420 tal-2012

L.N. 420 of 2012

VALUE ADDED TAX ACT

(CAP. 406)

Value Added Tax Act (Amendment of Seventh Schedule)

Regulations, 2012

IN virtue of the powers conferred by articles 18 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

Act (Amendment of Seventh Schedule) Regulations, 2012, and these

regulations shall be read and construed as one with the Seventh

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

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

(2) These regulations bring into force the provisions of

Council Directive 2010/45/EU of the 13th July 2010 amending

Council Directive 2006/112/EC.

(3) These regulations shall come into force on the 1st January

2013.

Item 8 of the Schedule shall be substituted by the

following

"8. (1) Where the factors used to determine the

taxable amount on importation are expressed in a currency other

than in Euro, the exchange rate shall be determined in

accordance with the Community provisions governing the

calculation of the value for customs purposes.

(2) Where the factors used to determine the taxable

amount of a transaction other than the importation of goods are

expressed in a currency other than in Euro, the exchange rate

applicable shall be the latest selling rate recorded, at the time

the tax becomes chargeable, applied by commercial banks in

Malta.

(3) The use of the latest exchange rate published by the

European Central Bank at the time the tax becomes chargeable

shall also be accepted. Conversion between currencies other

than the Euro shall be made by using the Euro exchange rate of

each currency.".

€0.09