Doulot Akter Mala
The government raised Sunday the tax exemption limit for donation to charity to Tk 0.5 million from Tk 250,000 aiming to encourage welfare activities.
There are 22 authorised areas enjoying the tax exemption for investment in different welfare purposes, which include charitable hospital, provident fund, insurance premium etc.
"The finance adviser Sunday gave approval to the NBR's proposal on upward adjustment of the tax exemption ceiling for such investment," NBR chairman Badiur Rahman said.
The NBR will send it to the law ministry for vetting before issuing Statutory Regulatory Order (SRO) in this connection, he said.
A taxpayer will get the exemption of Tk 0.5 million or 15 per cent of the investment, whichever is lower, in 2008-09 fiscal, if he or she invests the amount in 2007-08 fiscal, he said.
According to the income tax ordinance, 1984, section 44, subsection 3 (a), the government declared some categories of investment as tax-free upto Tk 250,000.
"We hope that the investors will be encouraged to invest more in such sectors with the rise in tax exemption ceiling," he said.
Tax exemption limit for donation to charity raised to Tk 0.5m
FE Team | Published: October 08, 2007 00:00:00 | Updated: February 01, 2018 00:00:00
Share if you like