While registering for BRA Sales Tax is essential for certain businesses, situations may arise where you no longer need to be registered. Unregistering smoothly and compliantly is crucial to avoid potential penalties and legal issues. This article outlines the essential steps and requirements for unregistering from BRA Sales Tax under the BRA Sales Tax Act 2015.
Who Can Unregister?
You can apply for de-registration if you meet any of the following criteria:
- No longer meet the registration criteria: Your business activities or income no longer fall under the mandatory registration threshold.
- Fulfilled all tax obligations: You have filed all required returns, paid all outstanding taxes, and cleared any penalties or dues.
- Ceasing business operations: You are permanently shutting down your business.
Un registration Process:
- Submit Application: Formally request de-registration by submitting a duly filled application form to the concerned BRA office.
- Clear Dues: Ensure you have settled all outstanding tax liabilities, penalties, and interest before proceeding.
- No pending inquiries: Confirm there are no ongoing audits or investigations related to your tax affairs.
- Review and Approval: The BRA will review your application and supporting documents. Upon verification and approval, you will receive a de-registration certificate.
- De-registration doesn’t absolve you of tax liabilities incurred before the effective date of cancellation.
- You may need to pay a final tax return depending on your specific situation.
- Seek professional guidance from tax advisors for personalized assistance and ensuring compliance throughout the process.