875. Rates of VAT.

The standard rate of value added tax (VAT) is 20 per cent1. The tax is charged:

  1.  

    (1)     on a supply2 of goods or services, by reference to the value of the supply3;

  2.  

    (2)     on an acquisition of goods from another member state4, by reference to the value of the acquisition5; and

  3.  

    (3)     on an importation of goods from a place outside the member states6, by reference to the value of the goods7,

the relevant value in each case under heads (1) to (3) above being determined in accordance with the Value Added Tax Act 19948. The Treasury may by order