Regulations, 2011

L.N. 235 of 2011

VALUE ADDED TAX ACT

(CAP. 406)

Value Added Tax (Remittance of Interest and Administrative

Penalties to Taxable Persons involved in Trading with Libya)

Regulations, 2011

IN exercise of the powers conferred by articles 21, 42 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.

(Remittance of Interest and Administrative Penalties to Taxable

Persons involved in Trading with Libya) Regulations, 2011.

(2) These regulations shall remain in force until such time that

the Minister of Finance, the Economy and Investment, may by notice

in the Government Gazette determine.

(1)

In these regulations unless the context otherwise Interpretation.

requires

"the Act" means the Value Added Tax Act;

"clearance certificate" means a document of approval issued by

the Minister of Finance, the Economy and Investment upon a

recommendation by Malta Enterprise;

"eligible taxable person" means a person registered under article

10 of the Act who is eligible for remittance under these regulations.

(2) Other terms and expressions used in these regulations shall

have the meaning assigned to them in the Act.

These regulations shall only apply to an eligible taxable Applicability.

person who furnishes to the Commissioner a clearance certificate,

provided that the conditions under regulation 4 are fulfilled.

The Commissioner shall remit interest and administrative Conditions.

penalties due by an eligible taxable person in a tax period where

(a)

a tax return for that tax period falls due on the 15th

May 2011 or on the fifteenth day of the subsequent month in the

months that follow;

(b) the tax return referred to in paragraph (a) is

furnished to the Commissioner by its due date; and

(c)

the tax payable as declared in the tax return referred

to in paragraph (a) is paid in full within four months of the due

date of the said return.

The Commissioner may impose further conditions and

may request further documents that he may deem necessary to ensure

correct application of these regulations.

Nothing in these regulations shall entitle an eligible

taxable person to claim a refund of any amount whatsoever in respect

of interest or administrative penalties already paid, which interest and

administrative penalties would have otherwise been remitted under

these regulations if they were not already paid.

Where an eligible taxable person has benefitted from a

remittance of interest under these regulations, the Commissioner shall

have the right to withhold an amount of interest up to but not

exceeding the amount of interest remitted when interest is due to that

eligible taxable person in terms of article 24(3) of the Act within six

years from the date the remittance of interest under these regulations

had taken place.

€0.18