VAT registration and enlistment
Every business in the country is required to have a unique Business Identification Number (BIN). To get a BIN, a business is required to receive a VAT registration certificate.
Whether a business is required to pay VAT would be depended upon annual turnover of that business. If the annual turnover of a business stands at 30 Lakhs Taka or less, that business is not required to pay VAT whereas if the annual turnover of a business stands between 30 lakhs 1 Taka to 80 lakh Taka, that business is required to pay 3% Turnover Tax. All other businesses whose annual turnover is greater than 80 lakhs are required to pay VAT at 15% rate.
To continue your normal business operation including participation in tender, banking activities and export and import, you need to apply for VAT registration and receive a Business Identification Number (BIN).
- Applying for VAT Registration
Applying for VAT registration is free, but there are requirements you have to meet to be entitled. You need to provide the right information to support your application. This will also reduce possible delays in processing your request.
Not everybody is entitled to a BIN. Although everybody can apply for free, only those who are entitled will get and hold a BIN.
- What you need for your BIN Application
There is certain information you will need to complete your free BIN application.
To get a BIN you need to be carrying on an enterprise.
If your BIN application has been successful your details are stored in the IVAS (Integrated VAT Administration System) at NBR. There are options available if the application has been refused.
Please Click here to know details on Registration of Enlistment.