Online BIN registration begins Thursday

Staff Correspondent | Published: 23:52, Nov 19,2016

 
 

Issuance of electronic business identification number is set to start from Thursday as part of the preparation for implementation of the new value-added tax regime from July.
In the first phase, the VAT Online Project of the National Board of Revenue will initially provide fresh e-BIN, commonly known as VAT registration number, to the large VAT payers under the Large Taxpayers Unit.
Officials of the revenue board said that the VOP authorities would assist the large VAT payers in obtaining the e-BIN at the project office in the capital Dhaka in a three-day programme on November 24, 27 and 29.
Owners and representatives of 172 large businesses have already been invited to visit the VOP office to receive new nine-digit BINs instead of existing 11-digit old BINs, a high official of the NBR told New Age on Saturday.
He said that 30 companies would receive e-BINs at a time at the computer lab of the VOP where VAT officials would be present to assist them.
Officials of the VOP said that they considered this stage of e-BIN issuance as final piloting in real business environment.
The project authorities could not find any problems in three experiments conducted in test environment to check the technical strength of the online system, they said.
The online system for obtaining e-BIN will become open for all across the country from early January, they said.
VAT payers will be able to receive e-BINs from home through the new Integrated VAT Administration System.
According to the new VAT and Supplementary Duty Act-2012 which is scheduled to come into effect from July 1, 2017, businesses having annual turnover above Tk 30 lakh will have to be mandatorily registered with the VAT online system.
The NBR is running the project to make the VAT system automated.
The system will generate a nine-digit BIN for VAT payers having annual turnover above Tk 80 lakh and a same digit enlistment for VAT payers having annual turnover from Tk 30 lakh to below Tk 80 lakh.
According to the new VAT and Supplementary Duty Act-2012, the regular VAT rate 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 VAT under the new law.
Currently, there are 8.40 lakh BIN holders in the country.
Of them, only around 32,000 BIN holders submitted VAT returns though submission of returns is mandatory for all BIN holders.

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