Regulations, 2011

L.N. 61 of 2011

VALUE ADDED TAX ACT

(CAP. 406)

Value Added Tax Act (Amendment of Second Schedule)

Regulations, 2011

IN exercise of the powers conferred by articles 6 and 75 of the

Value Added Tax Act, the Minister of Finance, the Economy and

Investment has made the following regulations:-

The title of these regulations is the Value Added Tax Act

(Amendment of Second Schedule) Regulations, 2011, and these

regulations shall be read and construed as one with the Second

Schedule to the Value Added Tax Act, which Second Schedule is

hereinafter in these regulations referred to as "the Schedule".

Item 16 of the Schedule shall be amended as follows

(a)

the present provision shall be re-numbered as

paragraph (1) thereof; and

(b) immediately after paragraph (1), as re-numbered,

thereof there shall be added the following new paragraph

"(2) Subject to approval by the Commissioner, the

provisions of paragraph (1) shall also apply where the

transferee is not registered under article 10, provided that

the transferor did not qualify for a credit of the input tax

attributable to the acquisition and the accumulation of the

assets being transferred.".

€0.09