• Friday, December 19, 2014

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Microfinance Institutions (MFIs)

Micro lenders may come under tax net

Micro lenders may come under tax net

The government plans to impose 10 percent tax on net income of microfinance institutions (MFIs) from the next fiscal year. The National Board of Revenue had taken such a move in 2005, but later shelved the plan in the face of opposition from different quarters, including micro finance operators. There are 700 MFIs in the country now. The government is finding new sources of income tax and value added tax as the revenue collection target for the upcoming fiscal year may rise 20 percent to Tk 149,720 crore from the...

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