The National Board of Revenue (NBR) has instructed its tax offices across the country to furnish information regarding tax payment status of the research organisations under their respective circles.
The income tax policy wing sent letters to all the field offices last week seeking relevant information in a prescribed format by tomorrow (Thursday).
In the letter, signed by second secretary Md Jasim Uddin, the board sought names of organisations and their Taxpayers' Identification Numbers (TINs), year of obtaining TINs, tax returns submission years, shown, income sources of income and paid taxes.
The board has sent the letter addressed to the tax commissioners of the tax offices in Dhaka, Chitaggong, Khulna, Rajshahi, Sylhet, Rangpur, Barisal, Mymensing, Gazipur, Narayanganj, Comilla and Bogra.
According to a Statutory Regulatory Order (SRO), issued on June 26, 2014, national research firms that are registered under Trust Act 1882 or Societies Registration Act 1860 will enjoy a reduced rate of tax at 15 per cent on their annual income.
Until last fiscal year, tax rate was 25 per cent for the research firms registered under those acts, tax officials said.
However, sources at the research organisations said the firms should be exempted from payment of tax as they are non-profit research organizations or entities. These organizations are also helping policy formulation through intensive analysis on economic and social issues so that the government can face upcoming challenges efficiently.
They said the research firms have relatively modest income as they do not carry out commercial business activity. It is also noteworthy that any surplus generated out of their activities is ploughed back fully to enhance the public policy related activities of these organizations. No profit or dividend is given to any Trustee or Board members of these organisations, they claimed.
© 2024 - All Rights with The Financial Express
