CSR spending limit raised to Tk 12cr

Tax on pensioner savings certificates go

Staff Correspondent

Finance minister AMA Muhith on Thursday proposed to raise the expenditure limit of companies’ corporate social responsibly to Tk 12 crore from the existing Tk 8 crore.
He, however, unchanged the existing condition of allowable CSR limit at 20 per cent of total income of any company.
The government is now providing tax rebate facility for CSR activities in 22 sectors.
In the proposed budget for the financial year 2014-15, the finance minister said, ‘I propose to extend tax facility on contribution to any fund created and approved by the government to help victims of
natural disaster and accidents as CSR.’
The finance minister also proposed to exempt tax on interest income from investment on pensioner savings certificate and wage earners’ bond up to Tk 5 lakh considering the pensioners’ retired life and the contribution of wage earners.
The minister also proposed to impose 5 per cent tax on total profit of life insurance companies when they give extra profit on the paid premium.
He also proposed to increase tax source to 6 per cent from 4 per cent on the quick rental power plants.

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