E-BINs mandatory for business activities from today

Staff Correspondent | Published: 00:33, Jul 01,2018

 
 

Use of nine-digit online business identification numbers (e-BINs) has become mandatory from today (Sunday).
Officials said that businesses would not be able to conduct any business activities with the 11-digit old BINs as the National Board of Revenue’s latest extension of validity of the BINs expired on Saturday.
Traders will have to obtain e-BINs, generated online, for carrying out business activities including import-export, opening letter of credit, obtaining bank loans, participating in tenders and supplying goods and services, they said.
NBR first decided to scrap the old BINs from July 1 last year but later extended the deadline thrice, up to June 30, 2018 due to proper legal support to make the use of e-BINs mandatory.
They said that the deadline was not extended further as NBR had already brought required amendments to the VAT act and rules in this connection.
The decision of scrapping old BINs and introducing e-BINs, known as VAT registration numbers, is a part of automation of VAT
system under the new VAT and Supplementary Duty Act-2012, which is scheduled to come into force from July 2019, said a high official of NBR.
He said that most of the active firms and companies had already obtained e-BINs and hopefully the left out businesses would soon register for the numbers.
VAT online system issues e-BINs instantly once a firm or company applies for the number, he added. It takes only a couple of hours for completing the procedures, he added.
Some 1.24 lakh businesses have already obtained e-BINs introduced in March last year, according to NBR data.
Of which, 1.12 lakh received e-BINs as VAT registered businesses and the remaining 12,000 took e-BINs as turnover VAT payers. 

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