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Building a better and more prosperous Mauritius

 

Looking toward 2014, Mauritius presents an appearance of optimism and opportunity with high hopes of further economic growth and development. Economic transformation programmes remain a priority on the government’s agenda and these are to be complemented by improvements to human capital to make the economy internationally up to par. With strong Foreign Direct Investment (FDI) inflows posted in 2013, to the tune of MUR10bn, the country is looking forward to working towards a better and more prosperous Mauritius in the coming year.

2014 Mauritius Budget Speech

On 8 November, The Mauritian Vice Prime Minister and Minister of Finance and Economic Development, Hon. Xavier Lux Duval delivered his third budget speech titled: “Building a Better Mauritius – Creating the Next Wave of Prosperity”.

The budget announced by the Minister was delivered with 2013 macro-economic statistics indicating inflation of 3.6%, growth at 3.2%, unemployment rate at 8.3%, and a budget deficit of 3.7%. The economy is marching steadily towards fiscal balance with a public sector debt of 54.8 for 2013. From an economic outlook perspective, the measures in Budget 2014 are expected to maintain the year on year economic stability fundamentals, with growth forecast of 3.8% – 4.0%, budget deficit of 3.2% and public sector debt of 54%.

Laying foundations for growth

At first sight, this budget is not a populist exercise with drastic roll back of subsidies or big changes to the tax net. A more articulate analysis however, shows that it lays the blocks to put the economy on a firm base.

Overall the Budget 2014 offers the rational benefits of stability and prudence needed in a slowly recovering global economy, with measures to create a new and improved economic space waiting for the Africa rising to mature and for our main export partners to bounce back.

Analysis and Tax Card

KPMG Mauritius has compiled an analysis of the Budget 2014, together with a 2013 Tax Card to serve as a quick reference tool for the most common tax rates and amounts in Mauritius. We invite you to download these documents by clicking on the respective links below.

Download the full budget highlights.

Download the 2014 Tax Card.

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David Okwara

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