VALUE ADDED TAX Act

CHAPTER 75:06

ACT NO. 37 of 1989

Amended by

ARRANGEMENT OF SECTIONS

PART 1

Preliminary

       1.   Short title.

       2.   Act binds State.

       3.   Interpretation.

       4.   What constitutes a business.

       5.   Consideration in foreign currency.

PART 2

Imposition of the Tax

       6.   Value added tax.

       7.   Rate of tax.

       8.   Zero-rating.

PART 3

Tax on Imports

       9.   Calculation of tax.

      10.   Comptroller to collect tax.

      11.   When tax due and payable.

      12.   Value of imported goods.

      13.   (Repealed by Act No. 6 of 1991).

   13A.   Refund on overpayments of tax on imports.

PART 4

Tax on Supply

Division 1—The tax

      14.   Commercial supply.

      15.   What constitutes a supply of goods or services.

      16.   Place of supply.

      17.   Time of supply.

      18.   Value of supply.

      19.   Open market value of supply.

Division 2 —Registration

      20.   Suppliers to be registered.

      21.   Low level supplies.

      22.   Declarations.

      23.   Registered person may recover tax from person supplied.

      24.   Application for registration.

      25.   Registration.

      26.   Certain self-supply may be disregarded.

      27.   Certificate of registration.

      28.   Notification of changes.

      29.   Cancellation of registration.

Division 3 —Payment of the tax

      30.   Tax periods.

      31.   Returns.

      32.   Calculation of tax payable or refund due.

      33.   Output tax.

      34.   Input tax.

      35.   Payment or refund of tax.

      36.   Tax invoices.

      37.   Credit and debit notes.

      38.   Books and records to be kept.

Division 4 —Assessments

      39.   Board may assess tax.

   39a.   Refund of overpayments of tax on supplies.

      40.   Objections and appeals.

Division 5 —Special Cases

      41.   Branches and divisions.

      42.   Unincorporated bodies.

      43.   Agents of absentee principals.

PART 5

Reliefs

      44.   Certain imports exempt.

   44A.   (Repealed by Act No. 8 of 1996).

      45.   Certain imports by fishermen.

      46.   Certain supplies to fishermen.

   46A.   Reliefs for diplomats and others.

    46B.   Reliefs for certain persons.

      47.   Bad debts.

PART 6

Miscellaneous

      48.   Effect of changes in tax on existing contracts.

      49.   Administration.

      50.   Authorised persons.

      51.   Functions of authorised persons.

      52.   Secrecy.

      53.   Board may require security.

      54.   Interest and penalty.

   54A.   Waiver of interest, penalty.

      55.   Certain provisions of Income Tax Act to apply.

   55a.   Clearance certificate.

      56.   General offences.

      57.   Additional liability for offence by body corporate.

      58.   Limitation period for prosecutions.

      59.   Regulations.

PART 6a

Modified Penalties

   59A.   Infringement notices.

PART 7

Initial Registration

      60.   Certain persons required to register by two months before appointed day.

PART 8

Amendments and Repeals

      61.   Schedule 4 to have effect.

      62.   Transitional.

PART 9

Transitional Provisions

      63.   Invoices given or payments made on or before 31st December 1989.

SCHEDULE 1—    Exempt Services.

SCHEDULE 2—    Zero-rating.

SCHEDULE 3—    Matters with respect to the supply of goods or services.

SCHEDULE 3a— Businesses exempt from the requirement to issue a tax invoice.

SUBSIDIARY LEGISLATION

Value Added Tax (Books and Records) Regulations (LN 170/1992)

Value Added Tax (Prescribed Offences—Modified Penalties) Regulations

NOTES

FOOTNOTES