Article 54 - Credit and Debit Notes

If any of the circumstances mentioned in the first paragraph of Article 40 of these regulations occur after the Tax Invoice has been issued, and the amount shown as tax on that Tax Invoice exceeds the tax due on the Supply, the Taxable Person shall provide the Customer with a Credit Note.^[86]

Where any of the cases referred to in Paragraph 1 of Article 40 of these Regulations occurs after the issuance of the Tax Invoice, and the amount shown as Tax on that Tax Invoice is less than the Tax due on the Supply, the Taxable Person must issue a Debit Note to the Customer.^[87]

In cases other than those set forth in Paragraph 1 of Article 40 of these Regulations, a Taxable Person who issues a Tax Invoice and becomes aware of an error on the Tax Invoice in their information or that of the Customer, the Taxable Person may issue a debit or credit note –as the case may be- to the Customer correcting the erroneous information in that Tax Invoice, provided that both the Supplier and Customer retain a copy of the Tax Invoice and debit or credit note issued pursuant to this provision in order to satisfy their [respective] obligations under the Law and these Regulations.^[88]

Debit or Credit Notes issued under this Article must include all details required under Article 53 of these Regulations, corresponding to the nature of the Tax Invoice to which they relate. Such Notes must also clearly refer — in the manner prescribed by the Authority — to the Tax Invoice or Invoices previously issued and associated with them.^[89]

A credit note or debit note should otherwise contain the discount information required by Article 53 of these Regulations to be shown on the corresponding Tax Invoice.^[90]

The Taxable Person must issue the required Credit and/or Debit Notes in accordance with the provisions of this Article within a period not exceeding fifteen (15) days from the month following the date of occurrence of any event necessitating the issuance of such a Note. ^[91]