IT Managed Services

Business Identification Number (BIN)

According to the schedule, FY 2019-2020 will finally see the implementation of the Value Added Tax and Supplementary Duty Act, 2012. Anyone operating a business in Bangladesh must earn an Electronic Business Identification Number (e-BIN) from the National Board of Revenue (NBR), in accordance with the Value Added Tax and Supplementary Duty Ordinance,  2016. Tax registration certificate is  also called VAT registration certificate. For a manufacturer, service provider, withholding entity, and trader that participates in tenders, banks, exports, and imports, obtaining a VAT registration and Business Identification Number is essential. Regulation of VAT registration is handled by the Department of Customs, VAT and Excise of the National Board of Revenue (NBR).

We can help you to BIN in Bangladesh

  1. Submission of online applications with required documents attached properly.

  2.Approving the VAT application field audit report from the ARO .

 3.Frequently visiting the VAT office, processing, completing and receiving e-BIN       certificates,  and printing and providing them to clients.

BIN/VAT Registration Certificates in Bangladesh

A VAT, or value added tax, is an indirect tax that is paid by consumers through a  registered person.

The value of a particular good or service is determined by adding the actual value of the goods or services, which are then adjusted for input tax due.

VAT is Who’s Responsibility?

VAT is a taxing procedure that uses input tax credits against sales or purchases to automate the taxing process. It is accepted by the supplier on the basis of the VAT included in the price for the goods or services during the purchase period as credit towards the VAT included in the price during the supply of the goods or services. He pays the net VAT amount.

Consequently, after taking on VAT at the purchase level, the seller realizes the VAT within the price obtained from the buyer & deposits the net amount of VAT to the Government Treasury. Because VAT is regarded as a consumer tax, consumers must pay the entire amount of VAT applicable to their goods or services. All producers and suppliers, at every level of sale, will realize VAT on behalf of the government and deposit it to the government treasury.

During the Value Added Tax procedure, the VAT payer is the final consumer of goods and services. At every point of sale, the supplier or seller receives VAT from the purchaser, which he or she deposits into the government’s Treasury.

What Are the Steps to VAT Registration?

VAT registration is free, but you have to meet certain requirements to be eligible. Your application needs to be supported with the right details. As a result, your request will be processed faster.

All importers, exporters, and taxable suppliers must participate in the Value Added Tax procedure.

How Does Enlistment or Registration Work?

During the VAT procedure, this is accomplished through registration and enlistment. Several requirements must be met under the VAT law, which includes obtaining a Business Identification Number in the prescribed manner. A business that registers or enlists under the VAT law is known as a business that has taken Business Identification Number.

According to the Value Added Tax and Supplementary Duty Act 2012, all business entities must register for VAT.

Mandatory VAT Registration For Those:

Those whose annual sale price is between tk. Tk 50 lakh. The company must register for turnover VAT if its turnover exceeds 3 crores.

However, it does not include the following sale price:

(A) The price of the exempt supply

(B) capital asset sales price

(C) The selling price of an institution or a part of an economic activity

(D) The value of supplies made as a result of economic activity ceasing permanently

Those whose annual selling price exceeds Tk 3 crore will be required to register for VAT.

A mandatory VAT registration is mandatory as well for the following individuals / businesses regardless of their sales price:

Any person or organization who supplies, produces or imports goods or services subject to supplementary duties.

Those who provide goods or services under a tender, contract, or work order

Import-export businesses / individuals.

Suppliers / Manufacturers / Service Providers / Shops in Supermarkets / Establishments in City Corporations and District Cities as per General Order  No. 17.

The value of their annual sales is less than tk. 50 lakh and unrelated to the business described above.

The first schedule of goods and services mentioned above are VAT exempt.

What is the Purpose of a Business Identification Number?

The Business Identification Number is a number assigned to an individual based on the turnover of his economic activities. It is impossible for the identification number to determine the nature and scope of an individual’s economic activities. 9 digits are used to identify a taxpayer.

This number is available on the website of the NBR and can provide information about a taxpayer’s financial standing.

How Do You Obtain a BIN

An application in Form VAT 2.1 must be filed with the Commissioner if the turnover of economic activities exceeds the specified limit.A Registration Certificate/Turnover Tax Enlistment Certificate, containing a BIN from the VAT system, will be issued to you within three working days after proper scrutiny and examination.

Everyone is not entitled to a BIN. While everyone is free to apply, only those who are eligible will be granted and maintain a BIN.

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