Page 19 - P6 Slide Taxation - Lecture Day 3 - VAT Part 1

In the course or furtherance of the enterprise

(4th requirement)

- def s 1: enterprise or activity

• carried on continuously or regularly in RSA by a person

• in the course or furtherance of which

• goods/services are supplied for a consideration

• whether for profit or not.

- ongoing activity

- once-off private sale ≠ VAT

- not in course of an enterprise ≠ VAT

An amount must be charged (consideration includes VAT)

Def s 1 “consideration” any payment (in money/otherwise) made

voluntary / involuntary

excluding payment to any association not for gain

including deposits on returnable containers;

excluding any other deposit (requirement?);