Muhith rules out waiving taxes for pvt universities | The Daily Star
12:00 AM, August 04, 2010 / LAST MODIFIED: 12:00 AM, August 04, 2010

Muhith rules out waiving taxes for pvt universities

Finance Minister AMA Muhith yesterday ruled out waiving 15 percent income tax and other taxes of private universities in this fiscal year.
“At the moment, we're not waiving income tax of the non-government universities. It needs further review and there is no possibility of waiving 15 percent income tax in the current fiscal year,” he said.
Muhith was talking to journalists after a delegation of the Association of Private Universities of Bangladesh met him at his office.
The minister however said VAT will not be charged on tuition fees of private university students, and a decision in this regard has already been taken.
“Legal steps will be taken on the issue. I also asked them (the association) not to charge VAT, and it is more or less resolved,” he added.
The delegation led by Chairman of the association CM Shafi Sami requested the minister to exempt private universities from paying tax on the mandatory FDR apart from 15 percent income tax.
The government has imposed 40 percent tax (10 percent at source and 30 percent on assessment) on the reserved fund of private universities kept as FDR/TDR including mandatory deposit of Tk 5 crore as FDR.
The finance minister said income tax of private universities has been reduced to 15 percent from 37.5 percent earlier considering their social responsibility.
He mentioned that 33 private universities have filed writ petitions against imposition of income tax.
The judgement on a writ petition filed by East West University has gone in favour of the government, he said.

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