In compliance with Article 64 and 66 of the EU VAT Directive, new rules will apply for the supply date of transactions subject to successive statements of account or successive payments and of services for a specific period of time.
As a general rule, the VAT point will be the last day of the period to which such statements of account or payments relate ("period").
As exceptional rules, VAT becomes chargeable:
- on the day on which the invoice/receipt is issued if both the date of such issue and the payment deadline for the period precede the last day of the period;
- on the payment deadline for the period where the payment deadline falls within the last day of the period and the 30th day following the last day of that period; and
- on the 30th day following the last day of the period whenever the payment deadline follows the 30th day after the last day of the period.
The change will take effect in two stages:
- On 1 July 2015, the new rules will be effective for accounting, audit and tax consulting services as part of the gradual introduction of the system. The new rules will firstly be applied to periods starting after 30 June 2015 where the payment deadline will fall after 30 June 2015.
- On 1 January 2016, the rules will be extended for any other supply of goods and/or services. The rules will firstly be applied to periods starting after 31 December 2015 where the payment deadline will fall after 31 December 2015.