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De-registering your Tax Registration Number (TRN) is as important a registering for VAT. The Federal Tax Authority (FTA) has made it mandatory to de-register for VAT if the business meets certain criteria.
Administrative penalties have been imposed if the de-registration procedure isn’t carried out or has been delayed.
A taxable person can be deregistered under 2 factors:
Timeframe to avoid penalty:
Time Frame to avoid penalty:
The penalty for late mandatory de-registration of VAT is AED 10,000.
Flyingcolour® assists in all types of accounting, bookkeeping, value added tax (VAT) related advise and VAT return filing, issues related to Federal Tax Authority (FTA), Economic Substance Regulation (ESR) related matters, monthly account related reporting to management (MIS), payroll services, excise and custom related claims and high quality outsourced CFO services through our team of experienced chartered accountants. We have attractive customized monthly accounting packages.
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