Manager describes 2020 budget as ‘positive’

NATIONAL Development Bank (NDB) managing director Moses Liu described the 2020 National Budget as “positive”.
Liu noted that K200 million would be under NDB so that small-medium enterprises could access it as soft loans.
“There’s actually two parts to it. Firstly, the actual funding aspects of it. The K200 million, in fact, that will provide concessional, accessible funding to our people throughout the country. We NDB were prepared for that, we anticipated this sort of allocation to come through because the prime minister has been talking about it and was also talking to us about it,” Liu told The National yesterday after the budget press-lock up at Parliament.
“We have two new products that we will be launching early next year. Once the money comes through then we will announce that,” he said.
Treasurer Ian Ling-Stucky said the Government would introduce a simplified and cheaper tax regime for small businesses with an annual turnover of less than K250,000.
“Tax will be paid at a low 2 per cent on the turnover,” Ling-Stucky said.
Commenting on that, Liu said this would also help the SMEs.
“Most of the SMEs I believe are not paying tax.
“Tax reduction will help the cash flow of the SMEs and their responsibilities of their liabilities to pay tax.
“Overall it is a positive budget.
“If the Government is able to provide the funding on time, then we will be able to roll out our new programme on time.”
Meanwhile, Liu said out of the K100 million allocated for the bank in this year’s budget, NDB received K14 million.