122 tal-2007 - Regolamenti tal-2007 li jemendaw is-Sitt Skeda li tinsab ma’ l-Att dwar it-Taxxa fuq il-Valur Miżjud

L.N. 122 of 2007

VALUE ADDED TAX ACT

(CAP. 406)

Value Added Tax (Sixth Schedule Amendment) Regulations,

IN virtue of the powers conferred by articles 11 and 75 of the

Value Added Tax Act, the Prime Minister and Minister of Finance has

made the following regulations>

The title of these regulations is the Value Added Tax (Sixth

Schedule Amendment) Regulations, 2007 and these shall be read and

construed as one with the Sixth Schedule to the Value Added Tax Act,

which Sixth Schedule is hereinafter in these regulations referred to as

“the Schedule”.

For item 2 of Part One of the Schedule, there shall be

substituted the following>

“2. (1) Notwithstanding the provisions of item 1, the

economic activity of a person registered under article 10 does

not qualify as a small undertaking at any time during the first

thirty-six full calendar months from the date of the said

registration>

Provided that a person who is treated as registered under

article 10 in virtue of sub-article (6) of the said article of this

Act shall be treated for the purpose of this item as having

been registered under that article on the date on which he was

first registered under this Act.

(2) Without prejudice to the provisions of paragraph

(1) of this item, the economic activity of a person registered

under article 10 does not qualify as a small undertaking if the

turnover of that person for the relevant period exceeds the

Exit Threshold.”.

In item 3 of Part One of the Schedule, for the words “does not

exceed the Exit Threshold”, there shall be substituted the words “does

not exceed the Entry Threshold”.

Mitbug[ fl-Istamperija tal-Gvern — Printed at the Government Printing Press