The revenue board has exempted Bangladesh Satellite Company Limited (BSCL) from paying income tax for a period of the next five years.
The tax waiver on the earnings from operations of Bangabandhu Satellite-1 came into effect from January 18, 2022 upon compliance of certain conditions.
The income tax wing under the Internal Resources Division (IRD) of the National Board of Revenue (NBR) recently issued a Statutory Regulatory Order (SRO) in this regard.
The BSCL, the company formed to operate the satellite, will have to maintain proper accounts as per section 35 of Income Tax Ordinance-1984.
It will have to submit income tax return certificate, statements or data by the stipulated time frame to the income tax authority as per section 75, 75A, 108 and 108A.
The Bangabandhu Satellite-1 is the first Bangladeshi geostationary communications and broadcasting satellite, launched on May 12, 2018.