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90% of the businesses risk deactivation of BINs

by BIZDATA INSIGHTS
August 16, 2019
in Trade
0
NBR to consider removing car duty disparity

As the deadline to update the value-added tax registration information ended on 14th August following the directive by National Board of Revenue (NBR), 90% of the businesses, approximately 150,000, face deactivation as they couldn’t update their Business Identification Number (BIN).

Many of the VAT-registered businesses could not get access to the VAT online system for last few days due to technical difficulties. The NBR officials said only 10,000 to 15,000 out of some 1,66,000 businesses had updated their VAT registration information by the deadline as per new VAT and Supplementary Duty Act-2012 that came into force on July 1, 2019. Following the act, BIN is mandatory for all major business activities including export and import.

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Businesses might face difficulties in conducting export, import and other business activities unless they updated their BINs.

In July, the NBR issued a directive and a public notice to all businesses for updating their VAT registration information by logging in the VAT online site. The instruction came after the VAT officials detected that around 100,000 BIN holders provided fake information in their VAT registration form to avail some undue benefits.

The first deadline for updating the information was July 31, 2019. A poor response from businesses forced the NBR to extend the deadline to August 14, 2019.

However, NBR officials said businesses would be allowed to reactivate their BINs by updating their information and logging in the VAT online system. Businesses will have to sign up again in the site of electronic BIN (e-BIN) and fill in VAT 2.1 form as per amended VAT act and rules.

According to the VOP data, 166,000 businesses obtained electronic BINs. The number of old BIN holders was 840,000. Of the e-BIN holders, less than 32,000 businesses submit their VAT returns regularly.

Last year, the NBR introduced instant BIN issuance system to expedite VAT registration system. However, unscrupulous businesses took advantage of the instant BINs that the NBR issued without verification.

Some commercial importers intentionally abused the e-BIN by obtaining tax benefits as manufacturers from different customs ports.

To check abuse of the instant BIN, the NBR has sought from businesses some additional information that include branch information, input-output data, names of major capital machinery and names of directors and owners.

BIZDATA INSIGHTS
Author: BIZDATA INSIGHTS

Tags: BINBusiness Identification NumberNBRVAT
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