Donations to the As-Sunnah Foundation, including individuals and organisations, are eligible for a tax exemption, as approved by the NBR. Donors will therefore not be required to pay income tax on their donations.
The non-profit religious charity As-Sunnah Foundation formed in 2017.
Donations must be provided through banking channels: Only donations made through banking channels—such as bank transfers, checks, or internet payments—are eligible for the tax exemption.
Exemption valid until June 2029: The tax exemption is valid until June 2029. After that, the NBR may renew it or discontinue it.
Basis The As-Sunnah Foundation is not exempt from taxes in and of itself. The tax exemption for contributors, however, is a noteworthy perk that will aid in funding the foundation’s operations.
The As-Sunnah Foundation and the community it serves will benefit from the NBR’s granting of the tax exemption. It will promote charity and aid in the foundation’s fundraising for its community assistance projects.
Here are some of the ways that the As-Sunnah Foundation uses its funds:
Providing food and shelter to the needy: The foundation distributes food and blankets to people who are in need.
Providing medical care to the sick: The foundation helps to pay for medical expenses for people who cannot afford it.
Providing education to children: The foundation provides scholarships to children so that they can attend school.
Supporting community development projects: The foundation supports projects that help to improve the lives of people in the community.
The As-Sunnah Foundation is doing important work to help people in need. The NBR’s approval of the tax exemption will help the foundation to continue its work and expand its reach.
Source: Business Inspection BD
