{"id":2049,"date":"2017-12-11T07:38:57","date_gmt":"2017-12-11T07:38:57","guid":{"rendered":"http:\/\/139.59.38.172:8081\/?p=2049"},"modified":"2017-12-11T07:39:56","modified_gmt":"2017-12-11T07:39:56","slug":"when-should-you-deregister-business-from-vat-latest-updates","status":"publish","type":"post","link":"https:\/\/www.mymoneysouq.com\/financial-blog\/when-should-you-deregister-business-from-vat-latest-updates\/","title":{"rendered":"When should you Deregister your business from VAT &#8211; Latest Updates!"},"content":{"rendered":"<p>After the successful registrations of the entities for VAT, FTA(Federal Tax Authority) has closed the registration lines recently. More than 90% of the companies registered for VAT which comprises about 80% of SMEs. Even now entrepreneurs can register their companies if not done yet but would be charged some additional fees for the late registration.&nbsp;&nbsp;<\/p>\n<p><strong>Check:<\/strong>&nbsp;<a href=\"https:\/\/www.mymoneysouq.com\/financial-blog\/latest-updates-vat-what-will-be-taxed-uae\/\" target=\"_blank\" rel=\"noopener noreferrer\">What all businesses are included in tax <\/a><\/p>\n<p>As per a recent update from FTA, organizations can be deregistered from the VAT. Deregistration is nothing but a business can be withdrawn from paying taxes either voluntarily or mandatorily. Deregistration can be done only after the approval of the FTA after the application for the deregistration is submitted to the respective authority. The authority of tax deregistration will check with the deregistration application and cancels the VAT number provided to the entity.<\/p>\n<h3>Voluntary Deregistration<\/h3>\n<p><span style=\"font-weight: 400;\">A company can withdraw itself from paying and levying taxes voluntarily on few cases like <\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If the company no longer supplies the goods which are taxable <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If the company annual turnover is below AED 375,000 even after supplying taxable goods. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If the company is been closed permanently <\/span><\/li>\n<\/ul>\n<p>In certain cases, the FTA approves the deregistration application if the reason for canceling the VAT number is valid. The authorities will check with the reason and approves the application.<\/p>\n<p><strong>Check:<\/strong> <a href=\"https:\/\/www.mymoneysouq.com\/financial-blog\/start-saving-on-vat-with-10-best-tips-given-by-financial-advisors\/\" target=\"_blank\" rel=\"noopener noreferrer\">Start saving on VAT with these 10 best tips given by financial advisor<\/a>&nbsp;<\/p>\n<h3>Mandatory Deregistration<\/h3>\n<p><span style=\"font-weight: 400;\">There can be times where the tax authorities tend to cancel your business registration which will be mandatory on an official notice. If the related authorities find that the organization no longer is making revenue of AED 375,000 &nbsp;or if the company doesn\u2019t supply any taxable goods then the company needs to be deregistered from paying taxes. <\/span><\/p>\n<p>After the approval of the deregistration number the authorities will cancel the VAT number provided on registration and if any company wishes to register once again have a fill the registration form once again and a new VAT number will be provided.<\/p>\n<h3>Transfer of a VAT number<\/h3>\n<p><span style=\"font-weight: 400;\">If an entity is transferred to a new owner i.e if the business is been sold, then the VAT number also should be transferred under the name of the new applicant. Rather than transferring the business, it is better to unregister and then register on a new name. &nbsp;<\/span><\/p>\n<p><strong>Also Read:<\/strong>&nbsp;<a href=\"https:\/\/www.mymoneysouq.com\/financial-blog\/tax-fizzy-drinks-tobacco-dubai\/\" target=\"_blank\" rel=\"noopener noreferrer\">Tax on fizzy drinks and tobacco products<\/a>&nbsp;<\/p>\n<h5>A person who wants to deregister can visit the nearby FTA office, fill the application form and follow the instructions given by the authorities.&nbsp;<\/h5>\n","protected":false},"excerpt":{"rendered":"<p>After the successful registrations of the entities for VAT, FTA(Federal Tax Authority) has closed the registration lines recently. More than 90% of the companies registered for VAT which comprises about 80% of SMEs. Even now entrepreneurs can register their companies if not done yet but would be charged some additional fees for the late registration.&nbsp;&nbsp; [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":2051,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":{"0":"post-2049","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>When should you Deregister your business from VAT - Latest Updates! - MyMoneySouq Financial Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mymoneysouq.com\/financial-blog\/when-should-you-deregister-business-from-vat-latest-updates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"When should you Deregister your business from VAT - Latest Updates! - MyMoneySouq Financial Blog\" \/>\n<meta property=\"og:description\" content=\"After the successful registrations of the entities for VAT, FTA(Federal Tax Authority) has closed the registration lines recently. 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