Closure of Tax Account
Businesses that cease operations or undergo liquidation must properly deregister from corporate tax obligations.
- Liquidation Process: Companies must notify the Federal Tax Authority (FTA) when winding down operations.
- Final Tax Returns: Businesses must submit final tax returns covering all outstanding liabilities before deregistration.
- FTA Approval: The deregistration process requires FTA approval, ensuring all tax dues are settled.
- Penalties for Non-Compliance: Failure to deregister properly may result in fines and legal consequences.