Value-Added Tax Act, 1972

Waiver of exemption.

7.—(1) Where, but for the provisions of section 6, tax would be chargeable in respect of the rendering of any of the services specified in paragraphs (iv) and (x) of the First Schedule, a person rendering any such services may, in accordance with regulations, waive his right to exemption from tax in respect thereof. Any such waiver shall extend to all the services specified in the paragraph or paragraphs that the person renders.

(2) A waiver of exemption under subsection (1) shall have effect from the commencement of such taxable period as may be agreed between the person making the waiver and the Revenue Commissioners and shall cease to have effect at the end of the taxable period during which it is cancelled in accordance with subsection (3).

(3) Provision may be made by regulations for the cancellation, at the request of a person, of a waiver made by him under subsection (1) and for the payment by him to the Revenue Commissioners as a condition of cancellation of such sum (if any) as when added to the net total amount of tax (if any) paid by him in accordance with section 19 in relation to the rendering of services by him in the period for which the waiver had effect is equal to the amount of tax repaid to him during such period in respect of tax borne or paid in relation to the rendering of such services.

(4) Where exemption has been waived under subsection (1) in respect of the rendering of any service, tax shall be charged in relation to the person making such waiver during the period for which such waiver has effect as if the service to which the waiver applies was not specified in the First Schedule.