NBR seeks mandatory BIN for business bank accounts

The National Board of Revenue (NBR) has asked Bangladesh Bank to make Business Identification Number (BIN) registration mandatory for business bank accounts.

In a letter sent on Monday, the NBR requested the central bank to require BIN or VAT registration for opening and operating current and short-term deposit (STD) accounts, and to ensure that all existing accounts are also linked to a BIN. 

The letter, signed by Sheikh Md. Masudur Rahman, Second Secretary of the NBR's VAT Wing, was addressed to the Executive Director of Bangladesh Bank's Banking Regulation and Policy Department (BRPD).

The NBR also proposed making BIN mandatory for obtaining bank loans, renewing trade licences, opening merchant accounts with mobile financial services (MFS), securing gas and electricity connections, and registering vehicles in the name of a business. 

According to Bangladesh Bank data, there are around 9.2 million current accounts across the country, although the figure includes multiple accounts held by the same businesses as well as accounts belonging to defunct businesses.