A new date for issuing electronic business identification number (e-BIN)"> A new date for issuing electronic business identification number (e-BIN)"> A new date for issuing electronic business identification number (e-BIN)">

Times of Dhaka

Home» Economy »NBR sets Jul 1 to issue e-BIN
NBR sets Jul 1 to issue e-BIN
Online Desk |:| Sun, 10 Apr'2016, 11:49 PM |:| Online Version
NBR sets Jul 1 to issue e-BIN
A new date for issuing electronic business identification number (e-BIN) to businesspeople under new value-added tax law has been set by the National Board of Revenue.

Once in effect, the e-BIN would facilitate online submission of VAT returns under the VAT and Supplementary Duty Act which will come into effect from July 1.

Previously it was supposed to come into effect on April 1.

Of 840,000 BIN holders, only around 32,000 businessmen submit their VAT returns regularly, according to the NBR.

The online system is expected to substantially increase revenue collection as it will help the NBR identify VAT evasions in a more efficient way.

The new automated system is expected to encourage voluntary compliance, ensure paperless and online VAT system and higher revenue yield.

To obtain the new e-BIN, taxpayers will have to enter the dedicated website of the VAT online process.
The website will be launched publicly for traders from July next for issuance of the e-BIN.

Traders have to register for a user-identification number and password to ensure submission of VAT returns online.

The VAT online project is currently working on the website which will have provisions of all VAT-related procedures including VAT registration, submission of returns, online payment etc.

In 2012, the law was passed in the Parliament to automate the country’s VAT administration and boost revenue collection. In the following year, the revenue board undertook the VAT online project to introduce a client-friendly and a service-oriented automated system.

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