Dhaka, Jul 15 (V7N)- Businesses will now have to submit their Business Identification Number (BIN) to access various business-related services, according to a new directive from the National Board of Revenue (NBR).
The NBR has requested Bangladesh Bank to issue necessary instructions to implement the new requirement.
According to the revenue authority, businesses will need to provide their BIN number for services including opening current accounts in the name of business organizations, obtaining loans, opening Mobile Financial Services (MFS) merchant accounts and renewing trade licenses.
The NBR also advised businesses that have not yet completed BIN registration to complete the process before applying for these services.
Under the new provision, displaying the BIN number will also be mandatory while receiving or renewing membership of trade organizations, obtaining electricity and gas connections in the name of business entities, and registering vehicles purchased for commercial purposes.
The NBR said the move has been taken to strengthen business monitoring, ensure regulatory compliance and bring more organizations under the formal tax system.
END/SMA/AJ
