After nearly four years, Grameen Bank founded by Dr. Muhammad Yunus. The non-profit religious charity As Sunnah Foundation received the same benefit. Both institutions will take this benefit till 2029.
The National Board of Revenue (NBR) has published a notification granting tax exemption to Grameen Bank last Thursday. It will remain in force till December 31, 2029. The company has to file income tax return every year. The notification was signed by NBR Chairman Md. Abdur Rahman Khan.
According to the notification published in the gazette form, all the income earned by the Grameen Bank is exempted from income tax subject to compliance with the provisions of sub-section (5) and (6) of the Income Tax Act 2023. This notification will be effective immediately.
It is known that Grameen Bank has been getting tax exemption benefits since its establishment in 1983 through military ordinance. The institution got the opportunity under Section 33 of the Grameen Bank Ordinance. Even though the ordinance was passed into law in 2013, the practice continues. The then Awami League government stopped this facility from January 1, 2021.
On the other hand, the non-profit religious charity As Sunnah Foundation has been exempted from tax on the income donated until June 2029. The National Board of Revenue published a separate gazette in this regard on Thursday. It has been said that this benefit can be availed only by following all the rules including filing the return within the tax day.
