VAT deregistration in the UAE is an online process. There are said two situations in which a firm may de-register from the VAT:
- If the turnover of the business doesn’t exceed AED 187,500 in the 12 months after the registration with FTA. In this scenario, the company must apply for the VAT deregistration.
- If the firm stops making the taxable goods and supplies then also it is mandatory for it to apply for the VAT deregistration.
The VAT deregistration is required mostly by the new changing minds and the startups. In the above-mentioned cases, VAT deregistration must be applied within 20 days. As per the FTA law, those filing for deregistration exceeding the loop of 20 days are subjected to penalty and fines as described by the FTA.
We save you from the penalty and fines by filing the deregistration on time as and when required. Since you have a team of dedicated personnel taking care of the auditing and taxation for your business, you may focus on other pillars of the company. EXL Auditing relieves the pain and worry of the tax world from your shoulders. Our team has experts who carefully watch the timing and deadlines for each and process which is required to be catered in light of the VAT.