In the UAE, a company must choose the VAT deregistration process if it wants to revoke its VAT registration with the federal government. To apply for VAT Deregistration in the UAE, individuals or corporations must be in one of the following situations. This is an online process.
Any company that stopped producing the taxable supply.
If the company fails to generate AED 187,500 in revenue or spend AED 187,500 in expenses in the first 12 months after registering for VAT with the federal department.
Any company that did not make or spend AED 187,500 in the first 12 months following VAT registration with FTA can assess their situation and determine whether they will be able to do so in the upcoming 30 days. After this grace period, they will have 20 days to finish the VAT registration process.
In the UAE, a company must choose the VAT deregistration process if it wants to revoke its VAT registration with the federal government. To apply for VAT Deregistration in the UAE, either individuals or corporations must be in one of the following situations. This is an online process.
any company that stopped producing the taxable supply.
If the company fails to generate AED 187,500 in revenue or spend AED 187,500 in expenses in the first 12 months after registering for VAT with the federal department.
Any company that did not make or spend AED 187,500 in the first 12 months following VAT registration with FTA can assess their situation and determine whether they will be able to do so in the upcoming 30 days. After this grace period, they will have 20 days to finish the VAT registration process.
How to Apply for VAT Deregistration in the UAE
Companies that are shutting down must upload their official liquidation letters, and businesses that did not generate AED 187,500 must submit their financial documents to the FTA. Only online can the full process be completed without any fuss.
Go to the FTA website and select “De-registration” from the menu on the home page. You will now receive a deregistration form; complete it. Make sure you are providing the authorities with accurate information. Send it to them, and they’ll examine the application and confirm your company’s existence.
The status of your application will change to “pre-approved” after the verification is complete. The business must then file its final VAT return and pay off all outstanding debts and refundable amounts. The procedure for VAT deregistration in the UAE will be finished in this manner.
Any situations mentioned above require the VAT deregistration to be completed within 20 days. If a company doesn’t do this, the FTA will find them. Once their punishment is satisfied, the authorities will consent to their deregistration.
The entire procedure could look a little hectic to someone without the proper knowledge. You must thus contact a reputable VAT specialist in Dubai who will assist with the complete deregistration procedure. In this manner, the work will be completed on schedule and without error. You can concentrate on whatever other task you have while the VAT Consultancy with good experience handles the process.