Transcription of INTERPRETATION NOTE 70 (Issue 2) ACT : VALUE-ADDED …
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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 .. 4 General issues regarding supplies made for no consideration .. 5 4. The law .. 7 5. Application of the law .. 7 Definitions, concepts and valuation rules .. 7 Definition of enterprise [section 1(1)] .. 7 Definition of the term consideration [section 1(1)] .. 13 Definitions of input tax and taxable supply [section 1(1)] .. 15 Definition of donation [section 1(1)] .. 16 value of supply [section 10(23)].. 18 Adjustments [section 18(1)].
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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