NBR asks BB to require BIN for business bank accounts
A Business Identification Number (BIN) will also be mandatory for obtaining or renewing trade licences.
The National Board of Revenue has asked Bangladesh Bank to make VAT registration, or the Business Identification Number (BIN), mandatory for opening and operating all business bank accounts and short-term deposit (STD) accounts, as part of a drive to widen the VAT net and boost revenue collection.
In a letter sent on Monday, the NBR requested the central bank to issue instructions requiring all banks and non-bank financial institutions (NBFIs) to ensure that both new and existing business current and STD accounts are linked to a BIN.
Signed by Sheikh Md Masudur Rahman, second secretary of the NBR's VAT Wing, the letter was addressed to the executive director of Bangladesh Bank's Banking Regulation and Policy Department.
Keep updated, follow The Business Standard's Google news channel
The move follows the FY2026-27 budget, which made BIN registration mandatory for businesses to open and operate bank accounts, obtain loans, and access several financial and regulatory services.
According to the letter, a BIN will also be mandatory for obtaining loans, renewing trade licences, opening merchant accounts with mobile financial service (MFS) providers, securing gas and electricity connections in the name of a business, and registering business-owned vehicles with the Bangladesh Road Transport Authority (BRTA).
The NBR also urged the central bank to issue the necessary directives to ensure effective implementation of the requirement at the field level.
According to Bangladesh Bank sources, there are around 92 lakh current accounts in the country. However, the figure includes multiple accounts held by the same business as well as accounts belonging to inactive businesses, meaning there is no reliable estimate of the number of active business account holders.
An NBR official, speaking to TBS on condition of anonymity, said the revenue authority expects the requirement to bring around 20 lakh new businesses under VAT registration within a year, significantly expanding the VAT net.
The move has raised concerns that some businesses may try to avoid BIN registration by using other types of bank accounts not covered by the requirement.
Responding to the concern, the official said the NBR plans to bring all bank accounts under its monitoring.
"If any account shows unusual transactions, it will not be difficult for us to determine the reason behind them," the official said.
