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12 1988

FINANCE ACT, 1988

PART III

Value-Added Tax

Interpretation ( Part III ).

59. —In this Part “the Principal Act” means the Value-Added Tax Act, 1972 .

Amendment of section 1 (interpretation) of Principal Act.

60. —Section 1 (2) of the Principal Act is hereby amended by the insertion after paragraph (b) of the following:

“(bb) money due to the person which, in accordance with the provisions of section 73 of the Finance Act, 1988, is paid to the Revenue Commissioners by another person and has thereby ceased to be due to the person by that other person, and”.

Amendment of section 11 (rates of tax) of Principal Act.

61. —Section 11 (1) (inserted by the Finance Act, 1985 ) of the Principal Act is hereby amended—

(a) by the insertion in paragraph (a) after “in paragraphs (b)” of “, (bb)”,

(b) by the insertion of the following paragraph after paragraph (b):

“(bb) 5 per cent. of the amount on which tax is chargeable in relation to the supply of electricity,”, and

(c) by the substitution in paragraph (d) of “1.4 per cent.” for “1.7 per cent.” (inserted by the Finance Act, 1987 ).

Amendment of section 12A (special provisions for tax invoiced by flat-rate farmers) of Principal Act.

62. —Section 12A (inserted by the Value-Added Tax (Amendment) Act, 1978 ) of the Principal Act is hereby amended by the substitution in subsection (1) of “1.4 per cent.” for “1.7 per cent.” (inserted by the Finance Act, 1987 ).

Amendment of Second Schedule to Principal Act.

63. —The Second Schedule (inserted by the Finance Act, 1976 ) to the Principal Act is hereby amended by the deletion of paragraph (xx) (a) (inserted by the Finance Act, 1983 ).