Al Bashir Cancels VAT on Micro Finance Projects

Al Sammani Awadallah

The president of the republic Marshal Field Omar Al Bashir issued on Monday a decree to cancel the value Added Tax VAT, which imposed by the Banks on the micro finance productive projects, also he revealed that he will meet with the legislative monitoring councils in the Banks to discuss the profit rates.
The decisions say that the profit rate must not exceeded 5% to those who apply for micro finance projects, this came while the president was addressing the tripartite agreement ceremony included, North Kordofan State, Ministry of Social Welfare and Sudanese Agricultural Bank and Asyaf company.
Al Bashir, orderd the Central Bank of Sudan, to restore back the allocated percentage, 12% from the banks who failed to utilize the fund for the sake of the beneficiaries.
The president blamed the Banks saying “they achieved only 3% out of 12%”, in the same context Al Bashir criticized the performance of the Banks, describing it as the worst financial procedures “we can’t name the Banks as Islamic Banks because they failed to realize the objectives and adopted secular system”

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