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Top Bangladeshi Court Orders Nobel Laureate Muhammad Yunus to Shell Out $1 Mln in Taxes
Top Bangladeshi Court Orders Nobel Laureate Muhammad Yunus to Shell Out $1 Mln in Taxes
Sputnik India
The Supreme Court of Bangladesh has ordered Nobel Laureate Muhammad Yunus to pay more than $1 million in taxes on $7 million in donations made to three charitable trusts, the media reports said on Monday, citing attorneys.
2023-07-25T15:24+0530
2023-07-25T15:24+0530
2023-07-25T15:24+0530
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The Supreme Court of Bangladesh has ordered Nobel Laureate Muhammad Yunus to pay more than $1 million in taxes on $7 million in donations made to three charitable trusts, the media reports said on Monday, citing attorneys.Sarder Jinnat Ali, a lawyer for the Bangladeshi microfinance pioneer, told the media that “the Supreme Court dismissed our petition”.The court said that Yunus must pay the tax, since the law doesn’t support tax exemptions for donations to trusts.Notably, the Nobel laureate had donated 767 million taka ($7 million) to the Professor Muhammad Yunus Trust, the Yunus Family Trust and the Yunus Centre between 2011 and 2014.According to the court order, Yunus will have to pay 150 million taka ($1.4 million) of which 30 million taka he has already shelled out.Yunus, awarded the Nobel Peace Prize in 2006 for his work promoting economic development, is credited for bringing millions of people out of poverty with his pioneering microcredit bank.He has offered microfinance loans to tens of millions of rural women through Grameen Bank, which he established in the 1980s.However, he had a falling out with Prime Minister Sheikh Hasina over the Padma Bridge project, from which the World Bank bowed out, claiming that the venture was mired in corruption allegations.Later, Hasina lashed out at Yunus. Eventually, when the bridge finally opened in June last year, she said that the microfinancing pioneer should be “dipped in a river” for jeopardizing its completion.
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supreme court of bangladesh, noble laureate, muhammad yunus, nobel prize for peace, nobel peace prize, microfinance, professor muhammad yunus trust, yunus family trust, yunus centre, yunus made donations between 2011 and 2014, grameen bank, padma bridge project, corruption allegations
Top Bangladeshi Court Orders Nobel Laureate Muhammad Yunus to Shell Out $1 Mln in Taxes
Yunus' reputation has suffered due to several issues ranging from the World Bank pulling out from Padma Bridge project and the illegal transfer of donor funds, tax evasion, abuse of power, to violating foreign travel regulations.
The Supreme Court of Bangladesh has ordered Nobel Laureate Muhammad Yunus to pay more than $1 million in taxes on $7 million in donations made to three charitable trusts, the media reports said on Monday, citing attorneys.
Sarder Jinnat Ali, a lawyer for the Bangladeshi microfinance pioneer, told the media that “the Supreme Court dismissed our petition”.
The court said that Yunus must pay the tax, since the law doesn’t support tax exemptions for donations to trusts.
Notably, the Nobel laureate had donated 767 million taka ($7 million) to the Professor Muhammad Yunus Trust, the Yunus Family Trust and the Yunus Centre between 2011 and 2014.
According to the court order, Yunus will have to pay 150 million taka ($1.4 million) of which 30 million taka he has already shelled out.
Yunus, awarded the Nobel Peace Prize in 2006 for his work promoting economic development, is credited for bringing millions of people out of poverty with his pioneering microcredit bank.
He has offered microfinance loans to tens of millions of rural women through Grameen Bank, which he established in the 1980s.
However, he had a falling out with Prime Minister Sheikh Hasina over the Padma Bridge project, from which the World Bank bowed out, claiming that the venture was mired in corruption allegations.
Later, Hasina lashed out at Yunus. Eventually, when the bridge finally opened in June last year, she said that the microfinancing pioneer should be “dipped in a river” for jeopardizing its completion.
