Date of Supply
What is the date of supply under VAT?
The date of supply for a transaction is the date on which taxes are levied on the goods and services.
When is output VAT levied on goods?
If the goods are transported, the basic tax date for the supply is the date the goods are removed. If the goods are not transported, the date of supply is when the goods are made available for the customer’s use. If the supply involves assembly or installation, the date of supply is the date when the goods are assembled or installed.
When is output VAT levied on services?
The basic tax date for the supply of services is the date on which the services are performed or completed.
In general, tax will be levied on the earliest of the following dates:
- The date of supply of the items.
- The date of issue of the VAT invoice.
- The date of receiving full or partial payment for the items.
If the goods or services are supplied continuously, the tax will be levied on the earliest of the following dates:
- The date of payment listed in the invoice.
- The date of the actual payment.
- At least once in a period of 12 consecutive months.