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Amendment of section 17 (invoices) of Principal Act.
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97.—Section 17 of the Principal Act is hereby amended—
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(a) by the addition of the following proviso to subsection (1):
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“Provided that, where goods are supplied in accordance with the terms of paragraph (b) of subsection (1) of section 3, and the ownership of those goods is transferred to a person supplying, in respect of those goods, financial services of the kind specified in subparagraph (e) of paragraph (i) of the First Schedule, the taxable person making the supply of the goods in question shall issue the invoice to the person supplying the said financial services in lieu of the taxable person to whom the supply of the goods is made and that invoice shall include the name and address of the person supplying those financial services.”,
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(b) by the insertion of the following subsections after subsection (1A):
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“(1AA) Where the proviso to subsection (1) applies, the person supplying the financial services in question shall issue a document to the person to whom the supply of goods is made and shall indicate thereon—
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(a) the amount which is set out in respect of tax on the invoice issued to the person supplying the financial services in accordance with the said proviso in respect of that supply of goods, and
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(b) such other particulars as are specified by regulations in respect of an invoice issued in accordance with subsection (1).
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(1AB) Where any person issues a document for the purposes of subsection (1AA) that person shall, in respect of the document, be treated as a taxable person for the purposes of sections 16 and 18.”,
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(c) by the insertion of the following subsection after subsection (3A):
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“(3AB) Where any person supplying financial services receives a credit note issued under the terms of paragraph (b) of subsection (3) in respect of a supply of goods to which the proviso to subsection (1) applies, that person shall, within seven days of receipt of such credit note, issue to the person to whom the goods in question were supplied, a document corresponding to that credit note indicating such particulars as are specified by regulations in respect of the issue of such credit notes, and the amount which the taxable person to whom the goods were supplied may deduct under section 12 in respect of that supply shall be reduced by the amount in respect of tax shown in the document.”,
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(d) by the insertion of the following subsection after subsection (5):
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“(5A) If any person issues a document for the purposes of subsection (1AA) in relation to a supply of goods indicating a greater amount in respect of tax than the amount of tax invoiced in accordance with the proviso to subsection (1) in relation to that supply, that person shall, in relation to that excess, be deemed for the purposes of this Act to be a taxable person and a person to whom subsection (5) applies, and that excess shall be deemed to be tax.”,
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and
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(e) by the insertion of the following subsection after subsection (7):
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“(7A) A document required to be issued in accordance with subsection (1AA) shall be issued within twenty-two days next following the month of supply of the goods.”.
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