The government is likely to make the TIN (Taxpayer Identification Number) certificate mandatory for the registration of cooperative society in the next budget for the 2021-22 fiscal.
Sources at the National Board of Revenue (NBR) and Finance Ministry said apart from cooperative society registration, the next budget would make TIN certificate mandatory for three more services.TIN certificate will be made mandatory for purchase of savings certificate, post office savings scheme and house designs and registration services.
Sources said the government is going to make TIN submission mandatory in a bid to boost its revenue income without increasing tax rates.
According to sources, TIN is currently mandatory for 36 types of services as per the Income Tax Ordinance.
National Savings Directorate collects TIN information from customers while selling savings certificate in line with their own rules and regulations.
In the next budget, TIN is likely to be made mandatory for purchasing savings certificates in line with the Income Tax Ordinance and National Savings Directorate.
Currently, TIN certificate is mandatory for opening letters of credit; getting credit cards and bank loans above Tk 5 lakh; obtaining membership in trade and professional bodies; owning membership of registered clubs and trade bodies; obtaining licences for trade, import and export.TIN is also mandatory for registration and registration renewal for motor vehicles; participating in tenders, selling land; elections and supplying goods; and submitting bills of entry for export and import.
In the next budget for the 2021-22 fiscal, tax exemptions may be offered to the light engineering industry and in skills development to reduce import dependence in these important sectors.
So far, tax exemption facility has been given to 22 services in the IT sector to support the digital Bangladesh initiatives.
Some 5 new services would be given the same facilities in next budget. The new services may include cloud services, system integration, e-learning platform, e-book publications, mobile application development services and freelancing.