Mohammed
Dear Sir
We are registed as a group of company in FTA., now one of company does not have sales at all and all stock has been transferred to parent company ., license not cancelled due to employees visa purpose.
Can that company continue in group , group revenue is above threshold or i have to deregisted that company after removing it from group.
FTA threshold counted as a group or all individual company have to meet threshold amount..
Thank you very much
Regards
Mohammed
Replies
The Law does not specify that the individual members should meet the threshold requirements to continue as part of the Group. However this could pose an issue eventually at the time of removal of this member or de-registration of the tax group. If this member previously had an individual TRN, then on de-registration or removal from the group, this individual TRN would be re-activated. Further, if this member does not meet the threshold, the individual TRN needs to be de-registered, at which time, a penalty for delayed de-registration can be imposed.
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