Wise Consultancy simplifies the VAT de-registration process, ensuring compliance and efficiency for your business.
VAT deregistration is necessary in the UAE when you cease dealing with taxable supplies and do not exceed the thresholds for voluntary or mandatory VAT registration.
Wise Consultancy is a leading provider of VAT deregistration services in the UAE. We assist businesses in deregistering for VAT when they no longer meet the eligibility criteria.
To determine your VAT payment obligations, our tax experts can help you assess your situation and clarify your status. If your annual turnover exceeds the threshold limit, you will need to continue with VAT registration.
There are various reasons a business might wish to apply for VAT deregistration in the UAE. However, if the reason does not align with the conditions set by VAT regulations, you may not qualify for deregistration. We assist you in evaluating whether your business meets the eligibility requirements for VAT deregistration.
A taxable person can cancel their VAT registration in the UAE, resulting in the suspension of their Tax Registration Number (TRN). If you are VAT-registered with the FTA and meet the eligibility criteria for deregistration, we can assist you with the process. Be aware that delaying your VAT deregistration in the UAE may incur a penalty.
If you are a natural or legal person registered for VAT in the UAE, you may deregister if you meet the following conditions:
Once you meet any of these eligibility criteria, you must apply for VAT deregistration within 20 business days. Failing to do so within the specified timeframe may result in penalties from the FTA.
VAT deregistration is a straightforward process that doesn’t take much time. First, you need to visit the FTA VAT portal and log into your VAT account. Once logged in, you’ll see the dashboard with a tab for VAT registration. Click on the deregister button to access the VAT deregistration application, which contains all relevant information about the taxable person.
A key section of the application is the reason for deregistration. You must choose the appropriate reason for your VAT deregistration in the UAE from the following options:
After selecting the correct reason, you need to indicate the effective date of your eligibility for deregistration. Then, upload all necessary supporting documents for your VAT deregistration application. Be sure to review all documents and their contents, confirm their accuracy via the declaration form, and submit the application to the FTA.
No longer charging VAT may reduce revenue; adjustments to cash flow forecasts are necessary.
Increased operational costs due to the inability to reclaim input VAT, potentially lowering profit margins.
De-registration can raise concerns about financial stability; clear communication is essential to maintain stakeholder confidence.
Contact us today for a consultation, and let’s get your business up and running in just a few days. Together, we can turn your vision into reality!