MCS Communique

Annual Report for the year ended June 2018

 

Achievement of Profit before Tax of Rs 1.7 billion and Reserves of Rs 9 billion

The Mauritius Civil Service Mutual Aid Association Ltd wishes to inform its valued members and the general public that its annual report for the year ended June 2018 has been released and that the profit before tax expense of Rs 1.7 billion has been achieved whereas the reserves stood at Rs 9 billion. The Association is also expecting a good financial performance for the financial year ending June 2019.

 

Tax Issue

The Association had a tax issue with the MRA. The Assessment Review Committee gave its ruling in February 2018 whereby the interest income on loans granted by the Association to its members is subject to tax. In accordance with accounting standards, the entire tax of Rs 1.9 billion for the 12 year-period was accounted for in the financial year ended June 2018.

 

Prudential Measures

The Board of Directors of the Mutual Aid took the decision, under prudential management, to effect placements in fixed deposits with Banks and Non-Banks over several years in the event the tax case turned against the Association. This enabled the Mutual Aid to settle the tax expense without affecting its cash flow.

The Association will continue to offer competitive interest rates on loans and deposits to its valued members and customers.

 

125th Anniversary

This year, the Association is commemorating its 125th anniversary. To mark this event, the Association is enhancing its Corporate Social Responsibility activities by, inter alia, increasing the number of scholarships to 30 for needy students following degree and vocational courses. The beneficiaries of the scholarship are offered a laptop and a yearly stipend, which has recently been increased.

Moreover, the Association has been assisting several families and NGOs engaged in therapy for cancer patients, children suffering from disabilities and senior citizens.

 

Click here to view the Annual Report June 2018.