VAT, Tax exemptions for July Martyrs Memorial Foundation activities
The National Board of Revenue (NBR) has announced VAT exemptions on all purchases related to the activities of the July Martyrs Memorial Foundation.
According to an NBR order effective from 2 December, the foundation's purchases and supplier services will be exempt from source VAT.
Additionally, all expenses of the foundation have been granted tax exemptions, while donations to the fund will qualify for tax rebate facilities, NBR sources confirmed.
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The income tax department of the NBR has indicated that a corresponding order for income tax exemption is forthcoming.
However, as of 9pm today, the relevant order was not available on the NBR or BG Press websites.
The July Martyrs Memorial Foundation was established to provide medical assistance to families of those killed or injured during the July student-people uprising.
In a separate announcement, the NBR granted VAT exemptions on construction materials purchased for the "Special Housing Project for the Poor and Homeless in the Areas Affected by Recent Floods."
This initiative aims to assist in rebuilding homes for affected families. The exemptions underscore the government's efforts to support critical social initiatives addressing humanitarian needs.
