NBR revokes tax exemptions for Saima Wazed’s Shuchona Foundation, says waiver discriminatory
NBR cancelled two tax benefits: the income tax exemption for the Shuchona Foundation and the tax exemption on donation amounts made by individuals and organisations to the foundation
The National Board of Revenue (NBR) has revoked tax exemption benefits for Shuchona Foundation, an organisation founded by Saima Wazed Putul, daughter of ousted prime minister Sheikh Hasina.
The decision, announced in an NBR order on Monday (10 February), comes after reports of the foundation receiving crores of taka in donations from various organisations, including controversial figures accused of financial misconduct.
As per NBR's order, the income tax exemption for Shuchona Foundation and the tax exemption on donations made by individuals and organisations to the foundation has been scrapped.
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As a result, donors will no longer receive income tax exemption on their contributions to the foundation.
The foundation was enjoying tax waivers based on two Statutory Regulatory Orders (SROs) issued to the non-profit in 2013 and 2016. In an investigation of the graft watchdog, it was found that the foundation had been exempted from paying income tax on all its earnings, including interest from permanent and savings bank deposits, consultancy fees, and research fees, reports UNB.
According to experts in the sector, the provision of tax benefits to Shuchona Foundation was discriminatory and its founder was receiving preferential treatment.
Dr Muhammad Abdul Mazid, former NBR chairman, told The Business Standard, "There are other organisations working for autistic individuals and socio-economic development, but they did not receive similar tax exemptions; whereas the organisation founded by Saima Wazed did. This indicates that there was discrimination in granting benefits to Shuchona Foundation."
According to a news article published on 1 February in The Business Standard, Shuchona Foundation received substantial donations from major business groups including S Alam, Beximco, Confidence Group, Meghna Group, Summit Group, and United Group.
Additionally, PK Halder, a fugitive accused of embezzling millions from financial institutions, was also a donor.
Founded in 2014, Saima Wazed, along with three other trustees – Muzharul Mannan, Md Shamshuzzman, and Zain Bari Rizvi – oversee Shuchona Foundation, an organisation dedicated to supporting individuals with mental disabilities, neurological disorders, autism, and mental health challenges.
However, during a raid on 29 January, the Anti-Corruption Commission (ACC) said it had not found any existence of the foundation at its listed address in the capital's Dhanmondi.
Saima Wazed currently serves as the regional director for Southeast Asia at the World Health Organisation (WHO).
