and (b) interest on the levy, excluding the penalty under paragraph (a), at the rate of 0.5 per cent per month or part of the month during which the levy remains unpaid. [S. 53K repealed by s. 35 (o) of Act 9 of 2015 w.e.f. 1 July 2015; inserted by s. 69 (m) of Act 11 of 2018 w.e.f. 9 August 2018 shall come into operation in respect of accounting period ending on or after 1 January 2019 and in respect of every subsequent accounting period.] 53L Assessment and recovery of special levy Parts VII, VIII, IX and XI and sections 68, 69, 70 and 71 shall apply to the special levy with such modifications, adaptations, and exceptions as may be necessary. [S. 53L repealed by s. 35 (o) of Act 9 of 2015 w.e.f. 1 July 2015; inserted by s. 69 (m) of Act 11 of 2018 w.e.f. 9 August 2018 shall come into operation in respect of accounting period ending on or after 1 January 2019 and in respect of every subsequent accounting period.] 53M. ing period.] 53L Assessment and recovery of special levy Parts VII, VIII, IX and XI and sections 68, 69, 70 and 71 shall apply to the special levy with such modifications, adaptations, and exceptions as may be necessary. [S. 53L repealed by s. 35 (o) of Act 9 of 2015 w.e.f. 1 July 2015; inserted by s. 69 (m) of Act 11 of 2018 w.e.f. 9 August 2018 shall come into operation in respect of accounting period ending on or after 1 January 2019 and in respect of every subsequent accounting period.] 53M. — [S. 53M repealed by s. 35 (o) of Act 9 of 2015 w.e.f. 1 July 2015.] continued on page V4 – 39 V4 – 38 (1) [Issue 10] Revised Laws of Mauritius PART XI – OFFENCES