Section 14 - Change in rate of tax in respect of supply of goods or services.

Time of supply determined by whether supply occurred before or after rate change and by invoice or payment timing

Where tax rates change, the time of supply is fixed by whether the goods or services were supplied before or after the rate change and by the timing of invoice issuance and payment. If supplied before the change, the time of supply is the earlier of invoice date or payment date when both occur after the change; otherwise it is the invoice date if issued before but paid after, or the payment date if paid before but invoiced after. If supplied after the change, rules similarly prioritize payment or invoice dates as specified. Payment is deemed received when entered in the supplier's books or credited to the bank account, whichever is earlier, except bank credit after four working days from the rate change is treated as the date of receipt.