e-BIN must for businesses, 31,331 taken so far | daily-sun.com

e-BIN must for businesses, 31,331 taken so far

Sun Online Desk     13th June, 2017 10:23:58 printer

e-BIN must for businesses, 31,331 taken so far

The electronic Business Identification Number (e-BIN) from the National Board of Revenue (NBR) is must for businesses. Activities of businesses that will fail to register with the NBR, will be shut automatically after June 30.

 

The Value Added Tax and Supplementary Duty Act, 2012 will be enforced from July 1 and businesses that are operating import-export activities must take e-BIN from NBR before June 30.

 

According to NBR officials, businesses that have annual sale turnover of Tk 36 lakh and above must take e-BIN before June 30 to run their activities.

 

Activities of businesses that will fail to be registered with NBR by June 30 will automatically be shut down, said an official.

 

However, around 31,331 businesses have so far taken electronic Business Identification Number (e-BIN) from the National Board of Revenue (NBR) to operate their activities under the Value Added Tax and Supplementary Duty Act, 2012.

 

Director of VAT online project and member (Customs and VAT Administration) of NBR Md Rezaul Hasan said old businesses having traditional registration and also the fresh ones are taking e-BIN from NBR.

 

The 31,331 businesses that have already taken e-BIN pay almost 90 percent of the total VAT collected by NBR, he added.

 

He said re-registration will continue up to June 30 but fresh businesses will be able to take registration any time.

 

Rezaul Hasan said there are eight lakh businesses under the VAT law, 1991 but the number fall significantly as per the new registration system because businesses have to take separate registration for their operations under traditional system.

For example, Bata Shoes have 3,000 registration numbers under traditional system but this company will now be given one e-BIN to run operations, he added.

 

Any business house can easily take e-BIN by visiting NBR's-Vat.gov.bd- web site, he added.


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