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NBR chairman: TIN not mandatory for opening BO account

  • Published at 01:10 am April 17th, 2019
NBR Chairman Mosharraf Hossain Bhuiyan
NBR chairman Mosharraf Hossain Bhuiyan Dhaka Tribune

The NBR chairman came up with the remark while addressing a pre-budget meeting with the Real Estate and Housing Association of Bangladesh

National Board of Revenue (NBR) Chairman Md Mosharraf Hossain Bhuiyan on Tuesday assured it did not make mandatory Tax Identification Number (TIN) for opening Beneficiary Owner (BO) account by stock market investors.  

The NBR chairman came up with the remark while addressing a pre-budget meeting with the Real Estate and Housing Association of Bangladesh (REHAB) and other stakeholders relating to the country's construction sector at his office in the capital.

“In opening BO account for  trading share, the previous system will remain valid. NBR did not make TIN mandatory for a BO account holder,”  said Mosharraf, adding that investors can open BO accounts as they did in the past.

"I hope the confusion over TIN will be over and the market will gain momentum," he added. 

Previously on April 2, NBR had asked the stock exchanges whether investors should have Tax Identification Number to open a BO account, which was then misinterpreted as a call for making TIN mandatory. 

Mosharraf also said that many people claimed that his statements was one of the reasons for the DSEX, the key index of Dhaka Stock Exchange (DSE), to fall sharply the day after. 

The NBR chief had made the query at a pre-budget meeting with DSE, Chittagong Stock Exchange, Bangladesh Leasing and Finance Companies Association, Bangladesh Insurance Association, and Bangladesh Merchant Bankers Association at NBR.

The market began to fall since the beginning of April 3 and the negative trend continued throughout the session as investors began dumping shares in panic, market operators said.