The Dhaka Times Desk As of now 23 more sectors are making TIN mandatory. After the presentation of the budget some new issues have come up which are making TIN mandatory again.
It is known that from now on any contract worth more than one lakh rupees will require Tax Identification Number (TIN). Without this certificate, a candidate cannot participate in upazila, municipality, city corporation or national parliament elections. And those who are already doing business with trade license but do not have TIN - they also have to submit TIN before license renewal.
Having a TIN is also mandatory in case of contracting goods supply or taking a loan of more than 5 lakh rupees from the bank. In this way, initiatives will be taken to increase the number of valid TIN holders throughout the new financial year 2014-15.
It is known that in the previous budgets, TIN has been added to 23 new sectors in which the use of TIN was mandatory.
National Board of Revenue officials said the government plans to force TIN linking in the new financial year. These include- TIN is required for opening import LCs, obtaining import registration certificates, renewing trade licenses of city corporations and municipal areas or submitting tenders for supply of any kind of goods and services.
It is known that in the new financial year, registration or enlistment as general insurance surveyor or purchase of land, building or apartment in city corporation and district headquarter municipal area and signing any contract in excess of one lakh rupees is being made mandatory.
Politicians interested in elections are also being made mandatory to have TIN in the new budget. Candidates must provide TIN number while submitting nomination papers for upazila, municipality, city corporation and national assembly elections.
TIN through other means besides:
Registration and fitness renewal and change of ownership of cars, jeeps and microbuses, borrowing more than Rs 5 lakh from any commercial bank or leasing company will now require TIN. Again, credit card takers, doctors, chartered accountants, cost and management accountants, lawyers and income tax lawyers must have a TIN even to get a practicing license. TIN will now be mandatory for getting ISD connection on telephone, becoming a director or entrepreneurial director of a company, getting a Nikah registrar's certificate and even renewing membership of a trade body. TIN is being made mandatory on several other such matters.
Photo: Courtesy of democraticbudget.wordpress.com
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