The government has granted Grameen Bank tax exemption until 2029, on the condition of filing income tax returns.
A gazette was issued by the National Board of Revenue on Thursday in this regard.
The gazettes state that these benefits will only be applicable if all regulations, including filing returns within the due date, are followed.
Since its establishment in 1983 through a military ordinance, Grameen Bank has consistently enjoyed tax exemption.
This benefit has been granted under Section 33 of the Grameen Bank Ordinance.
Even though the ordinance was converted into law in 2013, that section remains in effect.
Professor Muhammad Yunus, who is now the head of Bangladesh’s interim government, served as the Managing Director of Grameen Bank for 28 years since its inception.
In recognition of efforts to alleviate poverty through microcredit, Grameen Bank and Muhammad Yunus were awarded the Nobel Peace Prize in 2006.
Under the same condition as Grameen Bank, As-Sunnah Foundation, a non-profit religious charitable organization, has been granted tax exemption on income from donations until June 2029 as well. Another gazette was issued in this regard as well.
As-Sunnah Foundation is a Bangladesh-based non-profit religious charitable organization that engages in educational, dawah (religious outreach), and humanitarian activities.
It was founded in 2017 by Islamic scholar Sheikh Ahmadullah, who is also its chairman.
The foundation’s relief activities during the recent floods gained significant attention.
