Transcription of INTERPRETATION NOTE: NO. 70 ACT : VALUE …
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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 .. 2 2. Background .. 2 3. International characteristics and principles of VAT .. 3 Tax policy and legislative design .. 3 General principles and guidelines .. 4 Supplies made for no consideration .. 6 4. The law .. 8 5. Application of the law .. 9 Definitions, concepts and valuation rules .. 9 Definition of enterprise [section 1(1)] .. 9 Definition of the term consideration [section 1(1)] .. 15 Definitions of input tax and taxable supply [section 1(1)] .. 17 Definition of donation [section 1(1)] .. 17 VALUE of supply [section 10(23)].
3 The ability to correctly characterise a particular supply as being taxable or not is important because the vendor will generally have a right to deduct the VAT incurred
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