MICROFINANCE TRADE FAIR EXPOSED DISCRIMINATION BY THE EXPATRIATE CONTROLLED FINANCE CENTRE Vanuatu being a tax haven in the Pacific is a harbor for visiting finances seeking haven from the tax storms from abroad. This lucrative industry makes our banking and finance sector an attraction for those benefiting from the industry. The 3 day Trade Fair aimed at promoting microfinance for small business enterprises to help empower the indigenous people saw only the presence of the National Bank of Vanuatu. Where is Westpac, Bred Bank, ANZ Bank (the oldest bank in Vanuatu), the accounting firms, the law firms, the telecommunication companies, utility company like UNELCO who currently has the monopoly in Port Vila city? These are the companies who are profiting from our finance status and return nothing back to help the ordinary citizens grow the economy. Besides the Banks do not even collect VAT and they charge all kinds of fees under the sun that burdens small businesses. The honourable Prime Minister should ask his Council of Ministers to request all those businesses enjoying our tax haven to each submit their microfinance package if they have one. Then the Council of Ministers should prepare policy paper with relevant legislation to make it compulsory for such businesses to at least provide a micro finance package which will comprise a minimum of 10% business annual revenue. This regulation will be monitored by the Vanuatu Financial Service Commission.
Posted on: Sat, 16 Aug 2014 23:23:52 +0000
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