The Nationwide Board of Income (NBR) has revoked the tax rebate revenue on donations to 5 extra trusts and foundations, about a of that are affiliated with the Awami League, underneath separate statutory regulatory orders (SROs) issued between 2013 and 2019.
In maintaining with an NBR uncover issued Tuesday (3 December), the affected establishments consist of Shurer Dhara, a cultural and song organisation founded by singer Rezwana Choudhury Bannya; Lalit Mohan Dhanbati Memorial Foundation; Wadud Bhuyan Scholarship Belief; Bangabandhu Sheikh Mujibur Rahman Memorial Belief; the Centre for Study and Records (CRI), a study organisation aligned with the Awami League; and the President Abdul Hamid Foundation, linked to the broken-down president.
In November, the NBR had equally withdrawn tax rebate facilities for donations to other nationwide-level establishments established to honour the memory of Sheikh Mujibur Rahman.
In maintaining with NBR sources, the revenue board plans to grab away tax rebate benefits for several extra establishments, trusts, and foundations.
Muhammad Abdul Mazid, broken-down NBR chairman, earlier quick The Enterprise Usual, “Tax rebate benefits possess most regularly been misused, with donations made in the name of such charities or trusts, undermining their intended reason.”
Folks or organisations can claim tax rebates on donations of as much as 10% of their entire taxable earnings, in accordance with the existing Profits Tax Act.
Alternatively, with the cancellation of these SROs, donations to those organisations will no longer be tax-exempted.
