• Wednesday, March 04, 2015

Taxpayers without e-TINs to face hassles

Sohel Parvez

Taxpayers having no electronic taxpayer identification numbers (e-TINs) will face hassles in the upcoming fiscal year as the revenue authority has tightened relevant rules.
"We will not encourage the use of manual TINs from the next fiscal year," an official of the National Board of Revenue said.
The official said, if the existing taxpayers want to submit returns under the 'universal self assessment' method, they will have to get the 12-digit e-TINs.
The universal self assessment method allows taxpayers to get acknowledgement receipts or certificates without hassles.
The income tax returns that will be submitted without the 12-digit e-TINs will be treated as incomplete and subject to assessment by tax officials. It means tax officials may exercise their discretion to assess incomes of the taxpayers.
Getting tax payment certificates, which are needed for various purposes, may be delayed due to the assessment by officials.
In July last year, the tax authority introduced online TIN registration for old and new taxpayers to prevent the use of fake TINs and clean its database, as part of its goal to gradually establish an online tax payment system.
The NBR has already proposed to make it a rule for existing taxpayers having 10-digit TINs or temporary registration numbers to obtain 12-digit e-TINs before the last date of submission of tax returns.
So far, 9.27 lakh existing taxpayers or TIN holders re-registered online to get 12-digit TINs. Some 3.10 lakh new taxpayers registered for e-TINs, according to the tax authority.
The e-TINs will be needed for opening letters of credit, import registration, issuance and renewal of trade licences, submission of tender documents, registration of land and apartment, registration of vehicles and their fitness renewal, and sanction of loans exceeding Tk 5 lakh.

People will also require submitting e-TIN certificates to get credit cards from banks, and to get registration of a company.
Doctors, chartered accountants, cost and management accountants, lawyers and income tax practitioners will also have to submit 12-digit TIN certificates to get practising licences.
The e-TINs will also be needed to obtain drug licences and gas and electricity connections in city corporations and municipalities for commercial purposes.
The public and private agencies will have to verify the authenticity of e-TINs online from next fiscal year, the NBR said.

Published: 12:00 am Friday, June 20, 2014

Leave your comments | Comment Policy
ICC Cricket World Cup