I heard that once the business has ceased to conduct business the tax registration is then cancelled. Is this necessary?
If the tax liability of a taxpayer ceases due to business closure, dissolution, termination, bankruptcy or other legitimate reasons, the taxpayer should cancel its tax registration with the original tax authorities before completing the procedure for canceling its industrial and commercial registration. Taxpayers with their business licence revoked should, within 15 days upon revocation, apply to the original tax authorities for cancellation of tax registration.
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