Value-Added Tax (Amendment) Regulations 2007 (S.I. No. 272 of 2007)

The Revenue Commissioners have made Regulations under the VAT Act. These amend Regulations 15 and 16 of Value-Added Tax Regulations 2006 (S.I. No. 548 of 2006) and insert a new Regulation 16A.

• The amendment to Regulation 15 excludes certain transactions from the operation of the cash receipts basis of accounting for VAT.
• The amendment to Regulation 16 deletes the reference to bad debts and the return of goods in an early termination of a hire purchase agreement, as relief in such circumstances is now provided for in the new Regulation 16A.
• Regulation 16A sets out the conditions to be fulfilled and the procedures to be followed to qualify for bad debt relief for VAT already accounted for in respect of all supplies, including supplies of goods under hire purchase agreements. It also provides for relief for VAT already accounted for in respect of a supply of goods under a hire purchase agreement that is terminated early where those goods are returned to the hire purchase company.

These Regulations came into effect on 11 June 2007

A copy of the Regulations is available on the Revenue website.