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Statement for supply (other than by way of sale) in satisfaction of debt

Goods and Services Tax (General) Regulations

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Where a person has by virtue of paragraph 6 of the Second Schedule to the Act made a supply (other than a supply by way of sale) using the goods of a taxable person in satisfaction of a debt owed by the taxable person, he shall, whether or not registered under the Act, within 21 days after the end of the prescribed accounting period of the taxable person in which the supply is made —(a)furnish to the Comptroller a statement showing —(i)his name and address and, if registered, his registration number;(ii)the name, address and registration number of the taxable person;(iii)the relevant prescribed accounting period of the taxable person; and(iv)a description of the supply, the value of the supply, and the rate and amount of tax chargeable on the supply;(b)pay the amount of tax due when he furnishes the statement referred to in paragraph (a) to the Comptroller; and(c)send to the taxable person a copy of the statement referred to in paragraph (a),and the person making the supply, and the taxable person whose goods are being used in the making of the supply, shall exclude from any return furnished under these Regulations the tax chargeable on the supply.

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