The National Board of Revenue (NBR) is set to make the VAT Identification Number (BIN) mandatory for registering land and vehicles under business entities, as well as for obtaining essential services such as electricity, gas, and water. According to NBR sources, this proposal will be included in the upcoming fiscal year’s budget to expand VAT coverage and increase the number of registered businesses.

An NBR official said the next budget will prioritize bringing unregistered businesses under VAT registration. The registration process will be simplified by removing certain documentation requirements, such as bank account details, and enabling online registration. Currently, businesses with annual turnover above 3 million taka must register for VAT, but many remain outside the system. The new plan aims to include them while offering special exemptions for smaller enterprises.

Officials added that small businesses may be allowed to submit VAT returns annually or semiannually instead of monthly. The NBR’s initiative follows a recent meeting with the Prime Minister, emphasizing broader participation in national development through fair tax compliance.