The Principal Act is amended with effect from 1 January 2010 by inserting the following after section 10B:
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"10C.— (1) In this section— |
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‘ bought-in services ' means goods or services which a travel agent purchases for the direct benefit of a traveller from another taxable person or from a person engaged in business outside the State; |
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‘ margin scheme services ' means bought-in services supplied by a travel agent to a traveller; |
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‘ travel agent ' means a taxable person who acts as a principal in the supply to a traveller of margin scheme services, and for the purposes of this section travel agent includes tour operator; |
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‘ travel agent's margin ', in relation to a supply of margin scheme services, means an amount which is calculated in accordance with the following formula: |
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A — B |
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where— |
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A is the total consideration which the travel agent becomes entitled to receive in respect of or in relation to that supply of margin scheme services incl |