The government has made Tax Identification Number (TIN) mandatory for opening bank accounts. Finance Minister Amir Khosru Mahmud Chowdhury announced this in the budget presented in the Jatiya Sangsad on Thursday. This is one of the major decisions in the budget. According to the new proposal, any individual opening a bank account will need to present a TIN certificate.
However, there are some exemptions. For example, students will not need to present a TIN certificate when opening a bank account. Also, for no-frills accounts like 10 taka bank accounts, government allowance accounts, and pensioner accounts, exemption from presenting TIN has been provided.
There are over 17 crore bank accounts in the country. This new requirement may impact those opening new accounts. The government is taking this initiative mainly to increase the tax net.
