bdo e-budget brief nov 2010

8/3/2019 BDO E-Budget Brief Nov 2010

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BDO e-Budget Brief Nov 2010

Page 1

A Fine Economic and Social Balancing Act

The first budget of Honorable Pravind Jugnauth, Vice Prime Minister and Minister of Finance &Economic Development is a seamless extension of the ERCP document produced in August 2010. It

clearly paves the way for the country to avail itself of the opportunities stemming from a changing

World Economic Order. It resolutely looks East while maintaining the acquired rights from the West.

The three objectives set in this budget are:

1. Rebalancing Growth

2. Enhancing Productivity

3. Social Integration

The Honorable Minister also sets a clear vision with 1 Trillion Rupees of GDP and a GDP per Capitaof USD 20,000 by 2020. However, in the short term he has moved to achieve modest improvement

in the economy in light of the prolonged economic crisis prevailing in Europe.

GDP growth is forecasted to reach 4.2% in 2011 compared to 4.1% in 2010, budget deficit containedat 4.3% of GDP, and Public sector debt will be reduced from 60.7% to 60.3% of GDP in 2011. The

worrying indicator is inflation which is expected to shoot to 4% by 2011.

There is the clear translation of his stated position and objectives, namely the will of making

Mauritius, a duty free shopping paradise, reinstating exam fee exemption albeit up to monthlyincome of Rs14 500, abolition of National Resident Property Tax and abolition of Tax on Interest.

He has also re-introduced fiscal incentives making a clear demarcation with the last five years trend.

The challenge of this budget lies in the buoyancy of the tax revenue. In summary, the budget speech

underscores the Minister's vision on the one hand of growth in the short and long term coupled withthe change in strategy reflecting the new World Economic Order and on the other hand, a more

equitable framework for social distribution and justice. A fine balancing act, indeed.

BDO & Co19 November 2010




Page 2

Monetary and Banking Issues

• A review of the role of the Monetary Policy Committee will be undertaken

• A Sovereign Wealth Fund of USD 500 million will be set up and the Treasury Foreign CurrencyManagement Fund will be closed down

• The possible merger of the Bank of Mauritius and the Financial Services Commission will

be examined• The BoM will be empowered to issue a larger variety of instruments for the management

of liquidity

• The maximum period for which the BoM can grant advances will be lengthened from3 months to 6 months

• The list of collaterals which the Bank may accept when granting advances will be broadened.• The BoM will be given wider powers to develop the forex and derivatives market.

• The legal framework for the banking sector will be brought in line with the insolvencylegislation

Tourism

• Greater use will be made of economic diplomacy and relevant embassies will be strengthened

• Inter-institutional coordination between the Ministry of Tourism, the MTPA, EnterpriseMauritius, the BOI, AHRIM and Air Mauritius for marketing and promotion action

• Rebalancing the tourism industry to attract equal numbers of tourists from China, Indiaand Russia on one hand, and on the other hand from traditional markets. The rebalancing

and current promotion exercise will cost Rs 2 billion over the next five years. For 2011,

the MTPA will have a budget of Rs 390 million




Page 3

Mauritius Duty-Free Shopping Paradise

• The BOI will set up a dedicated desk for promoting the duty-free shopping as a new sector

of the economy• Due to the euro-zone crisis, the Government is providing domestic oriented enterprises with

a further breathing space before removing protection. Moreover, a sub-fund will be created

out of the Private Equity Fund to promote their exports

Sugar Sector

• The Government is reintroducing the tax exemption on the first 60 tonnes of sugar forsmall planters with less than 15 hectares of land and who rely solely on sugar income

• Abolition of the 15 percent income tax on the surplus generated from sugar operations byCooperative Credit Societies (CCS)

• Provision of Rs 310 million for the Field Operations, Re-grouping and Irrigation (FORIP)

project to cover another 1,300 hectares of land in 2011• Provision of Rs 15 million to maintain the incentives regarding the Fair Trade Initiative

• Increasing the price of molasses sold for producing potable alcohol this will represent

additional revenue of some Rs 300 per tonne of sugar for every planter

• Recommendations of the actuarial review of the Sugar Insurance Fund purporting to enhance

the viability of sugar producers will be implemented• The 80 percent advance scheme applicable to the 2010 sugar crop will also apply to the

2011 crop• Appropriate steps will be taken to ensure that the VAT benefits currently provided to

medium and large exporters of sugar will also be available to small planters

• Re-establishing full duty-free facility on all types of double cab vehicles (4x4) for eligiblesmall planters, farmers, fishermen's cooperative societies and qualified SMEs

Non-Sugar Sector

• A National Agricultural Biotechnology Institute will be set up to fully tap the benefits of

high tech development in the domains of agriculture, agro-industry and fisheries• To ensure bio-security, enforcement of local legislations and compliance to our international

obligations on food safety, the Government is providing Rs 15 million for the Multipurpose

Containment Facility




Page 4

Manufacturing

• Rs 600 million through the Manufacturing and Services Development and Competitiveness

(MSDC) program will be used to support enterprises in all sectors of the economy, in particularthe SMEs

• The instruments under the Leasing for Equipment Modernization Scheme (LEMS) wil be

extended until December 2012 and additional funding facilities of Rs 700 million will beprovided to bring the total to Rs 1.4 billion

ICT BPO

• The cost of traditional international bandwidth services - International Private Leased

Circuit and Internet Protocol Virtual Private Network will be decreased by an average of16 percent to 24 percent as from beginning of 2011

• Government is exploring the setting up of a Special Purpose Vehicle to ensure a second

undersea cable link. There will be an open access policy to the landing station• Government is earmarking Rs 1.5 billion, of which Rs 200 million in this budget for the

implementation of the Mauritius National Identity Card (MNIC) Project

• Government is undertaking a review of the National Information and Communication

Technology Strategy Plan (NICTSP) 2007 - 2011

Freeport

• To reinforce and enhance the Freeport and logistics platform, the government is extending

the delay for applying the normal tax rate by a further two years

Financial Services

• The government is thus amending the law to expand the scope for corporations holding

Category 1 Global Business License to extend their operations to the domestic economy• Amendment of the Trust Act to apply the rule of perpetuity to allow unlimited duration

of non-charitable purpose trusts




Page 5

Education

The Knowledge Hub

• Focus on attracting more foreign students• Accreditation and mutual recognition of qualifications in SADC, COMESA and India will be

given priority

• A new Student Visa Scheme will be introduced• Foreign students will be allowed to work on a part-time basis

• The Ministry of Tertiary Education will set up a specialized unit for processing

applications of foreign students, scholarships and visas

• Every educational institution will be required to set up a facility for assisting its foreignstudents to find an accommodation

• For the academic staff in institutions registered by TEC, BOI will handle their Occupation

Permits regardless of their income level

Pre-Primary to Tertiary

• Put a far greater focus on stopping the haemorrhage caused by a 30 percent failure rateat the CPE

• Investing in new pre-primary units in Chamarel, Albion, Barkly and Belle Mare• The enhancement programme at Standard IV will be extended to children in Standard III

as well• Government is working on a programme to give our children and teachers access to the

most modern tools of learning and teaching including IT

• The Sankoré project to equip classrooms with interactive projectors and laptops ande-learning materials

• Access to the use of laptops by teachers and needy students

• The implementation of a new school administration and management IT system• Some Rs 215 million will be invested next year to upgrade primary schools

• Rs 678 million will be invested in secondary schools, including Rs 120 million for equippingthem with multi-purpose complexes and playfields for the overall development ofthe students

• Facilitate the setting up of campuses, the Ministry of Tertiary Education will assist to bring

infrastructure to areas identified by private educational institutions




Page 6

The Medical Hub

Research and development

• Assisted Human Reproductive Technologies legislation to facilitate development of

in-vitro donor egg and donor sperm treatment• Develop framework to facilitate investment in stem cells research and treatment

• Removal of customs duty on cosmetic products and pharmaceuticals imported as samples

for testing purposes• Finalise draft Bill on Human Tissue (Removal, Preservation and Transplant)

Public Health Care

• MRA will not issue any further 'on and off' and retailer of beer licenses• Disallow new 'off' category licence where another retail outlet or school or place of worship

within 500 meters of proposed premises

• Licensing authority to suspend or revoke licenses for violation of opening hours and otherprovisions of Excise Act

Creative Industry

• Consultancy Services on film-making framework• Transform Citadel into permanent cultural and tourism attraction

• Funding for holding the Triennial of Contemporary Arts

• Setting up of a Galerie d'Arts Nationale• Organise international film festival

• Rs 253 m of which Rs 50m in this budget for 'Espace Culturel et Artistique Chateau

Mon Plaisir'

• Restoration of 9 historical and cultural sites owned by GovernmentImplementation of Matching Grant Scheme

• Rs 7.8m for rehabilitation and renovation of museums and restoration of paintings

• Conservation of Trianon Indentured Labourers Barracks. Restoration ofLa Tour Koenig




Page 7

Small and Medium Enterprises

• Democratise the economy

• Add to ERCP to prop up the SME sector• Enterprise Mauritius to focus on export promotion and development of new markets (Africa

& emerging economies)

• Transform DBM into Development Finance Agency (DFA) to support SMEs DFA- Not provide direct lending facilities except in cases where market financing

not available

- Offer partial risk guarantees and other instruments to induce financial institutions lendingto SMEs

- Provide support services and technical assistance to SMEs, micro enterprises andstart-ups

• ERCP:- To provide guarantees for SMEs to raise working capital

- To finance SMEs ( Factoring)

- To guarantee on import loans for SMEs reaching limit of facilities• Restructure over leveraged enterprises by setting of special ERCP component of

DEM market

• SEM to lower cost of listing for this segment• SEM to provide facilities to issue convertible debt instruments

• Public sector enterprises with large financing to issue corporate bonds




Page 8

Land Development

The Land Productivity Enhancement Scheme (LPES)

• New LPES and review of procedures to facilitate development of land with conversion rights

• Platform for demand and supply• Not available for residential morcellement except for mixed commercial developments

• Set maximum target of land processed under LPES annually

• Approve land use restrictions and regulatory requirements, authorisation for projectsto start

Facilitation of conversion

• To facilitate releasing of land for development , SIE Act and Morcellement Act to be amended

including on requirements for applications• Transferability of land conversion rights

• Increasing scope of exemptions for small planters

• Offset of rental paid in advance under old lease to be offset against increased rental undernew lease of industrial lease on Pas Geometriques and State Land

Marine Resources, Lakes and Rivers

• Improve legal framework for judicious use of marine resources• Legal changes to address broader issue of water-based activities, river and lake concessions

• Amend Fisheries and Marine Resources Act 2007 and Maritime Zones Act 2005

• Rs 23m for completion of Fish Auction Market• New scheme for off lagoon fishing for fishers who group together. 25% grant on purchase

of semi-industrial fishing boats

• Rs 72m for boats already ordered• Amend Martime Zone Act to speed up implementation of Land-Based Oceanic Industry• Rs100m for research centre for the Mauritius Oceanography Institute




Page 9

Human Resource Development

State of Mauritius scholarships

• Laureates can either choose the current scheme or opt for the following:

- A scholarship for an undergraduate course in any tertiary education institution in

Mauritius with an annual grant of Rs 200,00 plus fees

- A second scholarship for postgraduate studies either in Mauritius or abroad; and- Two years internship in a Ministry/Department

• Additional Scholarships Scheme: students can either choose current scheme with a reduced

annual grant of Rs 100,000 per year or the following new scheme:- A scholarship for an undergraduate course in any tertiary education institution in

Mauritius with an annual grant of Rs 60,000 plus fees

- A second scholarship for postgraduate studies either in Mauritius or abroad; and- Two years internship in a Ministry/Department

Key improvements to the SC & HSC examination fees scheme

• Increase in the monthly income threshold for paying 100% of fees from Rs 8,500

to Rs 14,500• A second child taking exams in the family is entitled to 100% of the examination fees if

the monthly family income is less than Rs11,000

• Families with a monthly income between Rs14,500 and Rs20,000 will receive a grant for50% of the examination fees

Grants and Loans

• Setting up a Committee to design and implement a Student Research Grant Scheme

• Interest rate cut from 7.5% to 5% on education loans up to Rs 500,000

• Interest rate cut from 10% to 5% on education loans over Rs 500,000




Page 10

Improving Doing Business

• The Registrar of Companies will use a scanning technology to capture data from standardforms and supporting documents

• The E-regulations platform to all Ministries• On-line Building and Land Use Permit applications to the CEB and CWA• Improve enforcement of contracts• The threshold for BOI to issue Occupation Permits for professionals will be lowered to

Rs 45,000 per month

Building the Physical Fabrics of the Future• Mauritius must invest over Rs250 billion over the next 10 years inter alia in

Highlands project, Les Salines project, Transport sector projects, Ring-Road around PortLouis, Harbour Bridge, State-of-the-art Rapid Transit System, Modern airport and Port

• For 2011, Government is providing Rs 4.5 billion in project loans to Airports of Mauritius,CEB and CWA- Port development: to invest Rs 3.5 billion at the Mauritius Container Terminal- Airport: Rs 10.3 billion to be invested to accommodate wide-bodied aircraft and a new

runway and extend terminal capacity to accomodate 4 million passengers annually• Rs 120 million will be invested in the rehabilitation of the Agalega airstrip• Providing for a feasibility study on a new port at Mahebourg• The legal framework governing PPP will be adapted to the new policy and to

present realities

Water Resources

• Water sector - Merging the Central Water Authority, the Irrigation Authority, the WaterResources Unit and the Wastewater Authority into one single Water Authority. The

Government of Singapore is extending its assistance in this process which will be an integralpart of the new 2010 to 2025 Master Plan

• Rs 454 million budgeted over the next three years for the replacement of old anddefective pipes

• Pailles Treatment Plant - Rs 245 million• Rs 53 million are earmarked in 2011 for drilling of new boreholes and upgrading of

existing dams• Government will give a cash grant of Rs 3,000 to families with a monthly income below

Rs 10,000 to purchase a water tank• Award of contract for the construction of Bagatelle Dam




Page 11

A cleaner, safer and greener Mauritius

• Rs 27 billion worth of projects are being financed to sustain a cleaner, safer and

greener Mauritius• Rs 3 billion will be spent in 2011 for the management of solid waste, wastewater and

drainage systems

• Under the National Programme on Sustainable Consumption and Production (SCP), 43 projectswill be implemented to:

- Increase resource efficiency

- Improve energy consumption patterns , and- Increase supply and use of sustainable products and services

• Taxation on motor vehicles to be based on CO2 emission standard• Increase in Excise Duty on PET Bottles, Plastic Bags and Cans from Rs 1.00 to Rs 2.00 as

from tomorrow• MID levy on each litre of petroleum products and each kg of coal and LPG will be increased

to 30 cents

• Excise Duty on petroleum products increased by 10%• Grant for the Solar Water Heater scheme is being reinstated at Rs 10,000.

Poverty Alleviation

• Eradicating absolute poverty - Rs 400 million for needy families earning less than Rs 5,000.

Per month for housing, Rs 100 million to children from vulnerable groups

Housing

• First time buyer earning less than Rs 2 million annually will benefit from exemption of

Registration Duty on purchase of a house or bare residential land, on first of Rs 1.5 million

and Rs 750,000 respectively

• Grant on casting of slabs increased from Rs 60,000 to Rs 65,000• Housing with good living - construction of 40,000 units under 5 schemes costing some

Rs 18.5 billion over the next ten years




Page 12

Fiscal ProposalsIncome Tax

Profits and gains from sale of land by companiesProfits and gains realised from the sale of land and other immovable property includingmorcellement will be subject to tax at 15%. The value of properties purchased before 1988 willbe determined by a prescribed formula.

FreeportThe period of income tax exemption for freeport operators will be extended from 30 June 2011

to 30 June 2013.

Global businessCorporations holding a Category 1 Global Business Licence will now be authorised to carry outbusiness in Mauritius. They will be subject to tax at the rate of 15% as any other domesticcompanies on income derived from Mauritius. They will also continue to benefit from the sametax treatment as currently available for their operations outside Mauritius.

Special levy on banksProfitable banks will continue to pay the special levy of 3.4% of their profits and 1% of their

turnover for the next two financial years 2011 and 2012.

Solidarity levy on telephony service providersProviders of fixed and mobile telephony services will continue to be liable to the solidarity levyat the rate of 5% of their book profit and 1.5% of their turnover for the financial years 2011 and2012.

Annual allowanceAny amount exceeding Rs.3 million for the purchase of a motor car will no longer be eligiblefor annual allowance.

Societies engaged in real estate businessThe profit of societes engaged in real estate business will be subject to income tax at 15%.Hence, their associates will not be subject to tax on their share of profits.

Solidarity Income TaxAny individual deriving taxable and exempt income exceeding Rs.2 million will be subject toSolidarity Income Tax of 10% on their exempt income such as dividends from resident companiesand interest.




Page 13

Profits and gains from sale of land by individuals

An individual taxpayer will have to pay tax on gains derived from the sale of land and immovableproperty at the rate of 10% except on the first Rs.2 million. Land and immovable propertiesinherited or transferred from ascendant to descendant will not be subject to this tax.

Cane cultivationAny small planter cultivating less than 15 hectares (35A55) of land and deriving income solelyfrom cane cultivation will be exempt from income tax on the first 60 tons of sugar produced.Furthermore, he will not have to submit an income tax return.

Cooperative Credit Societies (CCS) which were formerly liable to tax at 15% on their net incomefrom sugar operations will henceforth be exempt from income tax.

Interest on mortgage loanA taxpayer who is not benefiting from the new housing scheme and who is investing in a housefor the first time will be allowed to deduct up to Rs.120,000 of interest paid on mortgage loansobtained as from 1 January 2011. He will be allowed to make such deduction for the first fiveyears of the loan. This measure will also apply to first time home owners on mortgage loantaken since 1 July 2006. Interest paid on such mortgage loans will be deductible for a periodof five years as from 1 January 2011.

Tertiary educationTaxpayers who are not subject to Solidarity Income Tax and whose children are following non-sponsored full-time undergraduate course at a recognised tertiary educational institution willhenceforth be allowed a deduction of Rs.80,000 per child studying in Mauritius and/or Rs.125,000per child studying abroad. This deduction is limited to three children for a period of 3 consecutiveyears of study where the tuition fees exceed Rs.44,500 excluding administration and studentunion fees.

Interest incomeExemption of interest income is reinstated as from 1st January 2010. Tax already withheld atsource will be set off against tax payable on returns for 2012 and 2013. Any remaining tax afterset off will be refunded in 2013.

Lump sum and severance allowanceThe exemption from income tax in respect of lump sum on retirement and/or severance allowancewill increase from Rs.1 million to Rs.1.5 million in the aggregate.

Filing of returnAn individual taxpayer who submits his income tax return and pays tax electronically will beallowed an additional 15 days to do so after the due date.

National Residential Property TaxIt is abolished as from 1st January 2010.




Page 14

Value Added Tax

• Small planters of sugar cane will get the same VAT benefits as currently applicable to mediumand large exporters of sugar.

• VAT will be chargeable on goods and services supplied by the Mauritius Turf Club, horsestables and on management services to tote operators.

• Cosmetic surgery services provided by private health institutions will no longer be exemptfrom VAT.

• The following products currently being zero-rated will be exempt from VAT as from1 March 2011:

Customs and Excise Duty

• Duty is abolished on the following:- Double cab vehicles for eligible planters, farmers, fishermen’s cooperative societies and

qualified SMEs.- Cosmetic products and pharmaceuticals imported as samples for clinical testing purposes.

• Licence fees payable for selling liquor and alcoholic products will be doubled while thenumber of categories of licences will be reduced from 16 to 8. Wine will be redefined toadhere to international standards.

• MID levy will be increased from 15 cents to 30 cents on each litre of petroleum products,kilo of LPG and coal.

Animal feed Curdled milk, cream Edible oils Fertilisersand yoghurt

Live chicken Margarine Sterilised liquid milk Wheat flourand chicks and bran




Page 15

Products From To

Plastic bottles, cans and plastic bags Re.1 per unit Rs.2 per unit

Beer made from malt Rs.19.80 per litre Rs.22.80 per litre

Champagne Rs.500 per litre Rs.600 per litre

Wind and sparkling wine Rs.105 per litre Rs.126 per litre

Fortified wine Rs.105 per litre Rs.150 per litre

Vermouth Rs.105 per litre Rs.126 per litre

Wine and vermouth in bulk for bottling Rs.60 per litre Rs.72 per litre

Fruit wine Rs.7 per litre Rs.8.40 per litre

Fortified fruit wine Rs.7 per litre Rs.18 per litre

Shandy Rs.5 per litre Rs.8.40 per litre

Beer Rs.19.80 per litre Rs.22.80 per litre

Cider, perry and mead Rs.20 per litre Rs.24 per litre

Cognac, brandy and whiskies Rs.1,000 per litre Rs.1,200 per litre

Cognac, brandy and whiskies in bulk for bottling Rs.625 per litre Rs.750 per litre

Agricultural rum and island recipe rum Rs.200 per litre Rs.300 per litre

Distilled gin and London gin Rs.200 per litre Rs.300 per litreOther gin and geneva Rs.1,000 per litre Rs.1,200 per litre

Vodka

(by treating fermented mash of cereals or potato) Rs.1,000 per litre Rs.1,200 per litre

Other vodka Rs.200 per litre Rs.300 per litre

Liqueurs and cordials Rs.200 per litre Rs.240 per litre

Eau de vie and tequila Rs.1,000 per litre Rs.1,200 per litre

Eau de vie and tequila in bulk for bottling Rs.625 per litre Rs.750 per litre

Spirit cooler Rs.19 per litre Rs.28.50 per litre

Spirits obtained by redistilling alcohol and spiritsobtained by compounding or flavouring alcohol

obtained from molasses, sugar cane and

its derivatives Rs.200 per litre Rs.300 per litre

Cigars, cheroots, cigarillos,

containing tobacco Rs.7,500 per kg Rs.9,500 per kg

Cigarettes containing tobacco Rs.2,200 per Rs.2,750 per

thousand cigarettes thousand cigarettes

Mogas (essence) Rs.9.80 per litre Rs.10.80 per litre

Gas oils (diesel) Rs.3 per litre Rs.3.30 per litre

• As from 20 November 2010, increase in excise duty on the following products:



Land Conversion

• Land conversion rights may be transferred between unrelated parties at a fixed fee ofRs.350,000 per hectare.

• They may be transferred between companies of the same group, ascendants and descendantsand co-heirs.

• The threshold for exemption from land conversion tax for small and medium planters isincreased from one hectare to two hectares. They will benefit from their individual exemptionwhen they regroup their land assets.

Registration Duty

An adult whose total annual income is below Rs.2 million and is a first-time buyer of a houseor bare residential land will be exempted from the payment of registration duty on the firstRs.1.5 million of the cost of the house or Rs.750,000 in the case of the bare land whereconstruction begins within a year and is completed within three years of purchase.

Land Transfer Tax

• The additional rate of 5% introduced two years ago will be removed.

Gaming Tax

• Licences and tax will be increased as follows:

Licenses and Tax From To

License for casino and Gaming

House ‘A’ Rs.500,000 for 12 months Rs.3,500,000 for 12 months

License for Gaming Slot Machines Rs.20,000 per machine Rs.125,000 per machine

for 12 months for 12 monthsLicense for Gaming House ‘B’ Rs.10,000 for 12 months Rs.50,000 for 12 months

Pool betting duty on foreign

football matches 10% 12%

Tax on fixed odd betting on football

matches and horse racing 8% 10%


Page 16



BDO & Co

DCDM Building,

10, Frère Félix de Valois street,

Port Louis

MAURITIUS

Tel: +230 202 3000www.bdo.mu

BDO e Budget Brief Nov 2010

• The license fee of a bookmaker conducting fixed odd betting on horse racing will increase

by 67%.• The license fee of all other betting outlets, including totalisators, football betting outletsand bookmakers operating through remote control communications will increase by 100%.

• The license fee of a sweepstake organiser, local pool promoter, agent of foreign poolpromoter and operator of dart games will increase by 50%.

Passenger Fee

• Passenger fee levied on tourists will be as follows:

Passenger Service Charge

• Passenger service charge of Rs1,000 per adult and Rs.500 per child will be levied on alldeparting passengers by Airports of Mauritius Ltd.

From Indian Ocean From any other countries

Commission countries

Passenger aged 12 and above Rs.600 Rs.1,400

Children aged 2 to 12 Rs.300 Rs.700

Disclaimer

BDO & Co, a firm of Chartered Accountants in Mauritius, is a member of BDO International Limited, a UK companylimited by guarantee, and forms part of the international BDO network of independent member firms.

BDO is the brand name for the BDO network and for each of the BDO Member Firms.

This publication has been carefully prepared, but it has been written in general terms and should be seen as broadguidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain

from acting, upon the information contained therein without obtaining specific professional advice. Please contactBDO & Co to discuss these matters in the context of your particular circumstances. BDO & Co, its partners, employeesand agents do not accept or assume any liability or duty of care for any loss arising from any action taken or nottaken by anyone in reliance on the information in this publication or for any decision based on it.

bdo e-budget brief nov 2010

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