VAT De-registration Services
BY AKM ACCOUNTING
A taxable person must apply for VAT De-registration with FTA if he is no more maintaining the conditions required to be maintained for registration. Under the following two conditions a taxable person must apply for deregistration.
The taxable person must apply for de-registration within 20 business days of the occurrence of either of the above two conditions.in order for the de-registration to be successful the taxable person must settle any pending amount of VAT due or penalties imposed (if any).
After approval of the de-registration application, the person will no more be a taxable person and he must not charge VAT on supplies to its clients in any case.
FTA can proceed to cancel a taxable person’s VAT registration if FTA found that the person is not meeting the conditions required to maintain his VAT registration.
A penalty of AED 10,000 shall be imposed by FTA if the registered person does not apply for de-registration within the stipulated time frame.