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Tax Holiday

Cap on Grameen's privilege likely

Staff Correspondent
The finance ministry will place the new Grameen Bank Act in the cabinet meeting on Thursday with a proposal to cap the tax-exemption privilege for the microlender for a certain period.
"The tax holiday benefit for Grameen Bank might be capped for a fixed period through a notification," Finance Minister AMA Muhith said yesterday.
Grameen Bank has been enjoying income tax exemption since its inception in 1983, but the privilege ended in December 2010.
The bank then sought extension of the privilege for five more years from January 1, 2011. The government agreed, but the National Board of Revenue began executing the order from July 1, 2011, meaning the bank had to pay income tax for the previous six months.
In May 2011, the government compelled Grameen Bank to pay an advance income tax of Tk 10 crore, and later again granted tax exemption status for 2011 -2015, according to the Yunus Centre.
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Talking to journalists at the secretariat, Muhith said: "Tax holiday facility is given for a certain period. The same will happen with Grameen Bank."
Linder the Grameen Bank Ordinance, the bank is now enjoying tax exemption, not tax holiday.
The minister added the government would pass only one more law, the Grameen Bank Act 2013, during its tenure.
He said the law would be passed in the ongoing parliamentary session.
However, there might not be any major changes in the structure of the microcredit bank once the new law takes effect, but Muhith said the law would bring Grameen Bank under Bangladesh Bank's authority.
The bank is being brought under the central bank's control in line with the recommendations of the Grameen Bank Commission.
Sources at Bangladesh Bank, however, said they were reluctant to take control of Grameen Bank in their hands.
The central bank has said the Microcredit Regulatory Authority, which regulates microfinance institutions, should get the job.
But the minister said: “It is better to keep Grameen Bank under the control of Bangladesh Bank, as it is a big and reputed institution. It will also enhance the prestige of Bangladesh Bank."
He added the government would perhaps issue an executive order regarding rules for the election of directors of the microcredit bank.
Earlier, the minister had said the Grameen Bank Commission would submit its final report on the bank and its associate organisations by September 30, but the report had not been turned in.
"The report might or might not be submitted today lyesterdayl,” he said.