S.I. No. 440/1999 - Value-Added Tax (Waiver of Exemption on Supplies Of, and Supplies Relating To, Investment Gold) Regulations, 1999.
The Revenue Commissioners, in exercise of the powers conferred on them by subsections (3) and (4) of section 6A (inserted by section 122 of the Finance Act, 1999 (No. 2 of 1999)), and section 32, of the Value-Added Tax Act, 1972 (No. 22 of 1972), hereby make the following Regulations: | ||||||||
1. (1) These Regulations may be cited as the Value-Added Tax (Waiver of Exemption on Supplies of, and Supplies relating to, Investment Gold) Regulations, 1999. | ||||||||
(2) These Regulations shall come into operation on the 1st day of January, 2000. | ||||||||
2. In these Regulations— | ||||||||
“Act of 1999” means the Finance Act, 1999 (No. 2 of 1999); | ||||||||
“Principal Act” means the Value-Added Tax Act, 1972 , (No. 22 of 1972); | ||||||||
“registration number”, in relation to a person, means the number assigned to the person for the purposes of registration under section 9 of the Principal Act; | ||||||||
“value-added tax registration number in another Member State” means the registration number issued to a person by the authorities of another Member State of the Community for the purposes of value-added tax referred to in Council Directive No. 77/388/EEC of 17 May, 1977.1 | ||||||||
3. A person who produces investment gold or transforms any gold into investment gold and who, in accordance with section 6A(3) of the Principal Act, wishes to waive his or her right to exemption from tax on supplies of investment gold to another person who is engaged in the supply of goods and services in the course or furtherance of business, shall apply to the Revenue Commissioners for authorisation to do so and shall furnish to them the following particulars— | ||||||||
(a) his or her name, address and registration number (if any), and | ||||||||
(b) a declaration stating that he or she produces investment gold or transforms any gold into investment gold and that he or she supplies or intends to supply investment gold to other persons engaged in the supply of goods and services in the course or furtherance of business. | ||||||||
4. Where they are satisfied that it is appropriate to do so for the proper administration of the tax, the Revenue Commissioners shall, within three weeks of receipt of the application for authorisation, authorise the applicant to waive, where he or she so wishes and in accordance with section 6A(3) of the Principal Act, his or her right to exemption from tax on a supply of investment gold. | ||||||||
5. A person, authorised in accordance with Regulation 4, who waives, in accordance with section 6A(3) of the Principal Act, his or her right to exemption from tax in respect of a supply of investment gold to another person shall, in relation to that supply, issue to that other person an invoice showing the following particulars— | ||||||||
(a) his or her name, address and registration number, | ||||||||
(b the name, address and registration number (if any) of the person to whom the investment gold is being supplied, | ||||||||
(c) in the case of a supply of investment gold to— | ||||||||
(i) a person in another Member State, that person's value-added tax registration number (if any) in that Member State, | ||||||||
(ii) a person outside the Community, an indication of the type of business being carried on by that person, | ||||||||
(d) the date of issue of the invoice, | ||||||||
(e) the date of supply of the investment gold, | ||||||||
(f) a description of the investment gold including, where applicable, form, weight, quantity, purity and any other distinguishing features, | ||||||||
(g) the total consideration, exclusive of tax, receivable in respect of the supply, | ||||||||
(h) the rate or rates of tax and the amount of tax at each rate chargeable in respect of the supply of the investment gold, | ||||||||
(i) an endorsement stating “The right to exemption from tax has been waived in respect of this supply and the person to whom the investment gold is being supplied is liable for the tax chargeable on the supply in accordance with section 6A(5) of the Value-Added Tax Act 1972” or words to the like effect. | ||||||||
6. Where a person is authorised to waive, in accordance with Regulation 4, his or her right to exemption from tax on supplies of investment gold, an intermediary, who supplies services in respect of those supplies of investment gold and who wishes to waive his or her right to exemption from tax in respect of those services, shall apply to the Revenue Commissioners for authorisation to do so and shall furnish to them the following particulars— | ||||||||
(a) his or her name, address and registration number (if any), and | ||||||||
(b) a declaration stating that he or she supplies services in respect of the supply of investment gold. | ||||||||
7. Where they are satisfied that it is appropriate to do so for the proper administration of the tax, the Revenue Commissioners shall, within three weeks of receipt of the application for authorisation, authorise the intermediary referred to in Regulation 6, to waive, in accordance with section 6A(4) of the Principal Act, his or her right to exemption from tax, on the supply of a service in respect of the supply of investment gold for which the supplier of such investment gold has waived his or her right to exemption from tax in accordance with section 6A(3) of the Principal Act. | ||||||||
8. An intermediary, authorised in accordance with Regulation 7, who waives, in accordance with section 6A(4) of the Principal Act, his or her right to exemption from tax on the supply of a service in respect of the supply of investment gold to another person shall, in relation to that supply, issue to that other person an invoice showing the following particulars— | ||||||||
(a) his or her name, address and registration number, | ||||||||
(b) the name, address and registration number (if any) of the person on whose name and account he or she is acting in respect of the supply of investment gold, and where that person is in another Member State, that person's value-added tax registration number (if any) in that Member State, | ||||||||
(c) the date of issue of the invoice, | ||||||||
(d) the date of the supply of the services, | ||||||||
(e) the total consideration, exclusive of tax, receivable in respect of the supply of the services, | ||||||||
(f) the rate or rates of tax and the amount of tax at each rate chargeable in respect of the supply of the services, | ||||||||
(g) a description of the services being supplied in respect of the supply of investment gold, and | ||||||||
(h) an endorsement stating “The right to exemption from tax has been waived in respect of this supply” or words to the like effect. | ||||||||
9. Where the right to exemption from tax has been waived, in respect of a supply of investment gold or the supply of services relating to the supply of investment gold, that waiver shall be irrevocable for that supply. | ||||||||
10. The Revenue Commissioners may revoke any authorisation referred to in Regulation 4 or 7 where it appears necessary for them to do so for the proper administration of the tax and, accordingly, such authorisation shall cease to have effect from such date as may be notified by them to the holder of the authorisation. | ||||||||
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EXPLANATORY NOTE. | ||||||||
(This note is not part of the Instrument and does not purport to be a legal interpretation.) | ||||||||
The supply of investment gold is exempt from VAT. However, a person who produces investment gold or who transforms any gold into investment gold may opt for taxation in respect of a supply of investment gold to another taxable person. An intermediary may also opt for taxation in respect of the provision of services relating to that supply of investment gold. These Regulations set out how this can be done. | ||||||||