41 tal-1995

L.N. 41 of 1.995

VALUE ADDED TAX ACf, 1994

(ACT No. XII of 1994)

VallK AddEd Tu Act (Rd'uoo oflmport Duty Oft Trading Stock)

(AlMndmmt) Reguiatioas. 1995

IN e~ercise o f the powers conferred by sect ions 61 and 76 o f the

Valu e Addcd T ax Act. 1994, herei nafter referre d to as Mth e Ac!"' , the

Minister o f Finance has mad e th e following regulations;-

I, These re gulatio ns may be cited as the Value Added Tax A ct

(Refund o f Import Duty o n Trading Stock) ( Amendm ent) Regulations ,

1995 a nd shall be read IInd construed 115 on e with Ihe Value Added Tax

Act ( Refund of Import Duty) R egullltions. 1994, he re in after referred to

as " the principal regulations".

In paragraph (2) o f regula tion 30flhe princip al re gulations, for

the wo rds Mthe 31st Ma rch, 1995" the re sh all be substituted the wo rds

" 12.00 noon of Friday , 30th June, 1995".

For regulation 4 of the principal regualtions there shall be

substituted the following

M4. ( I ) The a ppl ication referred to in regul ation 3 of these

regu lations sh all

(a) in the case o ran application made under regula tion 6

of these regul ations be accompanied by a stat ement listing the

goods held as trading stock by the applicant as on 31st

December , 1994. showing the cost at whi ch the applicant had

acquire d the said goods and drawn up in the manner

prescribed in the o ther provisio ns o f these re gulations; and

(b) in the case of an application made unde r regulation

5 o f these regulations, it shall be sufficient fo r th e applicant to

submit only the applicatio n referred to in regulation 3 of these

regulations. The stateme nt listing the goods he ld as trading

stock by the applicant ason 31st Dece mber, 1994, showing Ih e

cost at which the applican t had acquired the wd goods and

drawn up in the manner prescribed in the ot he r provisions o f

th ese regul ations is to be subm iued only whe n re quested by

the Commi ssione r by means of a notice in writing.

(2) Fo r the purpose of these regulations , goods held as

trading stock by an appl icant

(a) shall include trading stock belonging to the applican t

and he ld o n consignme nt by anot her person ,

(b) shall not, subject to the provisions o f paragraph (c)

of th is regu la tion , include trading stock he ld on consign ment

by the applica nt a nd belonging to anothe r person;

(c) shall incl ude goods held on consignmenl by the

applicant if they fonn part of the trading stock belo nging 10 a

person who does nOI ha\'e a place of business in Malta and if

the goods arc importcd goods on which the applkant plid

importduty.M.

For the introductory paragraph of plragnph (I) o f regulation

5 of Ihe principal regulalions and fo r paragraph (a) Ihereof, the re shall

be 5Ilbstituted the following

"5. ( 1) Where Ihc applican t isa re tailer and where the tOlal

cost shown on the application referred to in regula tion 4 of these

regulation does not exceed thirt y thousand liri

(a) the statement which may be requested by the

Commisstoner in terms of paragraph (2) of regulation 4 of

these regulations shall be dnwn up OD the fonn prescribed in

the Third Schedule to these regulations and shall be divided

into two parts

(i) the fint part listing goods which were imported

into Malla and on which import du ty was paid and

indicating from whom the applant had acquired the said

goods; and

(ii) the Rood pan listing other goods, indicating

from whom the applicanl had acquired the ",id goods ;

a nd" .

For paragraph (2) of regulation 7 of the pri ncipal regula tions

the re shall be substituted the following

M(2) Where lhe apoplan! has never reported by the 31st

October, 1994. any trading stock to the Commissioner of Inland

Revenue , no refund may be claimed by such applicant under these

regu lattons. M.

For paragraph (c) of regulation 11 of the principal regulations

the re shall be substituted the followi ng

~ (c)

thirty pe r cent of the amount claimed as refund shall be

paid to the applicant by not later than the last working day of June ,

1996 ....

For the Fmt SchcduJe 10 the principal regulations there shall

be substituted the following:-

B

WARST SCHEDULE

Application ror rdund or import duty on stock held on

3 1st December 1994

Regul31ion 3

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