• Thursday, May 19, 2022
  • Last Update : 04:24 pm

Private universities urge prime minister to withdraw 15% income tax

  • Published at 06:19 pm July 3rd, 2021
North south private university
File photo of entrance of North South University in Dhaka Mahmud Hossain Opu/Dhaka Tribune

The tax will badly impact private universities and increase education cost for students, APUB says in a statement

Private university trustees have urged the prime minister to withdraw the 15% income tax on the universities.

In a statement of Saturday, the Association of Private Universities of Bangladesh (APUB) said taxing the income of private universities, which are non-profit organizations and operate as a trust, is "contradictory" to the Private University Act 2010.

Imposing the same amount of income tax on private universities like the profitable private medical and engineering colleges is against the act, it quoted APUB Chairman Sheikh Kabir Hossain.

Private universities are helping the development of higher education in Bangladesh. They have a remarkable contribution to reducing the number of students going abroad for study thus saving foreign currency as well as the deduction of brain drain, the statement said.

Also, many foreign students are coming to Bangladesh for higher studies and Bangladesh is earning foreign currency, it said.

During the Covid-19 pandemic, many private universities are facing financial crisis. Managing salaries of teachers, employees and rent of university buildings have become uncertain, said the APUB statement.

In this situation, all stakeholders, including students and their guardians are concerned over the imposition of the 15% income tax on private universities, it said.

The tax will badly impact private universities and increase education cost for students, said the chairman.

The budget for 2021-22 fiscal imposed 15% tax on private universities, and private medical, dental and engineering colleges, including the ones offering IT education.

The government in 2015 imposed a 7.5% value added tax (VAT) on tuition fees of private universities, medical and engineering colleges, which, however, was withdrawn following several days of students' protest.

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