If you run a business or company in Bangladesh, you must need a TIN or e-Tin certificate. But you actually do not know how to have this. How you will issues this by NBR in Bangladesh. Having this is quite easy. You have to earn or your should have salary more than 16000 take. That is the first requirements.
TIN certificate is too important in different sectors. If you want to register trade mark from City Corporation, you have to submit this. Or you need to have license card for your vehicle, you need this. The taxpayer’s identification number consists of normally twelve digits. The system of taking income changed based on the national budget session. On the backdrop of Bangladesh, the way is changed a little bit every year.
The citizen of Bangladesh has to collect TIN from NBR because of different reasons. It varies from man to man. If you want to collect TIN or e-Tin from NBR, you should submit the return of income and give the income tax to the NBR.
To collect TIN certificates in BD, one does not need to fulfill all the requirements related to income. NBR has identified the requirements what they have to submit for having a TIN certificate. The system must be according to the section of Income Tax Ordinance (ITO) 1984. Normally, the return of income is mentioned in section 75 of the ITO 1984. The TIN certificate holder enjoys the TDS rate in some cases.
What is the rule of NBR and types of TIN / e Tin in BD?
One may show a Taxpayers identification number because of different cases. These certificates will be utilized for different purposes. The tax payer identification number is a valuable certificate. It is issued by the deputy commissioner. The certificate authorized by the board in favor of receipt return income.
One can have the twelve digit identification number because of different reasons.
• Need a letter of credit for shake of import
• Need import or export certificate registration certificate Obtain the license or renewal licenses
• submit the documents for service or supplying goods
• Registration or the renewal of the fitness of truck, bus, and lorry.
• Applying the loan for more than 5 lacks taka
• The provident of a shareholder in any company.
• The retaining the licenses of Nikah Register
• For maintaining drug licenses
There are different types of documents. You can submit for tax payer identification number. Besides these, one can have tax identification number based on different reasons. Overall, when a person income is around the year. NBR will give the person twelve digit TIN certificates. On the other hand, the man who has ten digit registration numbers, he can get a twelve digit TIN certificate. TRN is another certificate. It is issued at that time when a person does not provide tax in spite of earning taxable income.
Perhaps, you have heard another certificate UTIN. It stands for unified Taxpayers identification number. UTIN is also provided by NBR.
How will you obtain TIN certificate by NBR certificate?
It is easy to apply for TIN through NBR website. One can do this both manually and electronically. Before having TIN, you have to fill up the form. The electronic process is easier than the manual process. Collecting necessary information before filling up the form is quite important to have the required information. The necessary documents you need:
Name and TIN of the:
• Passport size photograph
• Partners (in case of a firm)
• Business (in the case of sole proprietorship)
• Post code of current address
• Post code of permanent address
• National ID/Passport number
• Sponsor Directors (in case of a company)
Some information needs but not mandatory such as Incorporation no/registration is not mandatory but these are applicable based on the situation.
What will be the penalty for fake TIN in Bangladesh?
One person uses another TIN without reasonable cause; he gets punished in no time. The DCT will impose the fine up to 20000 BDT. But, the man who uses fake TIN, he gets more punished and the money can be fine up to 50000 because of using fault TIN. The income tax authority and DCT can impose up to 200000 taka to any person who uses this in the wrong way. So you must take a valid authentic certificate so that there is no chance of a penalty.
The TIN certificate is an asset of your business. It keeps the validity of your business. To have the TIN certificate or eTin is not hard. Just you have to go through the process of Authority. When you will go to have any TIN number for your company, you must go to the city corporation office or local municipality with necessary documents. Based on fair documents, you will have a TIN certificate. But every year, one has to renew these documents. Otherwise, the legal documents will be banned.