Brac on Wednesday has issued a statement on the Supreme Court's ruling that the world's largest non-profit organisation has to pay the government its due income tax.
In the statement, Brac noted that it respects the latest ruling by the Supreme Court, the full text of which has not yet reached the Brac management.
“Once the full text of the verdict is received, we will take legal counsel and decide our next course of action,” the statement reads.
On Wednesday morning, the Supreme Court ruled in favour of the government regarding Brac's taxable status. The apex court ruled that Brac has to pay its due Tk4,042,058,892 income tax which was previously exempted considering it a charitable organisation.
Brac in its statement said the organisation contested that non-profit organisations should be exempt from income tax. But the SC ruling overturned the High Court's 2014 verdict which declared that the income from Brac’s social development programmes would be exempted from income tax.
Brac is a non-profit organisation and the income generated by Brac’s social enterprises supports the organisation's social development programmes, the statement reads.
“Our social development programmes across the country and millions of people who benefit from them will not be adversely affected by the outcome of this ruling,” it says.
Thursday, April 25, 2024
