Schedule) Regulations, 2024

L.N. 347 of 2024

VALUE ADDED TAX ACT

(CAP. 406)

Value Added Tax Act (Amendment of Eleventh

Schedule) Regulations, 2024

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

Act (Amendment of Eleventh Schedule) Regulations, 2024 and these

regulations shall be read and construed as one with the Eleventh

Schedule to the Value Added Tax Act, hereinafter referred to as the

"Eleventh Schedule".

(2)

The scope of these regulations is to

(a) transpose the provisions of Council Directive (EU)

2020/285 of 18 February 2020 amending Directive 2006/112/EC

on the common system of value added tax as regards the special

scheme for small enterprises and Regulation (EU) No 904/2010

as regards the administrative cooperation and exchange of

information for the purpose of monitoring the correct application

of the special scheme for small enterprises; and

(b) introduce technical improvements to the existing

provisions contained in the Eleventh Schedule.

These regulations shall come into force on 1 st January

(3)

2025.

The Eleventh Schedule shall be amended as follows

(a) sub-item (3) of item 1 thereof shall be substituted by

the following new sub-item

"(3) Where a taxable person stores by electronic

means invoices or fiscal receipts which he issues or

receives, such person shall ensure the possibility for

online access, download and use of the data concerned to

the Commissioner

Provided that where any invoices relate to

VAT due in another Member State, the competent

authorities of such Member State shall, for control

purposes, have the right to access, download and use

those invoices."; and

(b) immediately after item 9 thereof there shall be added

the following new item

"Records to be kept by persons registered under articles 11 and

(1) Every person registered under articles 11

and 11A shall keep the following records and documents

(a) proper accounts and records of his

economic activity;

(b) copies of all fiscal receipts issued by

him in terms of the Thirteenth Schedule;

(c) all fiscal receipts and tax invoices

received by him;

(d) all credit notes, debit notes and other

documents issued by him or received by him which

evidence an increase or a decrease in the

consideration for any supplies, intra-community

acquisitions or importations; and

(e) any other documentation issued to

customers in relation to supplies made by him.

(2) Invoices and fiscal receipts shall be stored in

the original form in which they were sent or made

available, whether paper or electronic. Additionally, in

the case of invoices stored by electronic means, the

Commissioner may require that the data guaranteeing the

authenticity of the origin of the invoices and the integrity

of their content as provided for in the Act shall also be

stored by electronic means.

(3) Where a taxable person stores by electronic

means invoices or fiscal receipts which he issues or

receives, such person shall ensure the possibility for

online access, download and use of the data concerned to

the Commissioner

Provided that where any invoices relate to

VAT due in another Member State, the competent

authorities of such Member State shall, for control

purposes, have the right to access, download and use

those invoices.

(4) The accounts and records of the economic

activity of every person registered under articles 11 and

11A shall be kept in such a mannar as to enable the

following matters to be readily ascertained

(a) the total value, exclusive of tax, of the

supplies made to, and by him during each tax

period; and

(b) the output tax and any other tax payable

by such person for each tax period, as may be

applicable.".

€0.36