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Wednesday, September 24, 2014

Wednesday, June 25, 2008
Business

Govt mulls corporate tax exemption for CSR spending: Aziz

Finance Adviser Dr Mirza Azizul Islam yesterday said the government is considering tax exemption on a part of corporate incomes to be spent on discharging corporate social responsibility (CSR).

“The matter was not included in the budget, but there is scope for taking a decision in this regard beyond the budget,” he told reporters, following a function of Dutch-Bangla Bank Ltd (DBBL) in Dhaka.

He, however, pointed out that some individuals or organisations do not properly utilise any incentive policy, forcing the authorities to take a restrictive approach. “Even then we are reviewing the issue.”

DBBL organised the function to distribute stipend among 100 students, who passed HSC examination, for helping them bear the educational expenses at graduation level.

Under the programme, each student will get Tk 2,000 per month and a lump sum of Tk 5,000 per year for buying books and other study materials.

Addressing the function, DBBL Managing Director Yeasin Ali urged the finance adviser to exempt the CSR expenses from tax so the companies can expand their CSR programmes.

He said the banks have to spend Tk 145 on every stipend of Tk 100, as the corporate income tax of bank companies is 45 percent.

DBBL executives said the bank spends around Tk 4 crore annually as stipend.

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