NBR for businesses to obtain BIN by June 15

Dhaka,  Sat,  23 September 2017
Published : 12 Jun 2017, 00:56:30

NBR for businesses to obtain BIN by June 15

Existing number likely to be invalid from July 01
FE Report

The revenue board has instructed all customs houses to bring their respective importers, exporters and other businesses under new electronic business identification number (BIN) by June 15 to avoid disruption of business operation.

Although the deadline for obtaining the new BIN is June 30, re-registration before 15 days would help both businesses and customs houses adopt the new system, officials said.

From July 01, existing 11-digit BIN is likely to be invalid with the implementation of the new Value Added Tax (VAT) and Supplementary Duty Act-2012.

All businesses that are registered under existing VAT law-1991 will have to obtain the new BIN by the given time-frame.

Furnishing BIN is mandatory for opening letters of credit and other import-export activities. The online VAT system would not accept the existing BIN

Md Rezaul Hasan, NBR member, customs and VAT administration, recently sent letters to all customs houses across the country to ensure issuance of BIN to all clearing and forwarding agents and freight forwarding licence-holders of their respective jurisdiction by June 30, 2017.

"According to new VAT and SD Act, BIN is mandatory for all C&F licence-holders. The C&F licence would be automatically inactive if they do not have new 9-digit BIN," the letter said.

Under the digitised VAT system, existing BIN will be automatically invalid from 12 am on June 30, 2017.  

He requested the commissioners of Dhaka, Chittagong, Mongla, Benapole, Inland Container Depot, Kamalapur and Pangaon to ensure re-registration of the BIN by the given timeframe.

Officials said issuance of BIN was not satisfactory until June 02, 2017. Only 26.5 per cent of the existing registered businesses obtained online BIN by re-registering themselves in the new online VAT system.

The NBR counted the active businesses on the basis of submission of VAT returns.

In a country-wide analysis until June 02 last, the NBR found some 9,768 existing business units obtained the new online BIN out of 36,858 units.

Although the number of existing BIN holders are 8,64,000, only 4.27 per cent or 36,858 BIN holders submit VAT returns regularly.

The presidents of both Federation of Bangladesh Chambers of Commerce (FBCCI) and Industry and Dhaka Chamber of Commerce and Industry (DCCI) acknowledged lack of awareness of businesses behind the poor response.

They, however, ruled out fear factor of the businesses for being registered in the online system.

Talking to the FE, Shafiul Islam Mohiuddin, president of the FBCCI said the businesses are in a high level discussion on the new VAT law.

"We are waiting to see where the discussion point ends," he added.

He preferred flexible steps considering the reality as the country is not under an authoritarian government.

DCCI president Abul Kasem Khan said many businesses are yet to be aware of obtaining the new BIN.

"There may be a last-minute rush for obtaining new BIN as it is a natural tendency of people," he added.  

Earlier, the NBR sent a detailed list of 36,858 BIN holders to all 12 VAT commissionrates across the country.

The government introduced the IVAS system on March 23 last to obtain online BIN.

Editor : A.H.M Moazzem Hossain
Published by the Editor for International Publications Limited from Tropicana Tower (4th floor), 45, Topkhana Road, GPO Box : 2526 Dhaka- 1000 and printed by him from City Publishing House Ltd., 1 RK Mission Road, Dhaka-1000.
Telephone : PABX : 9553550 (Hunting), 9513814, 7172017 and 7172012 Fax : 880-2-9567049
Email : editor@thefinancialexpress-bd.com, fexpress68@gmail.com
Copyright © 2017. All rights reserved
Powered by : orangebdlogo