Income tax levied on Bangabandhu Memorial Trust, CRI benefits revoked

The trust was granted a tax exemption for 10 years in a 2018 notification

The interim government has imposed a tax on the income of Bangabandhu Sheikh Mujibur Rahman Memorial Trust.

Recently, the National Board of Revenue, or NBR, announced the revocation of six statutory regulatory orders, or SROs, that were exempted from income tax by the deposed Awami League government.

Bangabandhu Sheikh Mujibur Rahman Memorial Trust was one of them.

According to the 2018 notification, this trust was exempted from income tax for 10 years on interest earned from fixed or savings deposits.

Following the change in power, the previous notification has been cancelled after six years.

The income tax on the interest earned on the trust’s deposits must be paid from now on as per the normal rules.

Similarly, the tax exemption provided to the Awami League’s research wing, the Centre for Research and Information, or CRI, has also been withdrawn.

According to the previous notification issued in January 2019, the organisation was exempted from tax for an unspecified duration on all earnings from donations, grants, and interest received from banks and other sources through its activities.

At the same time, the current government has also cancelled the tax exemption granted to President Abdul Hamid Foundation in 2019.

According to the previous notification, the foundation received tax exemption on all income and interest on bank deposits for 10 years.

Since the interim government took office, it has been monitoring exemptions given during the previous government, cancelling many of them from time to time.

This list includes business entities favoured by the Sheikh Hasina government, as well as social organisations and institutions established named after political figures.