The National Board of Revenue (NBR) has revoked the tax exemption for Shuchona Foundation, a non-profit organisation established by Saima Wazed Putul, daughter of deposed Prime Minister Sheikh Hasina.

The tax authority issued a notification today, cancelling the two statutory regulatory orders (SROs) that previously provided the tax benefits.

The tax authority granted a five-year tax holiday to Shuchona Foundation starting from 2023 on income from interest and fees of the non-profit. It also exempted taxes on donations given to the foundation at that time.

Today, the NBR scrapped the tax breaks, a move that comes amid allegations of misappropriation of state funds through irregularities and corruption.