33. Time of payment of VAT on taxable supplies.—

(1) The VAT imposed on a taxable supply shall become payable at the time when any of the following activities first occurs, namely:—

(a) when such supply is made;

(b) when a tax invoice for such supply is issued; or

(c) when a part or the whole of the consideration is received.

(2) Where a progressive or periodic supply is treated as a series of separate supplies, VAT imposed on such supplies becomes payable at the time when any of the following activities occurs first, namely:—

(a) when separate invoices are issued for each such supply;

(b) when receivable consideration against each such supply is received in part or in full;

(c) when the price against the series of supplies becomes payable; or

(d) the first day of the tax period to which the payable consideration relates, if it is possible to ascertain the payable amount at that time.

(3) Notwithstanding the provisions of sub-section (2)‚ if a progressive or periodic supply of any good (such as: water, gas, oil or electricity) or a service is made through a distribution network‚ the imposed VAT shall become payable within 90 (ninety) days from the date on which invoices against each such supply are issued.