INTERPRETATION NOTE: NO. 70 ACT : VALUE …
INTERPRETATION NOTE: NO. 70 DATE: 14 March 2013 ACT : VALUE -ADDED TAX ACT NO. 89 OF 1991 (the VAT Act) 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 PAGE Preamble ........................................ ........................................ ........................................ ...... 2 1. Purpose.
4 and the input tax in any particular tax period. In a situation where input tax exceeds output tax in a tax period, the vendor is entitled to a refund of thedifference.
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