The Bangladesh Investment Development Authority (BIDA) has proposed to integrate its one-stop service (OSS) with the National Board of Revenue's (NBR) VAT Online and Asycuda World system to facilitate investors.
As a result, the investors will be able to obtain Business Identification Number (BIN) and duty benefit for releasing capital machinery by manufacturing entities.
The Prime Minister's Office (PMO) has taken the decision to provide these two services through the BIDA OSS portal.
The BIDA has proposed the NBR to sign an agreement for 10 years, in the first phase, for providing one-stop service to the investors. The authority has recently sent a draft memorandum of understanding (MoU) to the NBR for its opinion in this regard.
Once the MoU is signed, the BIDA will get access to the NBR data on the two services, in both digital and printed forms.
Currently, the investors are getting Taxpayers Identification Number (TIN) from the BIDA portal.
The entity is now providing 22 one-stop services to the investors through its OSS portal. It has planned to provide 23 more services through the portal.
"A server-to-server link will be established between the two parties, and the NBR, as per law, will supply data via online, to be used and stored via OSS system, which is the central repository of information for all business establishments and industries of the country," according to the MoU.
Web-based application programming interface (API) or any other mutual format or template will be used to provide services through the OSS.
Both the entities will exchange the existing reports, publications and other information (digital) on the basis of their mutual interest, it said.
For data collection, both the parties will cooperate with one another by providing technical and manpower-related assistance.
"While gathering data for their own purpose, the NBR will provide data, keeping in mind and in accordance with the forms, questionnaires or any other documents, deemed to be suitable as tool for data collection, supplied by the first party, so that the collected data are structured in a manner suitable for collection, storage and usage by the BIDA, specially for the OSS," the MoU added.
Both the NBR and the BIDA will assign a contact person each from their respective side to maintain liaison and facilitate execution of the MoU.
The BIDA will pull and store data from the NBR system to the OSS. Both the parties will verify data integrity in their respective system to check the authenticity and accuracy of stored information.
According to the Statistics Act 2013 and the UN fundamental principle of the official statistics, none of the parties will disclose, directly or indirectly, any confidential information, received from the other party, to any third party without written consent.
As per the MoU, both the parties will maintain strict confidentiality of the data.
Meanwhile, System Manager of the NBR Md Shafiqur Rahman said the NBR is also providing the services - BIN and duty benefit - to the investors and the taxpayers as per the laws concerned.
He said the NBR will have to review the BIDA's proposal to see whether the existing tax laws permit sharing of the taxpayers' information to other entities.
BIN or VAT registration forms contain a number of business information of an organisation. As per the law, the NBR is bound to keep privacy of the taxpayers' information.
BIN is required for conducting all major business activities, including export-import and participation of tender etc.
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