The situation of UAE import where an e-guarantee is necessary, are the situations in which the importer is not reliable on the import and if the conditions are not satisfied then the e-guarantee helps as financial security for payment of the VAT due. The submitted e-guarantee earlier will be cancelled if the conditions for cancellation of import VAT are satisfied.
Easy Steps to Cancel e-Guarantee in FTA portal in UAE
Given below is the step by step process to cancel a submitted e-guarantee in the FTA portal
1. Login to FTA portal
2. Click on the ‘VAT’ tab.
3. Click ‘VAT 701- E-Guarantee Cancellation form’.
4. Fill up the e-guarantee cancellation form and give all the required information, including the import declaration number, import declaration date and the e-guarantee number.
5. After the filling of form, click on ‘Submit’ button.6. After the submission of the form, a confirmation message will pop-up on the screen, saying that the request is successful and you will also receive a confirmation email on the given email ID.
Read Also: How to Avoid Penalties Under VAT in UAE?
For the import in UAE, the non-registrants who import goods in definite specified situations must submit an e-guarantee. After the customs clear the goods and the conditions for cancellation of import VAT are satisfied then the e-guarantee which was submitted earlier can be cancelled by the process which is given above.