You should always keep in mind procedures linked to tax de-registration and registration in the UAE. Tax recordings are vital components of businesses and have to be procedures that are done without errors and absolutely clearly. For any assistance relating to tax filling, auditing, accounting, VAT registration, filing, company incorporation and all other necessary procedures, GCC Filings will help you a great deal. You can reach out to the company for assistance while saving time and energy greatly in the bargain.
Tax records need to be absolutely perfect since they come under scrutiny during audits and will eventually impact audit scores. In recent times, VAT has been implemented by the Government of the United Arab Emirates (UAE) on 1st January, 2018 and businesses now have to pay VAT at the rate of 5%. All businesses are officially required to maintain precise and proper records of taxes. Yet, companies may move ahead for tax registration or de-registration at any given point of time.
Key factors Related to Tax Registration and De-Registration in UAE
- Applications for tax registration will be submitted to non-registered taxable person/any other person with the right to be registered to the Authority as per forms adopted by the Authority in this context.
- Applications for tax de-registration will be submitted to the Authority by registrants who are required or have the right to be deregistered on the basis of forms adopted by the Authority.
- Tax registration or de-registration applications will be reviewed by the Authority, following all necessary regulations in this regard.
- De-registration/registration will be confirmed through issuing the tax registration number for the application in question, reactivating it or cancelling it if the Authority re-registers any person.
- The Authority will be notifying a person of his/her tax registration/de-registration or reactivation of records on the basis of mechanisms taken up in this context.
- Registrants will notify the Authority within 20 days in case of any name/address/articles of association/nature of business changes and changes to addresses from which business is conducted.
- Government bodies will inform the Authority about issuing licenses within a period of 20 days from the period of officially granting approval/consent. This notification will include aspects like the business name, commercial license type, license numbers, date of issuance of commercial license, registered business addresses, description of business activities, complete information regarding business directors/owners, any other information asked for by the Authority.
- People appointed as legal representatives should offer appointment notices to Authorities within 20 business days from the appointment date. These notices should contain details like the appointment type, address/name of taxable person, duration of appointment, responsibilities of person, address/name of legal representative, etc.
- Upon issuing of the notice, it should come with suitable appointment evidence for the legal representative.
- The Authority may ask for further details from applicants in case of legal representative appointments for verification of key information.
- Upon acceptance of legal representative appointments, notifications will come within a period of 20 business days.
These are some of the things that you should always keep in mind when it comes to registration or de-registration for taxation purposes.