Schedule) Regulations, 2024

L.N. 348 of 2024

VALUE ADDED TAX ACT

(CAP. 406)

Value Added Tax Act (Amendment of Twelfth

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 Citation, scope

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

commencement.

regulations shall be read and construed as one with the Twelfth

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

"Twelfth 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 Twelfth Schedule.

These regulations shall come into force on 1 st January

(3)

2025.

Sub-item (3) of item 1 of the Twelfth Schedule shall be Amends the

Twelfth

substituted by the following new item

Schedule.

"(3) A simplified invoice shall be considered as a

tax invoice in any of the following cases

(a) where the amount of the invoice

inclusive of the tax is not higher than one hundred

euro (€100);

(b) where the invoice issued is a document

or message treated as an invoice pursuant to sub-

item (2);

(c) where the taxable person is benefitting

from the exemption for small enterprises provided

for under item 16 of Part Two of the Fifth Schedule

Provided that the provisions of this sub-

item shall not apply where invoices are required to

be issued in case of cross-border supplies or where

the taxable supply of goods or services is carried out

by a taxable person who is not established in the

Member State in which the tax is due or whose

establishment in such Member State does not

intervene in the supply within the meaning of the

proviso to article 20(2), and the person liable for the

payment of the tax is the person to whom the goods

or services are supplied.".

€0.18