The National Board of Revenue (NBR) has granted Grameen Bank tax exemption until 2029 to remove discrimination in this field. Grameen Bank had been enjoying the tax exemption since its establishment in 1983. However, since 2020, the bank has no longer enjoyed the facility.
The tax exemption was reinstated on Oct 10, 2024, through a statutory order after a four-year break. “To end the existing discrimination, Grameen Bank has been given the waiver on all its income until Dec 31, 2029 on some conditions,” said the NBR in a press release on Monday (Oct 14).
It mentioned that other institutions operating identical microcredit programmes like Grameen Bank are enjoying the tax benefits.
However, Grameen Bank will still be required to submit annual income tax returns, as per the gazette.
Established through the Grameen Bank Ordinance, 1983 and the subsequent Grameen Bank Act, 2013, Grameen Bank is not a scheduled bank and the institution basically operates microcredit activities, the NBR press release said.
