A file photo shows the National Board of Revenue headquarters in Dhaka. Businesses will have to update their information withj the VAT online system database by July 31 to keep their online business identification numbers (e-BINs) active. — New Age photo
Businesses will have to update their information with the VAT online system database by July 31 to keep their online business identification numbers (e-BINs) active.
Officials of the National Board of Revenue said that businesses, which had already obtained nine-digit e-BINs, commonly known as VAT registration number, must update their information in line with amended value-added tax rules to continue their business operations and VAT-related activities.
The move would also help the VAT authorities exclude fake BINs taken by unscrupulous businesses by providing wrong information, they said.
VAT Online Project (VOP) will deactivate a BIN if the BIN-holder fails to update information by the deadline, they added.
According to the VOP, more than 1.71 lakh businesses have so far obtained e-BINs from the online system.
Of which, 1.66 lakh businesses have taken e-BINs as VAT-payers and the rest are enlisted as turnover VAT-payers.
VOP officials said that businesses would have to sign up with the online system and fill in a new form (VAT/Mushak 2.1) providing a set of fresh information regarding branch, input-output data and names of major capital machinery, if required, to update the database.
Previously, traders obtained separate e-BINs for their business branches by filling in a separate form (Mushak 2.2).
The NBR’s two forms (Mushak 2.1 and Mushak 2.2) have been merged into Mushak 2.1 so that businesses can operate their activities under a unique e-BIN.
A senior VOP official said that a businessperson or company could operate business activities through several branches.
‘Now, they will not require obtaining separate e-BINs for their branches.’
VOP will issue a single e-BIN for the entity by merging e-BINs it obtained for branches, he said.
VAT online system will also redirect all e-BINs to respective VAT commissionerates as per the location of the businesses.
There will be no change in the original e-BIN after the process but the system will generate four-digit number as code of the respective commissionerates.
VOP is now upgrading its online system which was initially prepared for 15 per cent single VAT rate under the VAT and Supplementary Duty Act-2012.
The government finally implemented the law with four regular VAT rates along with some special rates from July 1, 2019.
VOP will issue public notice within a day or two requesting businesses to update their e-BINs.
The NBR introduced e-BINs on March, 2017 so that traders can obtain VAT registration number instantly from anywhere as part of implementation of the online VAT system under the new VAT law.
Source: New Age.
