On June 13, 2024, the Chinese Business Chamber (CBC) hosted a debate on the 2024 budget.
The guest speakers included:
– Mr. Fazeel Soyfoo, Tax Partner at Andersen;
– Mr. Kavissen Senivassen, Economist and Investment Manager;
– and Mr. Mahmad Noor Oozeer, Director at the Mauritius Revenue Authority (MRA).
Our board member, Belinda Wong, moderated the event. Here are the key highlights:
* Debt and Reinvestment: The consensus was that debt is not problematic if reinvested in the economy to generate revenue.
* Social Protection vs. Other Sectors: While investment in social protection is commendable, it results in reduced investments in other critical sectors, such as healthcare and education.
* Offshore Sector Taxation: The offshore sector is experiencing rapid growth but may contribute relatively little in taxes.
* Demographic Challenges: In the next decade, Mauritius may face an aging population with fewer young people available to support the elderly through pension contributions.
* Skills Gap and Corporate Relocation: Although large companies have established themselves in Mauritius, much of the workforce is engaged in low-skilled activities. There is a risk that if another jurisdiction becomes more cost-effective, these companies may relocate, leaving our local workforce lacking high-level skills.
