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Microfinance sector is ‘underprivileged’, not ‘poor’


The Union of Small and Medium Enterprises (UNISAME) has urged all financing institutions to refrain from using the word ‘poor’ for the micro sector and instead use the internationally approved word ‘underprivileged’ for it.

The micro entrepreneurs being businesspersons involved in commercial activity dislike the word poor and consider it improper, UNISAME President Zulfikar Thaver said in a statement on Saturday. “The definition of a poor person in financial circles is one whose income is not taxable, but it is pertinent to note that 90% of the people have come under the tax net due to cellular facilities used by them,” he added.

He requested the concerned not to make this an issue as micro sector is facilitated by digital banking and is paying taxes. “It should not be referred all the time as a disorganised sector. The Federal Board of Revenue (FBR) is in a position to know what each CNIC holder is paying as tax,” he affirmed.

For more on this story visit the following link: Microfinance sector is ‘underprivileged’, not ‘poor’

Source: Daily Times

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