[ S.L.406.02 VALUE ADDED TAX (TAX PERIOD) 1 SUBSIDIARY LEGISLATION 406.02 VALUE ADDED TAX (TAX PERIOD) REGULATIONS 1st January, 1999 LEGAL NOTICE 14 of 1999, as amended by Legal Notice 353 of
- The title of these regulations is the Value Added Tax (Tax Period) Regulations. Citation.
- Terms used in these regulations shall, unless the context otherwise requires, have the meaning assigned to them in the Value Added Tax Act, hereinafter referred to as "the Act". Interpretation.
- A person registered under the Act whose turnover, as defined for the purpose of the Sixth Schedule to the Act, does not exceed the Domestic Threshold defined in the said Schedule shall, unless the Commissioner decides otherwise, be assigned a twelve
(12)month tax period: Twelve
(12)months tax period. Substituted by: L.N. 353 of 2024. Provided that the Commissioner may, where he may deem necessary for the purpose of simplifying the administration of any of the provisions of the Act, allocate a tax period to a person of twelve
(12)months commencing on the first
(1)day of a calendar month, as may be specified by the Commissioner. 4.
(1)Where the Commissioner is satisfied that the credit for input tax to which a registered person is likely to be entitled for each of four consecutive tax periods will exceed the output tax for the said tax periods, the Commissioner may, on an application made by that person, deterrnine by means of a notice in writing, that the tax period of the applicant as from such date as may be specified in the said notice, be a period of one month. One month tax period. Amended by: L.N. 353 of 2024.
(2)The four consecutive tax periods referred to in subregulation
(1), shall be four consecutive tax periods commencing with the tax period immediately following that during which an application for the purposes of this regulation is made.
(3)The notice referred to in subregulation
(1)shall be served on the applicant.
(4)Notwithstanding the other provisions of this regulation, the Commissioner may, for the purpose of ensuring the correct and regular collection of the tax, or for the objective of combating VAT fraud, allocate a tax period to a person of one
(1)month commencing on the first
(1)day of a calendar month and ending on the last day of that same calendar month. 5.
(1)The Commissioner may, in the cases specified in subregulation
(2), revoke a notice given in terms of regulation 4 by means of a further notice, and as from the date specified in the said further notice, the tax period of that person shall be a period of three months. Revocation of notice. 2 [ S.L.406.02
(2)VALUE ADDED TAX (TAX PERIOD) A revocation referred to in subregulation
(1)may be made: (
- a)where, at any time, the Commissioner has reason to believe that there was or there is likely to be a material change in the circumstances on the basis of which an application has been allowed; (
- b)where it results to the Commissioner that any information given by a person which is relevant to the determination of his turnover was incorrect; (
- c)at the request of the registered person to whom the notice was served in accordance with the provisions of regulation 4. Request for records and information. 6. The Commissioner may request any person who makes an application for the purposes of these regulations to produce such records and information as he may deem necessary in order to verify the applicability or otherwise of these regulations to that person.