Profit Margin Scheme

Contents

1. Glossary

2. Introduction

1. 2.1. Purpose of this document

2. 2.2. Who should read this document?

3. 2.3. Legislative references

4. 2.4. Status of the Guide

3. Eligible Goods and Eligible Transactions

1. 3.1. Introduction

2. 3.2. When does the Scheme apply?

3. 3.3. Eligible Goods

   1. 3.3.1. Second-Hand Goods

   2. 3.3.2. Antiques

   3. 3.3.3. Collector's Items

4. 3.4. Eligible Transactions

   1. 3.4.1. Purchases from a Non-Registrant or a Taxable Person applying the Scheme

   2. 3.4.2. Article 53 Goods

   3. 3.4.3. Importation of Goods

5. 3.5. Option to use the Scheme

4. Calculating the Profit Margin and accounting for VAT

1. 4.1. Calculation of Profit Margin

   1. 4.1.1. Purchase Price

   2. 4.1.2. Selling Price

2. 4.2. Calculation of the VAT

3. 4.3. Goods sold at loss or no profit

5. Record-keeping and invoicing requirements

1. 5.1. Record-keeping requirements

2. 5.2. Invoicing Requirements for the Reseller

6. Reporting requirements

1. 6.1. Election to apply the Scheme

2. 6.2. Selling Price

3. 6.3. Purchase Price

7. Updates and Amendments