VAT Deregistration Services
VAT Deregistration Services in UAE
VAT Deregistration is required in the UAE when you stop dealing with taxable supplies and don’t exceed the threshold limits for voluntary or mandatory VAT registration.
FAME Advisory DMCC is one of the top VAT deregistration service providers in the UAE. Through this service, we help businesses deregister for VAT when they don’t lie in the VAT eligibility criteria.
To know whether you lie in the VAT payment criteria or not, reach out to our tax personnel. We will check our VAT payment and where you lie in the slab to get the exact idea. If your annual turnover is over the threshold limit, you’ll need to continue the VAT.
A business would want to apply for VAT deregistration in UAE for several reasons. But, if that reason is not one of the conditions approved by the VAT regulations, you are not eligible for VAT deregistration. We help you check if your business meets any eligibility conditions required to deregister for VAT.
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A taxable person can cancel their VAT registration in UAE. This leads to the suspension of your Tax Registration Number (TRN). So, if you are VAT-registered with FTA and meet the eligibility conditions for deregistration, we will help you with it. You need to pay the penalty if you delay your VAT deregistration in UAE.
Eligibility conditions for UAE VAT deregistration
If you are a natural or legal person registered for VAT in UAE, you can deregister if you meet the following conditions:
- If you stop making taxable supplies for which you were VAT-registered and do not expect to make it in the next 12 months, you must apply for VAT deregistration.
- If you are still making taxable supplies, but the value generated from its supplies and imports is less than the voluntary registration threshold of AED 187,500, you must deregister from VAT.
- If you are still making taxable supplies, the value of taxable supplies and imports is less than the mandatory threshold (AED 375,000), and you have already completed 12 months of your voluntary VAT registration, you can apply for VAT deregistration in UAE.
Once you satisfy any eligibility conditions, you must apply for VAT deregistration within 20 business days of being eligible. If you fail to apply for deregistration within the given timelines, FTA may impose a penalty on you.
Procedure for VAT deregistration in UAE
VAT deregistration is a simple process that does not take much time. You need to visit the FTA VAT portal to sign in to your VAT account. After you sign in, you can see the dashboard with a tab on VAT registration. There, you must click on the deregister button. Here, you can see the VAT deregistration application with all the information on the taxable person.
A crucial topic to fill in the application is the reason for deregistration. You must select the correct reason to deregister from VAT in UAE. The options are:
- You have stopped business operations.
- You are no longer making or importing taxable supplies.
- You make taxable supplies, but the value is below the voluntary threshold.
- You are making or importing taxable supplies, and the value is above the voluntary threshold but below the mandatory threshold.
- Any other applicable reason that satisfies the eligibility conditions.
After selecting the proper reason for VAT deregistration, you must mention the effective date of your eligibility to deregister. Now, upload all the necessary documents that support your VAT deregistration case. You must check the entire document and its contents, affirm its correction by checking the declaration form, and submit it to the FTA.
When FTA receives the application for VAT deregistration in UAE, it reviews it for correctness. If it accepts the application, your status will change to pre-approved. Now, you must submit your VAT returns and clear all outstanding liabilities. Once you comply with these two requirements, FTA will deregister you.
FAME ensures to keep your process complete, accurate, and fast. We provide expert VAT deregistration services to clients in different business verticals to ease their burden. We analyze your business, identify the reason for the deregistration accurately, and manage the complete procedure for you.
You never have to worry about the accuracy and completeness of the documents. Our VAT consultants are thorough with the process, making it hassle-free for our clients. They have the experience, are well-trained, and have the qualifications to handle VAT deregistration services professionally. You can focus on your business while we complete your VAT deregistration in UAE.
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FAQs: VAT Deregistration Services in Dubai, UAE
If you stop to make or import the taxable supplies for which you were VAT-registered in UAE, you must go for VAT deregistration. But you must submit the company liquidation letter from the government during the deregistration process. Also, you must submit detailed financial records to the FTA.
If the FTA does not approve the reasons for deregistration or if the business fails to meet the prerequisites, then FTA will reject the application.
Once FTA pre-approves your VAT deregistration, you must submit a VAT return. FTA changes the status to review, after which you need to submit another VAT return. After this, FTA cancels your VAT registration.
Once FTA deregisters you from VAT, you must not forget to retain your VAT records and keep your bank account. These records are essential at the time of VAT audits. You require the bank account to receive VAT refunds if your return gives rise to one.
Suppose the VAT-registered entity does not meet the conditions to be considered a group company or has stopped being financially associated with the group. In that case, it can go for VAT deregistration in UAE.