The government has granted Grameen Bank a tax exemption until 2029, conditional upon submitting its income tax returns.
Under the same condition, the non-profit religious charity As-Sunnah Foundation has been granted a tax exemption for income from donations until June of the same year.
The National Board of Revenue, or 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.
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.
Muhammad Yunus, who served as the managing director of the bank for 28 years since its inception, is now the head of Bangladesh’s interim government.
Grameen Bank and Yunus were awarded the Nobel Peace Prize in 2006 in recognition of their efforts to alleviate poverty through microcredit.
As-Sunnah Foundation, founded by Islamic scholar Sheikh Ahmadullah in 2017, focuses on various social services, including education and humanitarian work.
The foundation’s recent flood relief efforts have received considerable attention.
