NBR offers spl tax incentives for BOA sponsors
Friday, 15 January 2010
Doulot Akter Mala
The National Board of Revenue (NBR) has offered special tax incentives for sponsors of Bangladesh Olympic Association (BOA) to host the 11th South Asian (SA) Games.
The eight-nation multi-sport event, with a Tk 1.14 billion budget, is scheduled to take place from January 29 to February 9, 2010 in Dhaka and four other divisional cities.
"NBR will consider sponsorship to BOA as a part of Corporate Social Responsibilities (CSR) of companies," said a senior tax official.
Income tax wing of revenue board issued a Statutory Regulatory Order (SRO) Wednesday enforcing the decision, he said.
Sponsors will be able to spend up to Tk 100 million or 20 per cent of profit in the year (whichever is lower) to the BOA by paying only 10 per cent tax at flat rate, the NBR order said.
NBR has tagged four conditions to offer income tax benefit to BOA. Sponsors have to furnish some information to the commissioners of respective tax zones at the time of income tax assessment to quality for the tax benefit. Sponsors of BOA must have income or profit making business, the order said.
Sponsored amount should be provided through account payee cheque, it said.
Sponsors will have to submit the receipts provided by BOA to the tax offices with cheque number, date and name of banks, the order said.
Officials said Bangladesh is going to host the prestigious SA Games for the third time. It had hosted the second and 6th SAF Games in 1985 and 1993 respectively.
The biggest regional sport carnival includes participants of Afghanistan, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.
The National Board of Revenue (NBR) has offered special tax incentives for sponsors of Bangladesh Olympic Association (BOA) to host the 11th South Asian (SA) Games.
The eight-nation multi-sport event, with a Tk 1.14 billion budget, is scheduled to take place from January 29 to February 9, 2010 in Dhaka and four other divisional cities.
"NBR will consider sponsorship to BOA as a part of Corporate Social Responsibilities (CSR) of companies," said a senior tax official.
Income tax wing of revenue board issued a Statutory Regulatory Order (SRO) Wednesday enforcing the decision, he said.
Sponsors will be able to spend up to Tk 100 million or 20 per cent of profit in the year (whichever is lower) to the BOA by paying only 10 per cent tax at flat rate, the NBR order said.
NBR has tagged four conditions to offer income tax benefit to BOA. Sponsors have to furnish some information to the commissioners of respective tax zones at the time of income tax assessment to quality for the tax benefit. Sponsors of BOA must have income or profit making business, the order said.
Sponsored amount should be provided through account payee cheque, it said.
Sponsors will have to submit the receipts provided by BOA to the tax offices with cheque number, date and name of banks, the order said.
Officials said Bangladesh is going to host the prestigious SA Games for the third time. It had hosted the second and 6th SAF Games in 1985 and 1993 respectively.
The biggest regional sport carnival includes participants of Afghanistan, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.