Regulations, 2024

L.N. 353 of 2024

VALUE ADDED TAX ACT

(CAP. 406)

Value Added Tax (Tax Period) (Amendment)

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

(Tax Period) (Amendment) Regulations, 2024 and these regulations and

commencement.

shall be read and construed as one with the Value Added Tax (Tax S.L. 406.02.

Period) Regulations, hereinafter referred to as the "principal

regulations".

(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 these regulations.

These regulations shall come into force on 1 st January

(3)

2025.

Regulation 3 of the principal regulations shall be Substitutes

regulation 3 of

substituted by the following new regulation

the principal

regulations.

A person registered under the Act whose

months tax period.

turnover, as defined for the purpose of the Sixth

Schedule to the Act, does not exceed the Domestic

Threshold defined in the said Schedule shall, unless

the Commissioner decides otherwise, be assigned a

twelve (12) month tax period

Provided that the Commissioner may, where he

may deem necessary for the purpose of simplifying the

administration of any of the provisions of the Act,

allocate a tax period to a person of twelve (12) months

commencing on the first (1) day of a calendar month, as

may be specified by the Commissioner.".

3. Immediately after sub-regulation (3) of regulation 4 of the

principal regulations, there shall be added the following new sub-

regulation

"(4) Notwithstanding the other provisions of this

regulation, the Commissioner may, for the purpose of ensuring

the correct and regular collection of the tax, or for the objective

of combating VAT fraud, allocate a tax period to a person of one

(1) month commencing on the first (1) day of a calendar month

and ending on the last day of that same calendar month.".

€0.18