Different conditions have been put up for the companies so that they comply with the laws in UAE. Keeping up with the rules and regulations in a country is very important for all its citizens. These are very important to maintain a proper system in the country to help it keep running and progressing in the long run. Same is the case with the UAE. There are very strict and significant laws that have been made for the welfare of the public.
Just like there are ways to register for something, there are also the ways to de-register for vat UAE. All must be fulfilled properly so that none of the problems arises in the future.
As we know that there is a proper way to get registered for VAT, there is one for de-registration of vat as well. Whenever the businesses feel like they are fulfilling any of the conditions for VAT deregistration, they must go for it while keeping in mind the standard and authentic procedures.
VAT Deregistration in UAE
There are a number of cases in which it becomes due to the VAT registrants to go for deregistration. There are so many situations when it becomes important for the people who are registered for VAT to get deregistered;
No More Taxable Supplies
If the company or the person stops dealing or supplying the taxable supplies, it becomes necessary for the company to go for de registration of vat. This must be done within a due time defined by the Federal Tax Authority.
Lesser Value of The Taxable Supplies
If the value of the taxable supplies is less than that of the threshold for about 12 consecutive months, the company must deregister. Sometimes, the companies register for VAT voluntarily. If their taxable supplies value decreases than that, it can go for deregistration.
Procedure for Deregistration of VAT in UAE
How to cancel vat registration in UAE? The best part about VAT deregistration is that you can do it through the online means. The companies or the associated people can how to deregister from vat UAE online through the portal of the Federal Tax Authority (FTA).
There can be different reasons for the applicants to go for deregistration. Sometimes, the companies stop dealing with the taxable supplies or they discontinue their business activities completely. No matter what the reason is, the company must follow the proper procures for VAT deregistration in UAE.
As there are different cases for deregistration, the company must follow the procedure as per the need of the time. The approval to the deregistration of VAT is dependent upon the reasons provided in the application. The companies must keep in mind that they have to deregister within 20 days of the incidence to stay compliant with the FTA rules. If the company doesn't fall for the above-mentioned conditions of the VAT deregistration, the application will not be accepted. So, it would be better for the company to look into the matters of deregistration from the root level so that their application may not get refused.
Step 1 : Apply to Deregister Within the Prescribed Time Period
Filing for the vat deregistration on time is very important for the companies if they want to avoid as many penalties as possible. Failing to comply with this UAE law will make you attract different penalties from the FTA.
Step 2 : Approval Notification
After the acceptance of your deregistration form of VAT, you will get a message showing that your application got approved. Deregistration pre-approval status will then be changed to the pre-approved in the dashboard.
Step 3 : Submission of Final Tax Return
You will be made to submit your final tax return. Upon submitting it, you will receive an email along with an SMS which will inform you about the application's status. It will also request you to complete all your outstanding liabilities as well.
The annual turnover amount of the company is nominal because this is what can make the company get registered or deregistered for VAT. Analyzing the processes of both vat registration in UAE and deregistration are of prime importance for the company to avoid unnecessary fines and vat deregistration and vat deregistration penalty.
Understanding VAT Penalties in UAE: Risks and Consequences of Non-compliance
Expert Tax Services
You can always take the expert vat services in Dubai for keeping up with strict laws. The tax service providers help you with all the services including that of VAT compliance, deregistration, implementation, and more. You can easily get the tax services in UAE to deregister VAT.
Vat Consultants in UAE
The ultimate solution for you to avoid VAT penalties and fines is by taking in consideration VAT consultants in UAE. They understand the registration and deregistration processes from the root level and thus help their clients very well. FAR offers the best solutions for people struggling with the compliance of VAT procedure. They would be dealt with great care and responsibility because experts work here. They have a very good idea about dealing with the legal processes effectively and efficiently as well.
So, if you think you are at the point of getting VAT deregistered, you should contact us, so that we may help you go through the process without facing any difficulty.
