US EditionFinance – Individuals and Microfinance Institutions Exempted From Vat on Bank Credit Interests, According to the Council of Ministers
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The Decentralised Council of Ministers held on Thursday 10 July in Sainte-Marie has provided expected clarifications on the controversial application of the 20% VAT on interest on loans. An official circular, which entered into force immediately after its approval, specifies that individuals contracting consumer credits as well as microfinance institutions will not be affected by this tax. A decision welcomed by users, but which sounds like a co…
Antananarivo, 11 July, 6:20 a.m. – The Council of Ministers extends the exemption from VAT on the interest of loans to loans contracted from microfinance institutions. According to the report of the meeting of the Executive which took place on Thursday, this tax will not apply to individuals on their credits for consumption or to those who borrowed from microfinance institutions. The communiqué of the Council of Ministers relocated to Sainte Mar…
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