2 Chinese lenders for Dhaka Elevated Expressway granted tax exemption
The NBR issued a Statutory Regulatory Order, signed by Abu Hena Md Rahmatul Muneem, chairman of NBR, on 24 October, which was released on Sunday
The National Board of Revenue (NBR) has exempted income tax on interest on loans taken from Chinese banks for the Dhaka Elevated Expressway construction project.
Hence the Export-Import Bank of China and the Industrial and Commercial Bank of China do not have to pay income tax on the interest received on the loan given in the project.
The NBR issued a Statutory Regulatory Order (SRO), signed by NBR Chairman Abu Hena Md Rahmatul Muneem on 24 October, which was released on Sunday.
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The SRO states that as per the USD Term Facility Agreement signed in 2019 for implementation of the project by First Dhaka Elevated Expressway Company Limited, the interest on foreign loans taken from the two institutions has been exempted from income tax at source for the term period mentioned in the agreement.
