NBR freezes accounts of 10 private universities for unpaid taxes
The Association of Private Universities of Bangladesh has denounced this move, claiming the final verdict in an appeal regarding the 15% tax imposed by the NBR on universities is yet to be given
The National Board of Revenue (NBR) has recently frozen the bank accounts of ten private universities for failing to pay the 15% tax.
Meanwhile, the Association of Private Universities of Bangladesh has denounced this move, claiming the final verdict in an appeal regarding the 15% tax imposed by the NBR on universities is yet to be given.
The universities with frozen bank accounts are North South University, American International University of Bangladesh, World University, University of Asia Pacific, East West University, Southeast University, Daffodil University, Independent University-Bangladesh, University of Liberal Arts Bangladesh and Prime University.
"The action was taken without giving any time to take necessary measures to pay the tax," reads a press release of the association published yesterday (31 March).
Keep updated, follow The Business Standard's Google news channel
According to the Association of Private Universities, the employees of the universities depend solely on the fees paid by students as they do not get any government incentives.
"So, seizing the bank accounts of the universities suddenly threw teachers and other employees into uncertainty before Eid-ul-Fitr."
A letter sent to the Registrar of Universities on 4 March reads, "According to section 214 of the Income Tax Act-2023, the dues payment notice has been sent. It is requested to pay the tax by 15 March.
"In case of failure to pay this tax, other legal actions including imposition of penalty will be taken as per Section 275 of Income Tax Act-2023."
