MT
Value Added Tax (Exemption from Registration) Regulations, 2010
Table of Provisions (9)
Statutory Text (9 Articles)
L.N. 500 of 2010
L.N. 450 of 2010
VALUE ADDED TAX ACT
(CAP. 406)
Value Added Tax (Exemption from Registration) Regulations, 2010
IN exercise of the powers conferred by articles 13(7) and 75 of
the Value Added Tax Act, the Minister of Finance, the Economy and
Investment has made the following regulations:-
(1) The title of these regulations is the Value Added Tax Citation and
commencement.
(Exemption from Registration) Regulations, 2010.
(2) These regulations shall come into force on the 1st January
2011.
(1)
In these regulations, unless the context otherwise Interpretation.
requires -
"the Act" means the Value Added Tax Act;
"calendar year" means a period of twelve months commencing
1st January and ending 31st December;
"registration threshold" means a turnover that does not exceed
seven thousand euro (€7,000) in a calendar year; and
"turnover" has the meaning assigned to it in Part One of the
Sixth Schedule to the Act.
(2) Other items and expressions shall have the meaning
assigned to them in the Act.
A taxable person who is not registered under articles 10 or Exemption from
11 of the Act and whose turnover does not exceed the registration registration
under the Act.
threshold is exempt from registration under the said articles, unless he
opts to apply for such registration.
A taxable person who is registered under articles 10 or 11 Application for
of the Act and whose turnover in each of the last two calendar years cancellation
registration.
does not exceed the registration threshold may opt to make an
application for cancellation of his registration under the said articles
10 or 11 of the Act, provided that no balances of tax, interest or
penalties are due to the Commissioner.
Any person who is not registered by virtue of regulation 3
is released from the following obligations
(a)
to furnish periodical returns or notices to the
Commissioner; and
(b)
to issue fiscal receipts or tax invoices, as the case
may be, with respect to supplies made.
Where the turnover of a taxable person who is not
registered by virtue of regulation 3 exceeds the registration threshold
within a calendar year, that person shall apply to be registered under
articles 10 or 11 of the Act, as the case may be, within thirty days
from the date when the threshold is exceeded
Provided that, where such person fails to apply for
registration in terms of this regulation, he shall become subject to all
the sanctions provided for under the Act.
Where the Commissioner has reason to believe that any
person is not eligible under regulation 3 or where that person fails to
justify that his turnover is below the registration threshold, the
Commissioner shall register that person in terms of article 10(6) of
the Act.
These regulations shall be without prejudice to the
provisions of the Act, which shall remain in force where applicable.
€0.19