The VAT White Paper will be published on 2 Jul 2012. This follows on from the eight week Consultation period officially ended on Tuesday June 19, 2012.
The VAT White Paper will include finalized decisions on all those issues which were listed for consultation in the Green Paper:
· The VAT rate
· VAT registration threshold
· VAT exempted and zero rated imports and supplies
· VAT refunds
· VAT accounting records
· VAT returns and simplified issues
· VAT sector considerations
· VAT social and economic impact
· VAT transitional issues
The proposed Legislation will mirror those crucial decisions of the White Paper. It will first be released as a draft to Advisory Council and Consultative Forum members on 2 July and passed into Law on 13 July 2012, albeit it will not come into force until VAT Implementation date, April 1st 2013.
The VAT Implementation Team will then begin its public education campaign after it passes into law, including advisory visits will be conducted with proposed registered businesses, to provide extensive education, technical assistance as needed and advise them of their obligations under the proposed legislation..
The Consultation involved a total of fourteen public meetings, and sixteen focus groups meetings across the islands. During this time the VAT Implementation team was also engaged in answering and addressing questions and concerns in relation to the issues for consultation, via email and through the publication of a series of questions and answers.
Position papers from various sectors were received, discussed with those concerned and contents noted for appropriate treatment in the VAT Ordinance and Regulations.
