VALUE ADDED TAX (TAX PERIOD) REGULATIONS (taxperiod)

VALUE ADDED TAX (TAX PERIOD)

SUBSIDIARY LEGISLATION 406.02

VALUE ADDED TAX (TAX PERIOD)

REGULATIONS

1st January, 1999

LEGAL NOTICE 14 of 1999, as amended by Legal Notice 353 of 2024.

The title of these regulations is the Value Added Tax (Tax

Period) Regulations.

Terms used in these regulations shall, unless the context

otherwise requires, have the meaning assigned to them in the Value

Added Tax Act, hereinafter referred to as "the Act".

A person registered under the Act whose 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.

(1) Where the Commissioner is satisfied that the credit for

input tax to which a registered person is likely to be entitled for

each of four consecutive tax periods will exceed the output tax for

the said tax periods, the Commissioner may, on an application

made by that person, deterrnine by means of a notice in writing,

that the tax period of the applicant as from such date as may be

specified in the said notice, be a period of one month.

(2) The four consecutive tax periods referred to in

subregulation (1), shall be four consecutive tax periods

commencing with the tax period immediately following that during

which an application for the purposes of this regulation is made.

(3) The notice referred to in subregulation (1) shall be served

on the applicant.

(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.

(1) The Commissioner may, in the cases specified in

subregulation (2), revoke a notice given in terms of regulation 4 by

means of a further notice, and as from the date specified in the said

further notice, the tax period of that person shall be a period of

three months.

VALUE ADDED TAX (TAX PERIOD)

(2)

A revocation referred to in subregulation (1) may be made

(a) where, at any time, the Commissioner has reason to

believe that there was or there is likely to be a material

change in the circumstances on the basis of which an

application has been allowed;

(b) where it results to the Commissioner that any

information given by a person which is relevant to the

determination of his turnover was incorrect;

(c) at the request of the registered person to whom the

notice was served in accordance with the provisions of

regulation 4.

The Commissioner may request any person who makes an

application for the purposes of these regulations to produce such

records and information as he may deem necessary in order to

verify the applicability or otherwise of these regulations to that

person.