National Board of Revenue (NBR) Chairman M Mosharraf Hossain Bhuiyan has said Electronic Tax Identification Number (e-TIN) is not mandatory to open Beneficiary Owner (BO) account in the capital market.
“The existing process of opening BO account in the capital market will continue in future. E-TIN is not mandatory for opening the BO account,” he said while speaking as the chair at a pre-budget discussion at NBR headquarters in the city, reports BSS.
Representatives from Bangladesh Steel Manufacturers Association (BSMA), Real Estate and Housing Association of Bangladesh (REHAB), Bangladesh Land Development Association, Steel Building Manufacturers Association (SBMA) took part at the discussion.
In case of implementation the new VAT law, Mosharraf said, the government cannot withdraw the existing special facilities in the new VAT law. “So, we will keep some special facilities in the new VAT law for some areas,” he added.
He said NBR not only works for revenue collection but also works for expediting industrialization and trade and commerce. “NBR will consider the process of reducing customs duty,” he added.
Like earlier, Mosharraf said, the next budget for 2019-20 will give priority to the industrialization in the country.
During the meeting, REHAB proposed to fix seven percent registration tax for flat and plot, form a Taka 20 thousand core fund for long term financing and single digit interest rate of bank loan and give an opportunity for the ‘undisclosed legal income’ to invest in the real estate sector.