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Time Of Supply

What is the time of supply under VAT ?

The time 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 time for the supply is the time the goods are removed. If the goods are not transported, the time of supply is when the goods are made available for the customer’s use. If the supply involves assembly or installation, the time of supply is the time when the goods are assembled or installed.

When is output VAT levied on services ?

The basic tax time for the supply of services is the time on which the services are performed or completed. In general, tax will be levied on the earliest of the following dates :

  • The time of supply of the items.
  • The time of issue of the VAT invoice.
  • The time 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 :

  • The time of payment listed in the invoice.
  • The time of the actual payment.

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