Article 54 - Deregistration

1. A Taxable Person who is registered for Tax purposes must apply for deregistration in any of the following cases:

a) cessation of carrying on of the Economic Activity;

b) cessation of making Taxable Supplies;

c) if the value of the Taxable Person’s supplies falls below the Voluntary Registration Threshold pursuant to the provisions of Article (51) of this Agreement.

2. The Taxable Person may apply for deregistration if the total annual revenue of its business falls below the Mandatory Registration Threshold but exceeds the Voluntary Registration Threshold.

3. For the purposes of applying items (b) and (c) of the first paragraph and the second paragraph of this Article, each Member State may determine a minimum period to keep the Taxable Person registered for Tax purposes as a condition of deregistration.

4. Each Member State may determine the conditions and provisions necessary to reject an application for the deregistration of a Taxable Person or to deregister him in cases other than those provided for in the first and second paragraphs of this Article.

5. The Tax Authority shall notify the Taxable Person of his deregistration and the effective date of the same.