Flood donation beyond Tk 0.25m taxable: NBR
Wednesday, 8 August 2007
FE Report
The National Board of Revenue (NBR) said Tuesday the entire amount of donation for flood victims will not be made tax free as requested by the business leaders.
Citing the existing income tax law, tax policy member Ali Ahmed said: "Any kind of donation worth up to Tk 0.25 million is tax free, but an individual has to pay tax for the donation above the ceiling."
"If we receive any directive from the chief adviser considering the plea of the businessmen, the board can take necessary measures in this connection," he said.
Business leaders of the country's apex chamber body have been requesting the government to allow the money spent for the flood affected people as tax free.
At a press conference on Monday, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) urged the government for declaring the money spent on flood relief as tax-free.
They have requested the government for allowing the deposited money to the government relief fund and the amount spent on other relief activities as tax-free to encourage the affluent people for extending help to flood victims.
There are reports that relief distribution to the flood victims is inadequate leaving the flood victims in distress in nearly 42 districts.
Although the government has been taking a number of initiatives to help the flood affected people, the relief operation seems inadequate due to absence of active participation of the political organisations.
The National Board of Revenue (NBR) said Tuesday the entire amount of donation for flood victims will not be made tax free as requested by the business leaders.
Citing the existing income tax law, tax policy member Ali Ahmed said: "Any kind of donation worth up to Tk 0.25 million is tax free, but an individual has to pay tax for the donation above the ceiling."
"If we receive any directive from the chief adviser considering the plea of the businessmen, the board can take necessary measures in this connection," he said.
Business leaders of the country's apex chamber body have been requesting the government to allow the money spent for the flood affected people as tax free.
At a press conference on Monday, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) urged the government for declaring the money spent on flood relief as tax-free.
They have requested the government for allowing the deposited money to the government relief fund and the amount spent on other relief activities as tax-free to encourage the affluent people for extending help to flood victims.
There are reports that relief distribution to the flood victims is inadequate leaving the flood victims in distress in nearly 42 districts.
Although the government has been taking a number of initiatives to help the flood affected people, the relief operation seems inadequate due to absence of active participation of the political organisations.