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| Tax-free international awards: Winners of 4 do not receive money, respect is the main prize |
Dhaka, June 4, 2025 – The proposed budget for the fiscal year 2025-26 has announced the exemption of 10 international awards from income tax. This decision is a positive step for Bangladesh, as well as a recognition for the talents who have brought honor to the country in the international arena. However, the winners of four of these ten awards do not receive any financial benefits. The main rewards of these awards are respect, recognition and highlighting the importance of their work in the world court.
Finance Advisor Dr. Salehuddin Ahmed made this announcement in the budget speech in the National Parliament on Tuesday (June 3). These ten awards include world-famous awards like the Nobel Peace Prize.
The 10 international awards that have been exempted from income tax:
The 10 international awards that have been proposed to be exempted from income tax in the new budget are:
1. Nobel Prize: Awarded for outstanding contributions to science, literature, peace and economics around the world.
2. Fields Medal: The most prestigious award given for mathematics.
3. Wolf Prize: Awarded for outstanding contributions in various fields of science and art.
4. Pritzker Architecture Prize: The most prestigious award in the world for architecture.
5. Turner Prize: Awarded for outstanding contributions to British contemporary art.
6. Ramon Magsaysay Award: Known as the Nobel of Asia, it is awarded for contributions to public service and leadership.
7. Infosys Prize: Awarded to outstanding Indians in various fields of science and engineering.
8. Alford Dalhousie Rotenberg Prize: Awarded for research and contributions in specific fields.
9. Abel Prize: An international award given by the Norwegian government for mathematicians.
10. Shitadel Prize: An international award, which is mainly given in the fields of technology, economics and other fields.
Four awards without monetary prizes:
Out of these 10 awards, 4 do not directly award any monetary prize to the winners. Their main value is their prestige and the international recognition they create. These four awards are:
1. Fields Medal: This is mainly given to young mathematicians (under 40 years of age) and usually does not have a large monetary prize, but rather it is a recognition of their superior talent in the world of mathematics.
2. Pritzker Architecture Prize: This award does not have a cash prize, but the winner is given a bronze medal and a certificate as a souvenir.
3. Turner Prize: This award exhibits the work of artists and winners, but the monetary prize is very limited or symbolic. Its main purpose is to promote contemporary art.
4. Alford Dalhousie Rotenberg Prize: This is also basically an award recognizing research and contribution, where prestige is greater than the monetary prize.
Importance of Income Tax Exemption:
In the context of Bangladesh, exempting these awards from income tax is an important step. As a result, if any Bangladeshi citizen wins these awards in the future, they will not be required to pay any tax on the money or honors earned. This will further encourage the country's luminaries to win international awards and keep the honors they receive free from financial burden. It will also brighten the image of Bangladesh in the world.
