In a recent development, the High Court has mandated that Grameen Kalyan, a non-profitable and charitable organization founded by Nobel Laureate Dr. Muhammad Yunus, pay Tk119 crore in income tax to the National Board of Revenue (NBR) for seven fiscal years spanning from 2011-2012.
The order was issued by the High Court bench comprising Justice Muhammad Khurshid Alam Sarkar and Justice Sardar Md Rashed Jahangir after a thorough hearing on seven income tax reference applications filed by Grameen Kalyan. These applications contested the legality of the government’s income tax claims for the specified fiscal years.
Details of the High Court verdict will be disclosed upon the release of its full text.
Assistant Attorney General Tahmina Poly revealed that the NBR had demanded Tk555.94 crore as income tax from Grameen Kalyan for the fiscal years 2011-2012 to 2016-2017. Grameen Kalyan has already paid Tk436.65 crore, and the court’s decision mandates an additional payment of Tk119.29 crore as income tax to the state.
The deputy commissioner of Taxes is set to issue a notice, providing Grameen Kalyan with a specified time limit for the settlement of the remaining income tax, according to the assistant attorney general.
In response to the ruling, Grameen Kalyan’s lawyer, Sarder Jinnat Ali, informed reporters that the High Court rejected the income tax reference applications submitted by his client. Grameen Kalyan is now deliberating whether to pursue an appeal before the Appellate Division of the Supreme Court, as stated by the lawyer.
