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Grameen Bank exempted from tax till 2020

  • Published at 07:46 pm November 24th, 2015

The National Board of Revenue has decided to give tax-break benefit to Grameen Bank for another five years till 2020 following a request from the microcredit institution.

The tax authorities made the decision at its regular board meeting held yesterday at its headquarters.

NBR officials said the bank will be exempted from paying any type of taxes including income tax, super tax and tax on profit.

The Grameen Bank has been enjoying tax exemption facility since its inception in 1983m, and this will expire in December 2015.

NBR officials said the tax authorities will soon issue a statutory regulatory order to the effect of the decision.

They said the tax-break facility is being extended in recoginition to the bank’s contribution to the spread of microcredit operations, alleviation of reduction and empowerment of marginalised people, particularly women in Bangladesh.

Currently, around 8.7m are members of the Grameen Bank. The bank now disburses a total of Tk13,500 crore annually as microcredit among its members.