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Revenue Service’s Approach Inhibits MFOs Development

Revenue Service’s Approach Inhibits MFOs Development

Revenue Service’s approach inhibits the development of microfinance institutions – CBW was told by Chairman of the Board of the Microfinance Organizations Association.

Beso Shengelia says  the current tax code is vague and can beinterpreted in two ways that  creates great discomfort for business. Shengelia also talks about the problems with tax authorities giving an individual interpretation of certain articles. Shengelia believes that  the revenue service’s  approach is not aimed at promoting business. On the contrary, he says,  that the situation reminds him of the nineties.