(1) A person shall apply for cancellation of registration, if such person—

(a) is no longer obliged to furnish proof of filing of return under section 264 and—

(i) is no longer defined as an assessee under clause (22) of section 2;

(ii) had zero taxable income for the past 3 (three) consecutive years and in future taxable income will be zero due to physical disability or any other reason; or

(iii) no longer required to return under section 166;

(b) ceases to exist due to death, termination, dissolution or similar;

(c) leaves Bangladesh permanently and does not engage in any income-generating activities in Bangladesh;

(d) duplicate registration or obtained registration mistakenly;

(e) changes legal status;

(f) shows any other lawful reason.

(2) On receipt of an application for cancellation of registration, the Income Tax Authority may, after scrutinizing the application, cancel the registration of the assessee, if he is satisfied that—

(a) there is no outstanding liability payable by the assessee;

(b) no tax assessment is pending against the assessee;

(c) no income tax dispute is pending in any forum; and

(d) the reason given by the assessee for cancellation of registration under sub-section (1) is true.

(3) The Board may, by its own discretion, cancel the registration of an assessee in the following cases, namely:—

(a) there is a ground for deregistration of an assessee under subsections (1) and (2);

(b) there is a reasonable ground to believe that assessee has no income from an actual or legitimate source;

(c) the registration is taken for the purpose of committing a financial crime or as part of a money laundering scheme; or

(d) the information provided during the registration process was incorrect and untrue.

(4) The Board may retain all information and records of a deregistered assessee for such period as it thinks fit.

(5) For the purposes of this section, “cancellation registration” means to make a TIN inactive, dormant and unusable publicly, but does not include the deletion or erasure of information already obtained.