You are shuttering your business. A liquidator from the approved list for your trade licence issuing authority has submitted its report. All is in good order and you have promised the authorities and your liquidator that you will deregister the entity from all mandated regimes.
This is highlighted in their final contented submission allowing the entity to be formally closed.
Today, we’re going to look specifically at where the Federal Tax Authority portal comes into this process.
If you already own a company that is three months old or less, then you should have an account with the FTA, username and password, and know your way around it. If you do not, get help.
The first penalty, Dh10,000, comes at the end of that period if you have not submitted the application for your first tax regime registration.
That the waiving of this penalty has just been announced, under certain circumstances, is no excuse to delay getting the process completed. I imagine a dim view would be taken of those deemed to have taken a laissez-faire approach given the helpful new available remedy.
In our scenario, the entity has applied to deregister for VAT. The time involved can sometimes outlive your company. You can expect an audit of a couple of periodic submissions as part of the close-out.
Until you are in the final phase, you will continue to submit periodic returns. Once you have ceased trading, these should be zero value returns. Anything else will cause reasonable questions to be asked, delaying matters.
Once all is in order, you will have one final return to submit. Failure to submit it will mean a penalty.
Until that last submission is made and the penalty settled, deregistration will not have happened.
Let us begin adding twists to this tale. Imagine that all the above was successfully completed by December 2022. This date is not arbitrarily chosen. It is before the advent of corporate tax.
Be prepared to be contacted and asked why the entity, now expired, has not been registered for corporate tax. It is not unfair to wonder how having been successfully through the VAT deregistration process, including the uploading of all the closure confirmation documents, that the same portal is wondering why another tax regime has not been applied for?
Gather the documentation and respond formally. Do highlight that the information provided has already been supplied.
Why does the FTA portal interact with zombie entities? I have been contacted by clients who had thought that all requirements had been met and am asked what it is we did not do?
I imagine it is teething issues within their enterprise software system. Remember that the portal manages VAT, corporate tax, excise and other regimes. The current platform is a second iteration and is only a few years old.
Another twist. I have seen entities that have multiple profiles on the portal. This is generally due to failed efforts to register for a regulatory regime. Having found somebody proficient who successfully completes an application, the original attempt or attempts are forgotten. With different administrative user accounts, they can attract regulator attention due to outstanding requests for additional information that have been left unanswered.
A final twist, one that is more common than you might imagine, happens when you upgrade your sole establishment licence to a limited liability company.
The trading name usually stays the same, as does the trade licence number and the trade licence issuing authority.
Consider that the original entity is VAT registered. Then the entity evolves and attempts to register for corporate tax.
As a result of shared fields on the portal, the base case for the entity is that of a simple juridical structure. A sole trader. On applying for corporate tax, there is information that must be provided for an LLC, but cannot be done since the portal is unable to square the different entity types.
The solution? Open a second account and register there. But now there are two accounts. One for VAT and one for corporate tax. Is this compliant? I used to think so. Now, I am unsure.
How do you draw the curtain down permanently on an entity that has existed in any form on the portal? There is no easy answer.
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Global state-owned investor ranking by size
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United States
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China
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3.
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Killing of Qassem Suleimani
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Killing of Qassem Suleimani
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
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if you go
The flights Fly Dubai, Air Arabia, Emirates, Etihad, and Royal Jordanian all offer direct, three-and-a-half-hour flights from the UAE to the Jordanian capital Amman. Alternatively, from June Fly Dubai will offer a new direct service from Dubai to Aqaba in the south of the country. See the airlines’ respective sites for varying prices or search on reliable price-comparison site Skyscanner.
The trip
Jamie Lafferty was a guest of the Jordan Tourist Board. For more information on adventure tourism in Jordan see Visit Jordan. A number of new and established tour companies offer the chance to go caving, rock-climbing, canyoning, and mountaineering in Jordan. Prices vary depending on how many activities you want to do and how many days you plan to stay in the country. Among the leaders are Terhaal, who offer a two-day canyoning trip from Dh845 per person. If you really want to push your limits, contact the Stronger Team. For a more trek-focused trip, KE Adventure offers an eight-day trip from Dh5,300 per person.
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Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Mohammed bin Zayed Majlis
Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
Killing of Qassem Suleimani
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Who is Tim-Berners Lee?
Sir Tim Berners-Lee was born in London in a household of mathematicians and computer scientists. Both his mother, Mary Lee, and father, Conway, were early computer scientists who worked on the Ferranti 1 - the world's first commercially-available, general purpose digital computer. Sir Tim studied Physics at the University of Oxford and held a series of roles developing code and building software before moving to Switzerland to work for Cern, the European Particle Physics laboratory. He developed the worldwide web code as a side project in 1989 as a global information-sharing system. After releasing the first web code in 1991, Cern made it open and free for all to use. Sir Tim now campaigns for initiatives to make sure the web remains open and accessible to all.
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
What is graphene?
Graphene is a single layer of carbon atoms arranged like honeycomb.
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were "playing about" with sticky tape and graphite - the material used as "lead" in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But as they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment had led to graphene being isolated for the very first time.
At the time, many believed it was impossible for such thin crystalline materials to be stable. But examined under a microscope, the material remained stable, and when tested was found to have incredible properties.
It is many times times stronger than steel, yet incredibly lightweight and flexible. It is electrically and thermally conductive but also transparent. The world's first 2D material, it is one million times thinner than the diameter of a single human hair.
But the 'sticky tape' method would not work on an industrial scale. Since then, scientists have been working on manufacturing graphene, to make use of its incredible properties.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. Their discovery meant physicists could study a new class of two-dimensional materials with unique properties.
THE BIO
Favourite book: ‘Purpose Driven Life’ by Rick Warren
Favourite travel destination: Switzerland
Hobbies: Travelling and following motivational speeches and speakers
Favourite place in UAE: Dubai Museum
