17 Jan VAT Deregistration (Alert)
Please note that if you are registered TRN company then make sure your last 12 month taxable turnover or expenses must cross voluntary threshold amount 187K.
As per Decree law 8 Article 21, ‘if you stops making taxable supplies OR if the value of taxable supplies made over a period of 12 consecutive months is less than the voluntary registration threshold’. Then you shall apply to the authority for tax Deregistration.
If you will not proceed for tax Deregistration as per Article 21 then there is penalty of 10K as per Cabinet Decision 40 table 1.