VAT Deregistration
Types of VAT Deregistration
There are two types of VAT deregistration services, companies will choose one category before applying for VAT deregistration and it will be based
on different reasons. Following are the VAT deregistration categories:
Mandatory VAT Deregistration
Voluntary VAT Deregistration
Mandatory VAT Deregistration
Voluntary VAT Deregistration
Mandatory VAT Deregistration
A taxable person should apply to deregister within 30 days if any of the following applies:
a. If they no longer carry out economic activities.
b. If the business has stopped making taxable supplies.
c. If they are no longer considered a legal entity. (Company Closed)
b. If the business has stopped making taxable supplies.
c. If they are no longer considered a legal entity. (Company Closed)
Time Frame for VAT De-registration
A registrant must apply for VAT deregistration within 20 business days from the occurrence of the above-mentioned events. Registrants can easily apply for
VAT deregistration by accessing their relevant tax authority portals. Additionally, Companies that are getting closed must have a company liquidation letter from the government authorities to apply for VAT Deregistration.
Significance of VAT Deregistration
For taxable individuals and businesses, VAT deregistration process is as important as it is to register for a VAT. Businessmen must know the rules
and process for VAT cancellation in UAE, KSA, Qatar, Bahrain, Oman, and UK, as administrative penalties will be imposed upon failure to file an application within the timeframe specified in the tax law.
How Gnosis can help?
Besides offering VAT deregistration services in UAE, KSA, Qatar, Bahrain, Oman, and UK, Gnosis provides various business services and
VAT services that include CFO Services, Audit Services, Accounting & Bookkeeping Services, VAT registration and VAT filing services.