In the latest issuance, the FTA proclaimed that companies can withdraw from paying taxes either voluntarily or mandatorily by opting for deregistration from the VAT based on certain conditions in accord with the Federal Decree-Law No. 8 of 2017. You have to deregister your business from VAT if your FTA-registered business:
- No longer trades taxable supplies and has no intention to make future taxable sales.
- Makes taxable supplies but the turnover fails to meet the Mandatory or Voluntary Registration Threshold.
- Has been sold.
- Joins a VAT group (or a VAT group is disbanded).