A Guide Value Added Tax (VAT) Deregistration in the UAE

VAT deregistration is a process where the registered companies are required to cancel their VAT registration with the Federal tax authority. The deregistration process becomes an important part when the taxable company ceases its operations
By: Parsh Accounting services
 
BUSINESS BAY, UAE - Dec. 23, 2020 - PRLog -- With the introduction of VAT in the UAE, every business here is mostly aware of the importance of VAT registration with the Federal Tax Authority (FTA). However, one important process that often gets less appearance by the eligible business is VAT Deregistration. VAT deregistration is as important as VAT registration and the companies should have a better Knowledge related to this. when and under what circumstances they should apply for VAT deregistration in the UAE otherwise big penalty may be attracted for late application for VAT deregistration. The companies are required to apply for deregistration within 20 business days of becoming eligible for vat deregistration. The failure to apply to deregister within this timeframe would attract a penalty of AED 10,000.
VAT deregistration is a process where the registered companies are required to cancel their VAT registration with the Federal tax authority. The deregistration process becomes an important part when the taxable company ceases its operations or the requirement of VAT registration is no longer needed. The businesses need to apply for VAT deregistration and the Federal tax authority will cancel the registration once it receives the application after the successful submission of the required documents. The Taxable firms should know all the procedures of the VAT deregistration as the failure to apply will attract administrative penalties. The expert advice of best VAT consultant services in Dubai, UAE could be availed to apply for VAT deregistration on time and prevent the penalties.
The registered companies that do not affect the taxable supplies can apply for tax deregistration with the FTA. The VAT registered companies also are eligible for voluntary deregistration if the worth of the taxable goods and services is decreased by the prescribed threshold of AED 375,000 but above the voluntary threshold of AED 187,500. But, when the taxable supplies are below the voluntary threshold then the corporate is compulsorily required to deregister from VAT.

For more information: https://parsh.ae/vat.php

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Tags:VAT Consultant in Dubai
Industry:Business
Location:Business Bay - Dubai - United Arab Emirates
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