Tax exemption for foreign research grants on the cards
Tax exemptions will be given on foreign grants given to local universities, colleges, and research institutions in order to encourage research activities and enhance collaboration with foreign organisations.
Speaking on the condition of anonymity, a senior official of the National Board of Revenue (NBR) confirmed today (14 March) that the board has finalised a statutory regulatory order (SRO), which has already been sent to the Bangladesh Government Press (BG Press) after vetting by the Ministry of Law, Justice and Parliamentary Affairs.
The ministry approved the drafted SRO on 6 March.
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"However, to enjoy this facility, research institutions have to obtain an exemption certificate from the NBR," the official said.
Speaking to The Business Standard, the Policy Exchange of Bangladesh Chairman Dr Masrur Reaz, said, "The policy initiative is a commendable step towards advancing research and enhancing international collaboration."
He also advised the NBR officials to streamline the implementation process of getting exemption certificates.
Researchers currently pay taxes of up to 30% on foreign grants.
