The government has granted Grameen Bank a tax exemption for five years with a condition of submitting its income tax returns.
The National Board of Revenue (NBR) issued separate gazette notifications on Thursday, specifying that the benefits can only be availed by complying with all regulations, including the timely filing of returns.
This facility came into effect from the date of issue of the order, according to a statutory regulatory order (SRO) issued on 10 October, signed by NBR Chairman Abdur Rahman Khan.
As per the order, the Grameen Bank will enjoy the tax exemption until 2029.
Since its establishment in 1983 under a military ordinance, Grameen Bank has consistently received tax exemption benefits.
This privilege falls under Section 33 of the Grameen Bank Ordinance, which has remained effective even after the ordinance was enacted into law in 2013.
Professor Muhammad Yunus, who served as the managing director of the bank for 28 years since its inception, is now the head of interim government of the country.
Grameen Bank and Yunus were awarded the Nobel Peace Prize in 2006 in recognition of their efforts to alleviate poverty through microcredit.
Besides Grameen Bank, under the same condition, non-profit religious charity As-Sunnah Foundation has been granted a tax exemption for income from donations until June of the same year
As-Sunnah Foundation, founded by Islamic scholar Sheikh Ahmadullah in 2017, focuses on
various social services, including education and humanitarian work.
The foundation was established in 2017 by Shaikh Ahmadullah, which came into the limelight for the foundation's relief efforts during the recent floods and post-flood rehabilitation activities.
During the recent countrywide floods, including Feni and Cumilla, As-Sunnah Foundation has raised over Tk 100 crore as relief funds, according to media reports.
Besides, the organisation was praised for charitable activities during the Covid-19 outbreak in 2020 and Turkey-Syria earthquake.
