INTERPRETATION NOTE 70 (Issue 2) ACT : VALUE-ADDED …
INTERPRETATION NOTE 70 (Issue 2) DATE: 10 November 2021 ACT : VALUE-ADDED TAX ACT 89 OF 1991 SECTION : SECTION 1(1) DEFINITION OF THE TERMS ENTERPRISE , TAXABLE SUPPLY , INPUT TAX , DONATION AND CONSIDERATION SECTIONS 10(4) AND 10(23) SUBJECT : SUPPLIES MADE FOR NO CONSIDERATION Contents Preamble ........................................ ........................................ ........................................ ...... 2 1. Purpose ........................................ ........................................ ..................................... 2 2. Background ........................................ ........................................ ............................... 2 3. international characteristics and principles of VALUE-ADDED tax .................................. 3 Tax policy and legislative design ........................................ ....................................... 3 General principles and guidelines.
3 of the Note, which deals with international VAT and GST principles, any reference to the acronym “VAT” includes reference to the acronym “GST” which may be used in other countries. as a national tax that embodies the basic features of a value-added tax. 5 This is commonly referred to as a “business” or “enterprise”.
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