Regulations, 2023

L.N. 231 of 2023

VALUE ADDED TAX ACT

(CAP. 406)

Value Added Tax Act (Amendment of Eighth Schedule)

Regulations, 2023

IN EXERCISE of the powers conferred by article 75 of the Value

Added Tax Act, the Minister responsible for finance has made the

following regulations:-

(1) The title of these regulations is the Value Added Tax Citation, scope

Act (Amendment of Eighth Schedule) Regulations, 2023 and these and

commencement.

regulations shall be read and construed as one with the Eight Schedule

to the Value Added Tax Act, hereinafter referred to as "the Eighth Cap. 406.

Schedule".

(2) These regulations transpose the provisions of paragraph 5

of Article 105a of Council Directive 2006/112/EC of 28 November

2006 on the common system of value added tax as amended by

Council Directive (EU) 2022/542 of 5 April 2022 amending Directives

2006/112/EC and (EU) 2020/285 as regards rates of value added tax.

(3)

These regulations shall come into force on 1st January

2024.

Immediately after item 11 of the Eighth Schedule there Amends the

Eighth

shall be added the following new items

Schedule.

" 12. Custody and management of securities.

12%

Management of credit and credit guarantees by a

12%

person or body other than those who granted the credit.

Hiring of a pleasure boat to a person according to

12%

an agreement for any term or part of a term that, when added to

the term of a previous hiring, of the same goods or of other

goods of the same kind, to the said person during the previous

twelve (12) months ending on the date of the beginning of the

existing hiring, does not exceed five (5) weeks.

Services consisting of the care of the human body

required to be delivered by a person in the exercise of any

profession regulated by the Health Care Professions Act (Cap.

464), including services supplied in the course of a health

studio business or similar business, but not including exempt

supplies referred to in item 11 of Part Two of the Fifth

Schedule.