A file photo shows containers at the Kamalapur Inland Container Depot in Dhaka. No imported goods would be released from the customs houses unless the importers produce new VAT registration numbers from July 1 when the new VAT law will come into force, said the National Board of Revenue. — New Age photo
No imported goods would be released from the customs houses unless the importers produce new VAT registration numbers from July 1 when the new VAT law will come into force, said the National Board of Revenue.
The revenue board said that importers must have to obtain nine-digit online business identification number (e-BIN), known as VAT registration number, by this time as all existing 11-digit old BINs would automatically be invalid from July 1.
Licence of clearing and forwarding (C&F) agents and freight forwarding agents will also be invalid for operating export and import activities from the day if C&F agents don’t have e-BINs.
The NBR has already instructed the field offices including customs houses and VAT commissionerates to take necessary steps so that importers obtain new e-BINs to continue their businesses.
The VAT wing of the NBR has issued several letters to field offices and issued a general order since June 1 in this connection.
According to the NBR general order issued on June 1 on contingency action plans, importers will have to use new nine-digit e-BINs for releasing their goods even if the imports were conducted using old BINs but the bills of entry for those are submitted on July 1.
Officials said that the VAT Online Project of the NBR had already completed integration process of VAT online system with the Asycuda World system of the customs.
Importers as well as exporters will also have to submit new e-BINs in import-export documents including proforma invoice, letter of credit, commercial invoice and packing list from July 1.
Till June 30, both old and new BINs will remain valid for the activities.
The VOP on June 6 issued an instruction to the commissioners of the customs houses in the country for ensuring re-registration of the existing BIN holding importers and exporters to facilitate smooth implementation of the law.
Importers and exporters will face interruptions in their business activities through VAT online system if they don’t obtain new e-BINs before July 1, the letter signed by VOP director Rezaul Hasan said.
‘Take steps to ensure re-registration of the existing BIN holders by June 15,’ the letter said.
The NBR also asked the commissioners to ensure obtaining of nine-digit e-BINs by the C&F agents and freight forwarders to keep their licences active.
In a checklist prepared for the VAT commissionerates on new VAT law implementation, the NBR also asked the customs houses to set up help desks to assist importers and exporters in obtaining e-BINs.
According to the new law, the use of new e-BINs is mandatory for almost all business activities including import-export, opening letter of credit, obtaining import and export registration, supply of goods to source tax deducting authorities, participation in tenders, getting bank loans and land registration.
Source: New Age