BY SIMON NDIVE KALLA
Members of the Victoria Customs Cooperative Credit Union LTD, VCCCUL have called on the government to review the rate of value added tax, VAT on loans. They say this will go a long way to rescue credit unions that may be forced to wind up given the difficult business climate that has come as a result of the Anglophone crisis.
They made the appeal Saturday February 10, 2018 at the Presbyterian Church Hall Down Beach during their 43rd Annual General Assembly.
Speaking during the AGM, the president of VCCCUL Atem Emmanuel Ndeisieh said in 2017 they registered 621 new members making a total of 7,297 with shares of FCFA 408.165.634 to FCFA 353.969.209 making an increase of 15.31% and saving stands at FCFA 2.104.178.492 as against 2.457.304.362 representing a drop of 14.37%.
talking to the press
While urging all members with overdue loans to make sure they repay the loan for the growth for the cooperative. Atem Emmanuel added that due to the 2018 finance law which has imposed the collection of value added tax on interest above FCFA 2.000.000 it’s an unpleasant move on their members he told reporters.
“We shall continue to work with other unions and CamCCUL network to ensure that the law is modified for the interest of their value members. Our focus was to improve on recovery and granting good loans to satisfy members’ requirements” Atem Emmanuel told reporters.
On his part the chairman of the youth committee Ade Derick said two company accounts were opened in New Town branch Limbe- Marine shipping services LTD and Azbert Co, 40 preference shares were sold to members home and abroad for a combine value of 4 million. He added that the committee is also helpful in servicing the loans for several members.
While regretting that, due to the turbulent Anglophone crisis they were unable to effectuate several field works like the case of intensive outdoor marketing.
On her part, the chairlady Mme Lydia Tambe said the year 2017 was generally a difficult year and women did not meet regularly, they realized that their recommendation were never looked at, while also regretting that 2017 was not good because of the present Anglophone crisis membership dropped from 312 in 2016 to 268 in 2017.
Resolutions at AGM
The board of directors and management should take into account all the recommendations by the various committees and auditors; Delinquent board members should be expelled as board members; Publication of list of delinquent members; Interest rate should be reviewed and investment budget reduce; All possible avenue should be exploited to recover Madam Achala Nangah’s loan; New town building is not for sale but rent collected in advance and Members should increase interest loans.