S.I. No. 439/1999 - Value-Added Tax (Records of Transactions in Investment Gold) Regulations, 1999.

1. (1) These Regulations may be cited as the Value-Added Tax (Records of Transactions in Investment Gold) Regulations, 1999.

(2) These Regulations shall come into operation on the 1st day of January, 2000.

2. In these Regulations

“Principal Act” means the

Value-Added Tax Act, 1972

(No. 22 of 1972);

“intermediary services” means services supplied by an intermediary.

3. Every person who trades in investment gold shall keep full and true records entered up to date of—

(

a

) in relation to supplies of investment gold, the name of each person to whom the investment gold is supplied, the amount receivable from each such person in respect of such supplies and a cross-reference to the relevant invoices or documents which issued in respect of such supplies,

(

b

) in relation to purchases of investment gold, the name of each person from whom the investment gold is purchased, the purchase price of the investment gold and a cross-reference to the relevant invoices or documents which were received in respect of such purchases,

(

c

) in relation to importations of investment gold, the value of the investment gold determined in accordance with section 15 of the Principal Act in respect of each importation, the purchase price of the investment gold imported and a cross-reference to the invoices and customs documents used in connection with such importations,

(

d

) in relation to intra-Community acquisitions of investment gold, the name of the person from whom the investment gold is acquired, the purchase price of the investment gold and a cross-reference to the relevant invoices which were received in respect of such acquisitions,

(

e

) in relation to the supply of intermediary services, the name of each person to whom the service is supplied, the amount receivable in respect of the supply and a cross-reference to the relevant invoices or documents which issued in respect of the supply of such services,

(

f

) in relation to intermediary services received, the name of the intermediaries, the amount payable in respect of the supply of the services and a cross-reference to the relevant invoices or documents which were received in respect of such services,

(

g

) in relation to discounts allowed or price reductions made to a person subsequent to the issue of an invoice or other document to such person, the amount credited to such person and, except in a case to which section 17(9)(a) of the Principal Act applies, a cross-reference to the corresponding credit note,

(

h

) in relation to bad debts written off, particulars of the name and address of the debtor, a description of the supply of investment gold to which the debt relates and the date or dates upon which the debt was incurred,

(

i

) in relation to discounts or price reductions received from taxable persons subsequent to the receipt of invoices from such persons, except in a case to which section 17(9)(a) of the Principal Act applies, the amount of the discount or price reduction and corresponding tax received from each such person and a cross-reference to the corresponding invoice, and

(

j

) in relation to discounts or price reductions received from persons who are not taxable persons, the amount of the discount or price reduction and a cross-reference to the document which was received in respect of such discount or price reduction.

4. Regulation 9 (1) of the Value-Added Tax Regulations, 1979 (

S.I. No. 63 of 1979

) shall not apply in relation to transactions in investment gold.

GIVEN this 24th day of December, 1999.

JOSEPHINE FEEHILY,

Revenue Commissioner.

EXPLANATORY NOTE.

(This note is not part of the Instrument and does not purport to be a legal interpretation.)

These Regulations set out the records which must be kept by a trader in investment gold.

The Revenue Commissioners, in exercise of the powers conferred on them by

section 16

(1A) (inserted by

section 133

of the

Finance Act, 1999

(No. 2 of 1999)) and

section 32

of the

Value-Added Tax Act, 1972

(No. 22 of 1972), hereby make the following Regulations