Grameen Bank gets tax release for the next 5 years

After a four-year period, Grameen Bank, founded by Dr. Muhammad Yunus, has regained its tax-exempt status. The bank previously enjoyed tax exemption to support its microcredit initiatives, but this benefit was revoked by the Awami League government on January 1, 2021. However, last Thursday, the National Board of Revenue (NBR) issued a notification restoring Grameen Bank's tax exemption. This exemption will remain in place until December 31, 2029. The notification was signed by NBR Chairman Md. Abdur Rahman Khan. According to the gazette, all income generated by Grameen Bank will be exempt from tax, in accordance with subsections (5) and (6) of Section 76 of the Income Tax Ordinance, 2023. The order takes immediate effect.