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tax point

The date on which a taxable supply becomes liable for *value-added tax. The rate of tax chargeable on the supply is the rate in force at the tax point, and the supply must be accounted for in the tax period in which the tax point occurs. If the supply is a straightforward sale of goods, the tax point is normally the date on which the customer takes possession of the goods. For the supply of services, the tax point is normally the date on which the service is completed. In the case of hirings, rentals, continuous or metered supplies (e.g. electricity), and supplies that are subject to progress payments, the tax point is either the date on which an invoice is issued or the date on which payment is received, whichever is earlier. If the supplier issues a tax invoice, this must show the tax point.

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