Bangladesh is set to require all business entities to obtain a Business Identification Number (BIN) for accessing seven types of financial and utility services. According to a proposed amendment to the Value Added Tax and Supplementary Duty Act, 2012, businesses must present a BIN when opening or operating current or STD accounts in banks or non-bank financial institutions.

The amendment further stipulates that a BIN or proof of registration will be mandatory for obtaining loans from financial institutions, renewing trade licenses, opening merchant accounts for mobile financial services, acquiring or renewing membership in trade organizations, securing electricity and gas connections in a company’s name, and registering vehicles for business use with the BRTA. Officials from the National Board of Revenue (NBR) said the move is part of a broader effort to expand the VAT coverage.

The proposal reflects the government’s ongoing initiative to formalize business operations and strengthen tax compliance through digital identification and registration systems.