The National Board of Revenue (NBR) will not allow any letter of credit (LC) for the importers without 13-didit Electronic Business Identification Number (EBIN) from November 1, reports BSS.
The NBR on Sunday in a letter requested the Bangladesh Bank (BB) to give necessary directives to all the commercial banks to take measures regarding the decision.
Talking to BSS, VAT Online Project Director Syed Mushfiqur Rahman today said many business entities are yet to receive 13-digit EBIN even after the completion of registration deadline.
He said many banks are opening LC accepting the old EBIN which is hampering the VAT collection activities. “So, we will not allow any LC of old EBIN holders,” added the project director.
In the letter to BB, the NBR said the commercial banks have been opening LC for the importers without the 13-digit EBIN. But, it is totally unacceptable under the VAT and Supplementary Duty Act, 2012. So, any LC accepting the old EBIN would not be opened for the sake of running the VAT operation accurately, added the NBR.
Syed Mushfiqur Rahman said they want to give one month time to the business entities which are yet to receive the 13-digit EBIN.
“After October 31, no more time would be given for it,” he added.
Mentioning that the old EBIN based LC is hampering the VAT online activities, the project director said monthly return submission is not possible without the new EBIN.