Online TIN and BIN from single window for new cos

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Doulot Akter Mala
The National Board of Revenue (NBR) is set to issue online TIN and BIN certificates from a single window under which new companies will get the taxpayer status at the time of company registration with Registrar of Joint Stock Companies and Firms (RJSC).
Trial operation of the new service is expected to take place by November 30.
The decision came in line with the recommendation of International Finance Corporation (IFC), which proposed that such a step would reduce time and cost of doing business.
IFC, a member of World Bank (WB) group, has been providing technical assistance to digitalise the NBR under an agreement signed with NBR. In the backdrop, the NBR has formed a 'digital NBR committee' to implement the plan.
It is mandatory to furnish TIN and BIN certificates at the time of registration of new companies.
"We have found that owners of new companies have to spend time and money to obtain taxpayers identification number (TIN) and business identification number or BIN," said Farid Uddin chairman of the digital NBR committee.
"The process will be eased if we can provide online TIN and BIN for new companies in RJSC when they apply for company registration, Farid said, who is also Member (customs and VAT administration).
The NBR will discuss the matter with all stakeholders, business associations and incorporate their inputs before implementing the service, he said.
"We want to introduce a business-friendly system that would help the business community spur economic growth," Farid said.
In a recent meeting, the committee had discussed ways on how to introduce the process by using existing infrastructure of RJSC.
The meeting has discussed about the service that could be provided to the taxpayers for reducing time and costs for starting a new company, said a official.
RJSC representative was also present in the meeting and assured the revenue board to provide all possible support to introduce the service.
The meeting has also decided to introduce a new company registration form replacing the existing one for online registration, the official said.
In the new form, new companies will furnish necessary information to obtain TIN and BIN at the time of company registration with RJSC, he added.
The revenue board has formed a five-member sub-group to work out the technical details to introduce the service. They will submit their recommendations by November 15, he said.