Page 5 - P6 Slide Taxation - Lecture Day 3 - VAT Part 2

s 2(1) FINANCIAL SERVICES = KL

(a) Exchange of currency* 1

(exchange of bank notes/coins/ dr or cr accounts)

(b) Issue, payment, transfer of a cheque*/letter of credit 1

(c) Issue of a debt security* 3

(d) The provision or transfer of ownership of an 3

equity security* (shares in a co/membership interest in a

CC) or

participatory security* (interest in a CIS)

(f) The provision of credit (where money is borrowed) and 3

the payment of interest.

(i) The provision (premiums) and transfer of ownership 1

(proceeds) in a long-term insurance policy*

(j) The provision or transfer of an interest in a 1

superannuation scheme* [Benefit fund (including MF),

PF, PPF, PF, PPF, RAF]

(k) Buying or selling of any derivative* (IAS39) 1