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New rule for VAT
22nd June 1979, Page 5
22nd June 1979
Page 5
Page 5, 22nd June 1979
— New rule for VAT
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Keywords :
Taxation, Tax Reform, Value Added Tax, Invoice, Tax, Excise, European Union Law, European Union Value Added Tax, Missing Trader Fraud
HAULIERS, coach operators and other small businesses in the transport industry may be Interested to know that the rules regarding the change in the rate of VAT are different following last week's Budget.
The normal rule when a VAT rate is changed is that the rate of tax to be charged is that in force when the invoice is sent out — not when the goods are supplied.
But on this occasion as long as the goods were supplied before Monday, June 18 then VAT will be charged at the old rate (8 or 121/2 per cent), even if the invoice is not dated until after June 18. Further details of this are contained in a Customs and Excise leaflet No. 716/1/79, available at local VAT offices.
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