THE REGISTRATION DUTY ACT - ASSESSMENT OF DUTY - VALUATION OF PROPERTY

S. 15 - Valuation of property
1. the value of property for duty purposes shall be calculated in accordance with the Second Schedule
S. 16 - Value undeclared
1. Where the value of the consideration is not specified in a document declare in the document the estimated value of the consideration.
s. 19 - Right of pre-emption
1. section 28 of the Land (Duties & Taxes) Act
2. every deed of transfer shall be subject to a resolutory condition (condition resolutoire) of a right of pre- emption (droit de pre-emption) in favour of the State
3. Every notary shall when drawing up a deed containing provisions for a transfer, make known to the parties to the deed and shall insert a clause in the deed to that effect
  1. The Receiver shall not register any deed in respect of which the above subsection has not been complied with.
s. 20 - Exercise of right of pre-emption
1. the Receiver may, where he is dissatisfied with the value stated in the deed of transfer, exercise on behalf of the State, within a period not exceeding 6 months from the date of registration of the deed of transfer, the right of pre- emption conferred on the State under s. 19 by reimbursing to the transferee the amount payable.
  1. The exercise of a right of pre-emption shall be notified to the transferee by notice served by an usher of the Supreme Court and no fee or duty shall be chargeable in respect of the service.
  2. The Receiver shall, in the notice served call on the transferee to collect, within 30 days from the date of the notice, the amount payable.
  3. Where a transferee to whom a notice has been served fails to collect the amount payable within the delay, the amount payable shall be deposited at the Registry.
2. Where the Receiver exercises a right of pre-emption in respect of any immovable property, he shall draw up a memorandum which, on registration and transcription, shall constitute a valid title for the State in respect of the immovable property.
  1. shall be exempt from any fee or duty
3. Where an immovable property in respect of which a right of pre-emption has been exercised is burdened with a privilege, charge or mortgage, the amount payable shall be deposited at the Registry.
4. shall be paid out of the Consolidated Fund.
s. 21 - Payment of amount payable on pre-emption
1. Where an interested person claims to be entitled to any part of the amount payable, he shall make a written application to that effect to the Registrar who shall, upon being satisfied of the claim, pay out to him the part of the amount payable to which he is entitled.
2. the Receiver shall apply for a vesting order to vest the money in the Curator and upon the making of the vesting order the money shall vest in the Curator.
  1. Where the amount payable is not, within 6 months of the deposit
  2. no person competent to receive, or give a sufficient discharge for, the money
  3. a dispute as to the title to the money
  4. Any money vested in the Curator shall be dealt with in the same manner as any money vested in the Curator under the Curatelle Act.
s. 22 - Administration by Curator
1. Any immovable property in respect of which the State has acquired title under section 20(4) shall be administered by the Curator.
2. The Curator may, with the approval of the Attorney-General, sell by auction or tender any immovable property administered by him under and the purchaser shall bear, in addition to the price fetched at the auction or as a result of the tender, the costs of registration duty, advertisement for the auction or tender and any other costs of the sale.
3. Any sum received on the sale of any immovable property shall be paid into the Consolidated Fund.
s. 24 - Transfer of shares or debentures
1. any transfer of shares or debentures in any company except where the transfer is effected on the Development & Enterprise Market of the Stock Exchange of Mauritius shall be by deed in which any consideration shall be truly stated, and such deed, where the transfer is for valuable consideration, shall be in the appropriate form of the Third Schedule
2. “transfer of shares”, in relation to 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.
3. No deed of transfer shall be registered unless it is supported by a certificate
  1. the broker who acted on behalf of the purchaser of the share or debenture shall cause the deed of transfer to be registered.
  2. the President (Syndic) of the Chamber shall issue to the broker who acted on behalf of the purchaser of the share or debenture a certificate in the form set out in the Fourth Schedule
4. The deed of transfer for valuable consideration shall when executed be registered with the Receiver
  1. within the period specified in the second column of the Sixth Schedule
    1. 15 days
    2. the person applying for the registration of the deed of transfer shall be liable to the penalty provided for in the third column of that Schedule
  2. on payment of the duty in accordance with item 8 of paragraph J of Part I, item 6 of Part III or Part V of the First Schedule
    1. 5% - Documents witnessing a transfer for valuable consideration of shares, irrespective of the date on which the transfer takes place
    2. FREE - Documents witnessing transfer, for consideration, of shares in any company, which do not attract registration duty under item 8 of Paragraph J of Part I
5. Where the Receiver is satisfied that the transfer of any shares or debentures has been made to any bank under article 2202-2 of the Code Civil Mauricien, the registration of the transfer may be effected at any time.
6. The Receiver shall make an entry of each transfer with full details of the transfer in a special book called the Register of Transfers.
  1. except on production of a deed duly registered.
    1. Such deed shall be filed in a special register to be kept by the company.
  2. The Receiver may, before registering a transfer of shares or debentures call for a written declaration regarding the relationship which may exist between the parties to the transfer.
    1. Where the Receiver is dissatisfied with the value mentioned in any document witnessing the transfer of any shares or debentures, he shall assess the value of the share in accordance with s.17.
      1. Valuation of movable property
7. knowingly makes a false statement in a notice or a deed of transfer or a certificate issued
  1. makes any false declaration as regards a transfer of shares or debentures
  2. shall commit an offence and shall, on conviction, be liable to a fine not exceeding 200,000 rupees and to imprisonment for a term not exceeding 3 years
8. in any company which reckons among its assets –
  1. any freehold or leasehold immovable property
  2. any shares in a partnership which reckons among its assets such property, or any shares that the partnership holds in any other partnership, successive partnership, company or successive company which reckons among its assets such property
  3. any shares in a company which reckons among its assets such property, or any shares that the company holds in any other company, successive company, partnership or successive partnership which reckons among its assets such property
  4. the duty leviable
    1. on the value of the shares transferred
    2. at the option of the transferor and transferee jointly, in such proportion as the number of shares transferred bears to the total number of shares issued by the company without taking into account the number of shares, if any, issued to the transferee during the period of 3 years immediately preceding the date of transfer, on the open market value of the immovable property comprised in the assets of the company or on the value of the shares transferred, whichever is the lower
9. where the value of the shares transferred exceed 200,000 rupees, the transferor shall submit a certificate from a professional accountant as to the value of the shares transferred
s. 24A - Transfer or issue of shares
1. Notwithstanding any other enactment, where the transfer of shares in a company or issue of new shares by a company gives rise to a right of ownership, occupation or usage in an immovable property or any part thereof to a person, the transfer or issue shall be in the form set out in the Third Schedule under the heading “C – Transfer or issue of shares in or by a company to a person”.
  1. be registered with the Registrar-General
  2. be subject to duty in accordance with section 24 relating to the Sixth Schedule
    1. within the time limit specified in the second column of that Schedule
  3. the duty leviable shall be on the value of the immovable property or any part thereof in accordance with item 8 of paragraph J of Part I of the First Schedule
    1. Item 8(2) of paragraph J of Part I of the First Schedule shall not apply to a transfer or issue

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THE REGISTRATION DUTY ACT - ASSESSMENT OF DUTY - VALUATION OF PROPERTY

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