Prof Yunus\\\' rep to meet taxman

Acknowledging the notice of the revenue board regarding the settlement of Prof Muhammad Yunus' gift tax, the Yunus Centre in a statement said Tuesday one of the his representatives would meet the Tax Commissioner concerned accordingly.
The statement was issued a day after the National Board of Revenue (NBR), in a letter, requested the Nobel Laureate to sit for a meeting on March 29 to discuss ways of collection of its claimed taxes worth Tk 113 million (11.3 crore).
The statement, however, said Prof Yunus receives very high fees for speaking at international conferences; in many places, audiences purchase tickets to hear him speak.
Several books written by him, it further said, were translated into 25 languages around the world; his books were also included in the New York Times Best Seller list.
Prof Yunus remits earnings from books, speeches and prizes back to Bangladesh through the formal banking channels, it said, adding that he has been paying his taxable income on a regular basis according to the assessment made by the authorities.
The statement further said that from the financial years 2011- 2014, Prof Yunus donated almost his entire earnings amounting to Tk 774.20 million, after paying
all necessary taxes claimed by the tax authority.
Of the amount, Tk 720 million was donated to the Muhammad Yunus Trust for charitable purposes, research and development, social development, and Tk 50 million to the Yunus Family Trust for family members' welfare, the statement said. Prof Yunus showed these donations in his income tax return, it added.  
The tax authority accepted this up to 2013 and did not raise any questions, and issued tax payment certificates accordingly, it said.
In May 2014, the NBR sent a notice to Prof Yunus to pay gift tax to the tune of Tk 153.90 million on the donations to the two trusts.
Prof Yunus contested on the ground that it is not legally required as the donation is tax-free according to the Gift Tax of 1990; he appealed to the High Court and the case is now sub-judice, the statement.
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