Online VAT registration under the new Value Added Tax (VAT) law has begun and business people will be able to take electronic business identification number (e-BIN) online up to June 30.
“Online VAT registration began after 12 O’clock last night. The online VAT registration software has been installed in such a way that activities of the business entities which will not take online registration by June 30 will automatically be shut down,” said deputy director of the online VAT project of NBR Zakir Hossain.
Business activities of those organisations which will fail to be registered online will be shut down automatically on July 1.
The business establishments having annual turnover below Tk 3 million (Tk 30 lakh) do not need to be registered online.
Businesspeople can easily take e-BIN by visiting the web site ‘Vat.gov.bd’, said National Board of Revenue (NBR).
The Online VAT registration will be formally inaugurated on March 23.