NBR opens online VAT registration

Staff Correspondent | Published: 22:57, Mar 15,2017

 
 

The National Board of Revenue on Wednesday made the online VAT registration open for all businesses.
Traders now can obtain new nine-digit electronic business identification numbers visiting the website www.vat.gov.bd from anywhere.
The development is seen as a major progress in implementing the new Value-Added Tax and Supplementary Duty Act from July 1.
On the first day, some 30 businesses obtained the new BIN, known as VAT number.
Some 350 businesses, mostly large ones, have already obtained BIN so far either directly from NBR
or visiting the system.
By July 1, all of the businesses will have to obtain the new BIN as the existing 11-digit BIN will be declared invalid for availing any type of services, including import, export, opening letters of credit, getting bank loans and participating in tenders.
VAT Online Project deputy director Md Zakir Hossain, on Wednesday told New Age that the finance minister Abul Maal Abdul Muhith was expected to formally inaugurate the online BIN issuance on March 23.
He said the businesses which don’t have online access would be able to obtain the online BIN from the VOP service centres.
There will be 12 service centres across the country, he said.
Five service centres, four in Dhaka’s Uttara, Mirpur, Farmgate and Motijheel, and one in Chittagong have already been opened for providing the services at free-of-cost to the businesses, he added.
Currently, there are 8,40,000 BIN holders but less than 40,000 businesses submit their VAT returns.
VAT online system will generate a nine-digit BIN for traders having annual turnover above Tk 80 lakh and a nine-digit enlistment number for those having annual turnover from Tk 30 lakh to below Tk 80 lakh.
The VAT rate for traders with annual turnover above Tk 80 lakh will be 15 per cent while turnover tax will be 3 per cent.
Businesses with annual turnover below Tk 30 lakh will be exempted from paying VAT under the new law. 

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