Wednesday, 03 August 2016 00:00

BRAC statement on Supreme Court ruling regarding income tax

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The Supreme Court ruled in favour of the government today regarding BRAC’s taxable status. The income tax law changed over time and, as a result, the taxable amount applied to BRAC changed. BRAC contested that non-profit organisations should be exempt from income tax.

Today's ruling overturned the High Court verdict from 2014 that declared that the income from BRAC’s social enterprises would be exempt from income tax. BRAC is a non-profit organisation and the income generated by BRAC’s social enterprises supports BRAC’s social development programmes. In the 2014 financial year alone, BRAC paid more than 91 crore taka (11.61 million USD) in tax and other forms of revenue.

BRAC respects the latest ruling by the Supreme Court, the full text of which has not yet reached BRAC management. Once this verdict is received, we will take legal counsel and decide our next course of action.

Our social development programmes across the country and millions of people who benefit from them will not be adversely affected by the outcome of this ruling.

 

Read 3220 times Last modified on Sunday, 07 August 2016 10:20