PART 2: VAT LEVIED S7(1): VAT LEVIED 14% OR 0% (UNLESS EXEMPT!) Section 7(1)(a) SUPPLY of SUPPLY Includes: sale; rental agreement; instalment credit GOODS & SERVICES agreement + all other forms of supply by a VENDOR Whether voluntary, compulsory or ex lege Irrespective of where the supply is effect IN COURSE OR GOODS FURTHERANCE OF AN Corporeal movable things ENTERPRISE property Any real right Electricity (goods and not services) EXCLUDES: Money (which includes bills of exchange, postal orders, promissory notes) R under mortgage bond / pledge Revenue stamps (except where acquired by stamp collectors) SERVICES Anything done or to be done Including: granting, cession or surrender of a right Making available of a facility or advantage IF something is not a supply of goods (& not specifically exempt = it will be a supply of services
PART 2: VAT LEVIED S7(1): VAT LEVIED 14% OR 0% (UNLESS EXEMPT!) Section 7(1)(a) SUPPLY of GOODS & SERVICES by a VENDOR IN COURSE OR FURTHERANCE OF AN ENTERPRISE SUPPLY Includes: sale; rental agreement; instalment credit agreement + all other forms of supply Whether voluntary, compulsory or ex lege Irrespective of where the supply is effect GOODS Corporeal movable things property Any real right Electricity (goods and not services) EXCLUDES: Money (which includes bills of exchange, postal orders, promissory notes) R under mortgage bond / pledge Revenue stamps (except where acquired by stamp collectors) SERVICES Anything done or to be done Including: granting, cession or surrender of a right Making available of a facility or advantage IF something is not a supply of goods (& not specifically exempt = it will be a supply of services
VAT-Notes-1-Part-1-4.docx